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      "permlink": "a-day-in-2030-how-blockchain-could-influence-our-daily-routines",
      "title": "A day in 2030: How blockchain could influence our daily routines",
      "body": "![decentralized future.jpg](https://cdn.steemitimages.com/DQmXJJq1Kh4t5WEAoCeQ3YKmohkCwj6UJTot6gBCkazUNvh/decentralized%20future.jpg)\n\n_This text aims at providing an optimistic view at the potential applications of blockchain. It brings hopefully more tangible ways of understanding the impacts of blockchain on our future daily lives. Blockchain’s characteristics, such as trustlessness and transparency allow to rethink social and economical interactions. All the concepts contained in this article are presented through the lenses of today’s world view; as with all new technologies, nothing is yet set in stone:_\n\n> “If you asked people in 1989 what they needed to make their life better, it was unlikely that they would have said a decentralized network of information nodes that are linked using hypertext.” — Farmer & Farmer\n\n—\n\nYou start your morning with a breakfast. While preparing it, you question your home assistant on the upcoming day: “Hey Jarvis, have you found any internship in Singapour that matches my girlfriend’s interests?”. A very complex search for an AI. The world has changed since your first encounter with Siri. Instead of asking trivial questions triggered by keywords (« *Hey Siri*, who won the game last night? »), your digital assistant is able to answer much more complex questions. This is due to the fact that your assistant is connected to a  [decentralized AIs marketplace](https://www.singularitynet.io/). This allows two interesting things.\n\nFirst, the marketplace allows developers to compete and get rewarded for the best machine learning models; the financial ecosystem around model validation is an incentive for researchers, which  **creates a positive competitive atmosphere that accelerates AI innovation**.  \nSecondly, AIs are able to exchange data between one another, therefore being able to address more complex questions. This is facilitated by a common data structure that improves the availability and the quality of the data (or at least limiting bias at data collection).  \nAdditionally, considering blockchain technology allows for better permissions management, AIs are able to request -by themselves- permissioned access to data, which let them handle  [sensitive data](https://enterprise.gem.co/health/)  more easily. You have built a trusted relationship with your digital assistant, you rely on it and fear less of the things that can be done with your personal data, as the potential power that comes with holding a significant amount of data or specific algorithms or libraries of algorithms is reduced by the decentralization.\n\nOn your way to work, you take a quick detour to Starbucks to pick up your favorite beverage. Instead of paying with dollars, you use your  [messaging app](https://www.kik.com/kin/)and pay using in-app tokens. You pay using the Starbucks tokens, earning a few loyalty points for the purchase that you can reuse later. The uses of the tokens are widespread: owning them has turned you from a stakeholder (a consumer) into a shareholder and a Starbucks community member. The token you earn when buying from them makes you a part-owner of the company. It grants you the possibility to take advantage of discount deals they offer for token holders, just like you, and if you hold onto the tokens, you can vote on the future of the company:  **your purchasing and lifestyle choices have become your financial investments**: your everyday consumer choices in the form of Starbucks loyalty rewards, brand commitments like Apple shares from iPhone purchases or your monthly gym membership. The reason these companies are rewarding you with powerful tokens is that they want to  [hold you close](https://www.techbullion.com/a-day-in-the-life-of-a-decentralized-future/).\n\n**The tokenization of different assets allows you to diversify your investment portfolio**. Last week, you even  [invested](http://www.bitcar.io/)  in the Aston Martin old-timer of your dreams: the car has been split up into thousands of tokens and you hold some of them, hoping that they will appreciate in value over time. Previously, investing in such items required a significant capital that was inaccessible to most people.\n\nAlong with your drink, you decide to buy an apple to continue building up the healthy habit your doctor insisted on. To check that you do things right, you take out your phone and scan the QR-code on the price tag: this allows you to see  [where the apple is coming from](https://www.provenance.org/)  and check whether the storage conditions were good enough. The immutable chain-of-custody informs you that the apple originates from an industrial farm; not really the healthy & fresh apple you were expecting. You put it back and choose another one coming from a local farmer. It has a « trusted origin » label on it, which are granted to companies being 100% transparent on their supply chain. It is a bit more expensive, but at least you know why you are buying it for.\n\nArriving at your work, the receptionist reminds you that -as they need to finalize your file in the company- you need to provide your high-school diploma to prove that you have the skills that you claimed during the interview a few months back. Luckily, your university has recently released its latest innovation: it can now digitally  [issue your diploma](https://blockchain.sonyged.com/), with the same trust than when it was in paper.  **All recognized institutions do that now**: Hospitals issue a proof of birth to the local municipality that can issue  [digital birth certificates](https://www.coindesk.com/illinois-launches-blockchain-pilot-digitize-birth-certificates/)  and all driving licenses are now also issued digitally. The digital transformation undergone by governments allows to record, track, and transfer  [land titles](https://chromaway.com/), property deeds or liens and can help ensure that all documents are accurate and verifiable. No need to go to the commune and wait in line to receive a paper version of your driving license, like your father used to do… « Why do universities take so long to adapt? » you wonder.