Messari — the special register which can bring order to ICO pattern
Later long time, apparently, the ICO sphere grew to the idea of self-regulation. Very unstable and permanently the growing cryptocurrency sector on the attraction of investments was under the close and strict attention of supervisory authorities worldwide. The solution proposed by Ryan Selkis — the creation of Messari — the universal token which has the corresponding potential for regulation of all other tokens.
One register for all tokens
Now there are no laws which would control ICO sphere. In view of the global nature of a sentence of tokens, regulation becomes the difficult task. The real boom on such startups and the amounts attracted in each new ICO is now watched grow. Securities and Exchange Commission (SEC) already released warning, specifying high risks of investments in volatile cryptocurrencies and ICO.
The chairman of SEC, Jay Clayton explained that it considers all ICO — as any other sentence of securities, therefore, such projects shall be regulated by the same norms which work for securities. All these warnings set leaders and experts of ICO of the sphere thinking on the search of the appropriate response to such regulatory hindrance.
Formation of own regulator on Wall Street can become the best decision for ICO sphere. And here the registers (TCR) controlled by tokens step on the stage. TCR — the list of all tokens and ICO. The companies wishing to appear in a top of this list should pay. In view of the absence of the uniform regulator which would give orders, TCR can launch self-regulation of the cryptocurrency sphere.
This fee will be charged in cryptocurrency of the native platform. One of the reasons for which the Securities Commissions and supervisory authorities are favourable to the idea of the self-regulating organization for cryptocurrencies consists in saving of millions of dollars of taxpayers which would be required on creation and operation of a separate regulatory organ
Explaining the concept of TCR, Mike Goldin tells:
“The register controlled by a token uses an internal token for assignment of the rights in proportion to the relative volume of a token at the companies owning this token. As there are companies interested in adding in such list, there will be also a market in which aspirations of the rational, interested owners of a token will lead to the formation of the useful and exact list”.
Edin working on the AdChain project added that “the lists controlled by a token are lists with decentralized control, with an economic incentive for owners of a token attentively to carry and support the register”. AdChain became the first project which used the concept of TCR.
The Messari company founded by Selkis aims to become a cryptocurrency token which will push ICO sphere to self-regulation. During a project startup in October 2017, Selkis announced the plans and described the vision of Messari. In the blog he wrote:
“If we do not create self-regulation and basic social contracts for sale and trade in cryptocurrency assets, then in this sphere there will be no serious players capable to hold shock when new laws and instructions are issued”.
Selkis believes that the register of Messari will become the rule in which issuers of tokens will pay for the place in the list. The principal cryptocurrency exchanges, consulting funds, venture capitalists and managing directors of funds can appear owners of tokens.