I'm sure I find something new and interesting. I wonder if almost 15 years passed and we still don't have tokenomy. At the moment I'm developing tech specs for a new project and I'm looking for the dev tech team to be partners. I really made some market research and I'm sure we'll win the race.
I'm ready to shed some light on the project but as it's an anonymous board I don't want to share a lot here. I'm the little chicken boy who is afraid of hungry awful sharks, yes.
However, I know that it's impossible to find partners just trying to sell a pig in a poke. So, if you're not bored reading this, I may share some ideas and the vision. If you will find it interesting, I'll be happy to schedule a video call and exchange some legal documents like proof of address, identity card, and Non-Disclosure Agreement. I have some experience in investment business management (10+ years of experience) and I was a web developer in the past (15+ years of experience). So, I know how to do things and how to do them in the right way
I will be infinitely happy if I suddenly find a dev team with fintech experience, but it's not necessary.
Well, let's start.
Background
There are online registration services in most countries that allow entrepreneurs to register business entities. As soon as a business entity is registered, it becomes a normal company that has all rights to do business activities and accept payments from its customers. In fact, such a business entity can do any kind of legal business activities with payment for its commodities, goods, products, or services in cash. Of course, it also leads to legal liabilities and obligations for shareholders of such newly registered companies. Among them are licensing (if necessary), reporting, taxation, audition, etc. In most cases, all these services are available online as well.
Of course, in the modern world, it’s impossible to avoid non-cash payments if the company does any serious business. But the regulatory authorities don’t oblige the business owner to register the bank account for the business entity. Anyway, we can assert that nowadays a business entity without a bank account is almost useless. In most cases, the companies without bank accounts are used as shell companies to register other companies under their ownership or implement some illegal activities such as alcohol or tobacco smuggling, etc. However, as it was mentioned above, no one obliges the business entity to open a bank account and accept non-cash payments as long as coins and banknotes are legal tenders.
Three main deterrents to tokenomic development are the inability to protect the crypto payers from fraud, the need for business entities to go through bank compliance to obtain a traditional bank account in the required jurisdiction, which is sometimes too difficult or impossible at all, and at last the impossibility for business entities to operate with crypto assets legally, using a traditional bank account for a fiat-crypto-fiat exchange.
If the underlying fraud risk factor is eliminated, then neither the business entity nor the customer will need any traditional banking to buy or sell the commodities, goods, products, or services carried out by non-cash payments. Crypto transactions will successfully replace traditional bank transactions and allow business entities that do not have traditional bank accounts to engage in business activities.
Quite possibly, in tokenomy, such kinds of companies wouldn’t be exotic but almost usual because of using the crypto accounts only. The business entity may extremely benefit from such an approach as the new business deployment from zero to a full-fledged company that accepts payments for its commodities, goods, products, or services in cryptocurrency will take a business owner 24 hours in most cases or less.
Conclusions: a new useless legal business entity without a traditional bank account may be established online for as little as 35 USD in less than 1 hour. Tokenomy makes it useful.
The NoName project is not for discussing the theoretical impact of the proposed approach but for implementing it to achieve practical results.
Objectives
NoName is a service provider with the main goal to make tokenomy possible by offering new types of warranties and implementing the crypto regulations for all-scales businesses from P2P deals to enterprises. The key solution is providing users with crypto-coded financial instruments known as contracts and derivatives regulated by smart contracts.
Delivering our project we assert the following:
- All parties, involved in crypto transactions, own the crypto assets on a legal basis. It means that we mustn't check the origin of the crypto assets, moreover, we can’t prove the origin. But we must follow the standard AML procedure required by the financial license. It means that each counterparty must be identified and verified (for individuals: the legal document issued by the government + proof of address + video verification process / for business entities: business certification + related documents + information about shareholders + the procedure of verification of individual for applicant).
- Every party has the goodwill to exchange the crypto assets for traditional assets, including fiat money and physical commodities, goods, products, or services, and vice versa at any time. It means that every party may purchase crypto assets (for example, cryptocurrency) to make deal with another party and vice versa - the party which obtains the cryptocurrency by selling some physical commodities, goods, products, or services may exchange it for traditional assets (for example, fiat currency) any time.
- NoName guarantees a successful deal between two or multiple parties involved in the exchange or resolution of the counterparty risk in case of default.
Right now it's enough. And no, it's not one more escrow service.