\n\nYou directly provide the digital diplomas to the receptionist, using your phone, which can check the validity at any time, along with your grades and the courses you have followed: information is trusted. The documents you needed to provide are  **stored in a** [**decentralized cloud**](https://filecoin.io/), reducing the probability of widespread data loss, enabling bandwidth savings and opening the access to areas with lower connectivity.\n\nYou work as a « legal contracts engineer », a new discipline that is in high-demand and that can combine your love for civil laws and computers. Basically, your job consists of translating legal contracts established between corporate companies into computer code, so that these contracts are immutable and self-enforceable, reducing the costs of legal procedures around non-disclosure agreements between companies. Your company is actually building an app that provides an  [administrative system](http://boardroom.to/)  for organizations to ensure smart contracts are executed according to rules encoded on the blockchain (or to update the rules themselves); it helps other organizations’ boards to use your app for shareholder voting by proxy and collaborative proposal management.\n\nFast forward to the afternoon, on a  **global peer-to-peer banking platform,** you go through a list of suggested people & projects and update your settings on interests and preferred risk level at which you would like to give  [small loans](https://lendoit.com/). Of course, others may still keep their money in banks, but why leave your assets in vulnerable centralized servers at banks, when it is more convenient and secure to manage them yourself? The platform allows you to look at a variety of projects from local development proposals in disadvantaged regions to exciting startups in high-tech cities. To decide your risk tolerance for loans you give, you may pay a little extra every month to automated risk analysis providers that operate on top of the platform and help you with deciding what your risk tolerance is.\n\nWhile browsing the internet looking at these services, you remind yourself that  **websites have opted-out of traditional business models** based on advertisements or subscriptions and now propose alternatives to monetize their content. For instance, your social media website generates revenue as you authorized it to mine crypto-tokens on its behalf, essentially paying the service through your electricity bills. Your favorite news website decided to use “NewsCoin”, a t[oken that is stored in your browser](https://basicattentiontoken.org/)  and that allows you to pay only for what you consume, which is handy because most of the time you only read half of the articles; you don’t pay for the rest. If you run out of tokens or wish to monetize your personal data, you have the possibility to accept advertisements or allow the website to collect behavioral information that it can later sell to third parties. The dominant business model based on ads of the 2000’s is not alone anymore.\n\n« [Same for music](https://jaak.io/)! » you think. Indeed, the entertainment industry has turned to the blockchain to make content sharing fairer for creators using smart contracts, whereby the revenue on purchases of creative work is automatically disseminated according to predetermined licensing agreements. This allows your local band to publish its music on major streaming platforms and get paid per stream, everything being automated and open to a wider range of people. An accessible way to publish music to a large audience without bearing the costs of intermediaries (majors).\n\nAfter a long day at the office, you decide to go for a drink with friends and proceed to connect to the local transportation and location network to get a self-driving car. It arrives within 30 seconds and confirms your identity with voice recognition. Once you arrive to your destination, the car will automatically collect the payment from your wallet and deduct some percentage of the different assets you hold according to your preferred settings. For example, you just paid for your car ride with .01 of an Apple share and 1 Starbucks reward point. Same for the insurance: you start paying your insurance only when you step in the car and stop paying once you step out of the car. Right after the ride, the car may notice it has to charge up, so it will drive itself to a charging point and pay the fees automatically.  **The car optimizes itself for profit as an independent economic unit, and pays for its energy use and repairs itself, so no company will need to own it**, although a portion of its profits may always go back to the car’s manufacturer. The rest, however, will go into the city’s coffers to improve infrastructure. If the car does not make any profit because, say, the city is loaded with other autonomous vehicles, it can decide on its own to migrate to another city to generate more profit elsewhere. Decentralization brought the ability to reach consensus without intermediaries; adding to it the ability for automated decision-making, objects’ autonomy increases.\n\nArriving at the bar, the bouncer suspects that you are below the legal age to drink so he asks you to prove that you are over 21. Instead of providing your ID card so that he can consult your birth date along with all the information, you provide him with a proof of your age that has been validated by your municipality. In the decentralized web, rather than a siloed approach in which these identities are controlled by each centralized platform and where you need to provide whole chunks of data, the emphasis is put on a holistic approach, which is based on the key notion of  [self-sovereign identity](http://uport.me/), which results from self-managed data.  **Each user is able to choose the services that will access his data, share data more granularly, monetize some accesses, and revoke accesses when he wants**. A user’s identity is multi-faceted: you can present a certain facet of your digital identity according to the context (financial, social, professional …), without having to present your full identity. Even better, you can present approved claims (e.g. the fact that the individual is above 21 yo), which reduces the exposition of personally identified data while remaining trusted. This radical change in approach from the old web (siloed) also makes it possible for data interoperability and thus allow for new models to emerge.  **Applications are therefore able to benefit from longitudinal data, created by the same individual throughout his life**. Individuals use Facebook to connect with Google+ users because that is the application they like. Decentralized web reverses the initial logic: the individual is able to reclaim his personal data and, beyond that, its digital identity.