Sixteen blockchain projects today announced the launch of Project Transparency at the Vienna ICO-Summit. The voluntary initiative aims to encourage disclosure of wallets controlled by a project and provide a voluntary explanation of any expenditure greater than 0.5% of the funds collected.
The industry players behind the initiative are worth over $650 million by market cap. They are Santiment, Aragon, Cofound.it, District0x, Encrypgen, Etherisc, Hcash, Iconomi, Indorse, Lykke, Dappbase, GATCOIN, IconiqLab, Virgil Capital, Musiconomi and Maecenas.
They explain that the long term ambition is to provide potential investors and the community with greater transparency and accountability regarding funds raised, as the ICO space sees greater regulatory scrutiny in many markets and even legal restrictions in China and South Korea.
Maksim Balashevich, CEO and founder of Santiment, said: “With the rapid rise of digital currencies and proliferation of ICOs, investors increasingly want security regarding their funds and transparency on how they are administered. Santiment was developed to provide insight and transparency to investors looking to enter illiquid and highly volatile markets, Project Transparency affirms our commitment to improving governance in the Blockchain sector.”
Balashevich recently took part in the Finance Magnates Blockchain Podcast:
Santiment has confirmed that it will provide funding for Project Transparency’s web page and for manpower to process applications and keep the initiative staffed. Any Blockchain project can join the initiative, the only criteria is to disclose the wallets controlled, funds held and explain any expenditures over 0.5% of the funds raised.
Taiyang Zhang, CEO of pre-ICO project Dappbase, and GATCOIN’s Simon Cheong, explained that their support for Project Transparency stems from their imminent funding goals and investor interest: “Transparency drives better, sustainable business. And that’s what we want.”