New week, new challenges
BitRent is again entering the active phase of promoting the platform and the benefits of blockchain technology in China, but first, let’s talk about what the company managed to achieve over the past week and what significant events occurred in the world of cryptocurrency.
PLATFORM FUNCTIONALITY
The architecture of the platform for investment in construction has undergone a number of improvements that will have a qualitative impact on the process of user interaction with the platform, expand the functionality and the client database of the platform.
Added directory filter;
Added new option to choose real estate objects based on personal criteria and preferences;
Added registration form for developer personal account, which opens the opportunity to upload legal, financial and statutory documentation and project presentation;
Added developer verification function.
BitRent’s development team implements each function in detail in order to ensure the maximum uninterrupted operation of each platform element.
PROJECT PRESENTATION IN CHINA
BitRent takes part in the first Global Blockchain Forum in China
June 22nd, BitRent, a blockchain project in the field of construction, will participate in the international forum. BitRent team will share on how to create successful future with modern technology.
From June 22nd to June 24th, 2018, with the support of the Chinese People’s Friendship Society with foreign countries, a large-scale event devoted to global economic development will take place — the World Conference of Small and Medium-sized Enterprises & the Second Forum of Cooperation of Small and Medium Enterprises of Countries along the “Belt and the Way” , initiated and supported by the Association of Small and Medium Business of China. This event received state support — it was approved by the State Council and registered by the Ministry of Civil Affairs of the PRC.
The conference will be held at the International Exhibition Conference Center on Lake Yanji in Beijing — “Beijing Yanji Lake International Convention & Exhibition Center”. The main topic of the events will be “Ways of predicting the future and creating the future.” Particular attention will be paid to small and medium-sized enterprises, innovations and the use of blockchain technology.
BitRent was invited as a leader in the application of blockchain technologies and smart contracts in the real sector of the economy. The founders of the platform — meant to collect investment in construction — will share the benefits of using blockchain technology in the fast-growing real estate market in China and show that the process of building and investing in the blockchain system is qualitatively different from the traditional model that the Chinese partners are using now.
Founders will also present the unique BitRent Blockchain Hub product at the conference. This is a network of multifunctional complexes that will be built in key blockchain regions — Asia, the United States, Europe and the Middle East, and then in all countries of the world. These ultramodern centers will be engaged in the development and implementation of blockchain in all spheres of the life. The goal of the project is to support new and promising ideas of young start-ups, representatives of small and medium-sized businesses. BitRent Blockchain Hub is an ideal place for projects that want to grow and transform into large companies.
The following blockchain organizations as Jintong, Moke, Qidian, China Blockchain Alliance Club, the Blockchain Community of South Korea, Japan, Singapore, as well as the International Blockchain Alliance.
GLOBAL CRYPTOCURRENCY NEWS
EOS launch
The main news of the first half of June is the launch of EOS network. The start was not that smooth — the launch of the network was postponed more than once.
The official launch of blockchain from Block.one took place on the evening of June 14th. In the afternoon of June 16th, the network froze transactions. The problem was solved 3 hours after the report, but they say negative feeling remained (see https://twitter.com/EOSauthority).
And the day before the launch of EOS network, the news that the project will allegedly confiscate tokens of users who have been inactive for 3 years was spread across the Internet. Then confiscated tokens will be sold at auction in favor of all other network members (see for example https://thenextweb.com/hardfork/2018/06/12/eos-cryptocurrency-hodl/).
EOS holders who decided to put them on the shelf should not be worried. This news came about because of the misinterpretation of Article XVII of the EOS Constitution (see https://github.com/EOSIO/eos/blob/37ce45c0b60d2710569c2d1a9229945cc0e855a9/governance/constitution.md). It’s only about suspending the user’s account, and tokens will be stored not in the account, but at the wallet address to which EOS does not have access and can not confiscate anything. If the account is suspended, a token holder can bind the address where the tokens are stored to the new account without any consequences.
USA and SEC
In an interview with CNBC on June 6th, SEC President Jay Clayton said that bitcoin is not a security (remembering at the same time that most ICO security tokens are still securities) (see https://www.cnbc.com/video/2018 /06/06/sec-chairman-cryptocurrencies-like-bitcoin — not-securities.html).
And on June 14th, the director of the SEC Corporate Finance Department, William Hinaman, said that the Etherium is also not a security (see https://www.sec.gov/news/speech/speech-hinman-061418).
Let me remind you that these statements were the outcome of a “regulatory drama” around the legal status of BTC and ETH, which began with the speech of the former head of the Commodity Futures Trading Commission (CFTC) and former partner Goldman Sachs, Gary Gensler, at a lecture in M.I.T. (see https://www.nytimes.com/2018/04/22/technology/gensler-mit-blockchain.html). In his speech, the former official said that ETH and XRP have signs of securities, which heavily stirred the market.
SEC statements calmed down the market and gave it a small but positive push.
Despite the general joyfulness, we would ask you to remain cautious and don’t get into excessive euphoria about the status of coins.
Statements are not official rules, norms or explanations, these are only the points of view of particular officials expressed at a particular moment of time.
Therefore, there are no legal guarantees that in the event of a price squeeze and collective actions of investors, the judges will, in determining the legal status of the coins, proceed precisely from the statements of SEC officials, and not from the norms of the US securities legislation, which leaves wide scope for different interpretations.
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