London published ICO Initiators Manifesto
The analytical center Z/Yen Group, whose research is mainly focused on economics and finance, published a manifesto calling for a new approach to the ICO.
According to authors, “smart ledgers are great technological advance”. But the progress that they can bring to humanity is under the threat because of speculations and fraud, undermining the credibility to the ICO. Because of dishonest participants, prudent companies are forced to limit their activities on attracting cryptocurrency financing, and some investors lose confidence in the ICO and turn back to traditional forms of investment.
As the authors of the manifesto emphasize, every new technology creates a kind of a “bubble” at the moment of its appearance, causes attacks of opponents and develops complex relations with laws and authorities. Blockchain, cryptocurrencies and ICO are in this very situation, so now the industry needs self-regulation.
Authors of the manifesto proposed to establish an “ethical framework” for the token emitters and to adopt four principles: independence, welfare, harmlessness and justice. Under the terms of the manifesto, companies must proceed from the interests of their investors and clearly explain why tokens are valuable and what profit can investors get. The authors also call the emitters to act within the framework of the current legislation, try to resolve any conflict peacefully and maintain high professional standards.
The manifesto was signed by more than 30 participants of the blockchain industry, including Per Lind, co-founder of the IOTA Foundation; Gavin Blem, founder of Blockchain Escrow, and CEO of MTI Jody Cleworth.