New project that I'd like to share with the community and get feedback on: the ICO Governance Foundation.
I've been working with a few people - Miko Matsumura from Pantera Capital, Dr. Fred Krueger of Troop, Michael Golomb, others - to spin up the IGF in an effort to clean up the ICO market. This is in response to a lot of the things that we've been observing in public ICO operations, the regulatory action around the world, and what we've heard (privately) from people inside and outside the space.
From our website,
https://icogovernance.org/: "The early ICO industry is rife with hackers, scammers and opportunists. The ICO Governance Foundation (IGF) is an international organization and Swiss Foundation whose mission is to protect global ICO investors and facilitate capital formation for ICOs. To support this mission IGF provides and maintains an open source voluntary public filing and registration protocol called Form IGF-1 as well as a public registration database that performs automated collection, validation, indexing, acceptance, and forwarding of submissions. IGF works with national regulatory agencies to establish global best-practices and standards for ICOs that complement national regulatory organizations such as the SEC, ESMA, CSRC, MAS and others. IGF-1 provides transparency of the token sale custody chain and distribution of ICO proceeds. The foundation and these standard protocols are part of a Global Public Utility and industry self-regulatory function that is needed to align stakeholders and to improve the volume and flow of capital incentives for ICOs from institutional-grade investors."
Essentially three core functions:
- Whistle-blower reports, to notify the community of poorly governed ICOs
- An IGF-1 filing and registration, to create a standard set of information that each project needs to provide publicly
- Custodial agreements. To ensure that benchmarks and milestones are achieved, ICO proceeds are distributed in accordance with a set roadmap
Our whitepaper digs in deeper:
https://icogovernance.org/wp-content/uploads/2017/08/Governance-of-Token-Sales-in-Decentralized-Capital-Markets-0.5.pdfAs we prepare to formally launch, I thought it wise to share with the community and gather feedback.
What do you think?