\n\nComing back home, before going to sleep, you check the electricity consumption of your house on your phone. All of your smart devices are connected to a public ledger which  [mediates communications between them](https://filament.com/). Without a central control system to identify one another,  **the devices connect, interact, communicate and transact with each other autonomously to manage software updates, bugs, or energy consumption**.\n\nGood surprise! It was a sunny day so the solar panels on your roof have generated enough electricity for your neighbor, whose solar panels are temporarily broken down. You earned a bit of money during the day  [by selling him your electricity](https://solarcoin.org/en/node/6)  on the local smart grid. This extra money will surely come in handy to pay for the electricity of the computer you have running downstairs in your office: as you are not using it during the day,  **you are rewarded by large medical research companies to decode DNA strings**, and accumulate tokens  [for the computing power you provide](https://golem.network/), which are added up to your portfolio. Large companies now prefer to rely on decentralized computing, which provide more computing power without the need to invest in large infrastructures and is more environmentally friendly. The amount of money that you receive to contribute to a decentralized computing platform is indeed relatively small but enough for you to have a drink with friends once in a while — You won’t get rich but it’s always nice.\n\nDimming the light and closing a book on your favorite topic: the history of Internet, starting in the early 80’s. What happened around 2010 is interesting: the stiffness in innovation created by centralized platforms made internet slowly less interesting and dynamic, only being stimulated by these giants that influenced regulations and the economy.  **Centralization has also created** [**broader societal tensions**](https://medium.com/@cdixon/why-decentralization-matters-5e3f79f7638e)**, which stood out in the debates over subjects like « fake news », state sponsored bots, EU privacy laws, “no platforming” of users, and algorithmic biases**. This paved the way for decentralized applications, which brought more advantages than just censorship resistance and trustless collaboration.  [By adding financial utility when application utility is low](https://medium.com/@cdixon/crypto-tokens-a-breakthrough-in-open-network-design-e600975be2ef), tokens enabled the management and financing of open services.\n\nTokens provide a way to define a protocol, to fund the operating expenses required to host it as a service and also provide a way to create shared computing resources while keeping the control of those sources decentralized.  **The token networks allow to** [**align the incentives of network participants**](https://blog.ycombinator.com/the-decentralized-future-series/) **(developers, users, maintainers) to work together toward a common goal — the growth of the network and the appreciation of the token**. Blockchain brought a viable alternative to software development and another way to compete with existing platform economies.\n\nHowever, the growth of decentralized platforms took time, simply because they needed to go through more product-market fit phases, since they often launched half-baked and without clear use cases: (1) product-market fit between the platform and the developers / entrepreneurs who will finish the platform and build out the ecosystem, and (2) product-market fit between the platform / ecosystem and end users. This two-stage process is what caused many people — including sophisticated technologists — to underestimate the potential of decentralized platforms.\n\nBut it is late and you go to sleep. « It’s only the beginning » you think.\n\n### Conclusion\n\nBlockchain technology has an impressive potential and the future seems to be about incentivization. Programmable crypto-assets and smart contracts constitute a powerful way for communities to govern themselves in pursuit of common objectives. In this article, we laid out some of the potential overall use cases that the technology enables: stimulate the economy and improve the financial inclusion, improve foundational internet layers, transforming the economics of digital content, transforming the software development life-cycle, guaranteeing truly digital identities or allowing new governance systems to be used. We also tried to put forward some of the use cases that are possible with blockchain and not with traditional web, notably: (1) Being the sole owner of a digital good, digital collectible or a real asset’s crypto proxy (2) Earn money as a reward for work done (by a computer or human) (3) Store content on a decentralized network that would never go down or get censored (4) Pay for a service or good using a cryptocurrency you earned or (5) Earn cryptocurrency for data you shared.\n\nIt is possible that blockchain, together with other technologies (AI, IoT) will spark the next wave of innovation, just as Social, Mobile and Cloud did in the last ten years. It will certainly take time for the potential of this technology to unfold, as key building blocks are still being created, destructed and created again — not to mention the paradigm shift that must operate in some cases. The number of challenges, risks and open questions related to blockchain is also enormous. Wanting to offer rational solutions to social ills by means of impartial technology is not that simple. Let’s be part of the effort…?\n\n_Thanks for reading!_\n\n### Liked what you read?\n\nThis article can be continued with the more realistic implications of such applications.  _What would happen if blockchain helps create an unstoppable AI? How would our relationship with private data management evolve?  \nWhat if you create a single ledger for insurance companies that would be able to analyze all facets of your life? Would it be a fairer system or a more exclusive one?_The possibility to transform distributed ledger systems into the ultimate tool of corporate and authoritarian control might be too great a temptation for human nature to forgo…? Let us know if you’d be interested in such considerations.\n\n----------\n\n_We will be holding a series of events (in Belgium) around this theme in the coming months. If you wish to attend and know more about these events, you can subscribe to the_ [_newsletter_](https://brussels.us17.list-manage.com/subscribe?u=5de3ad96053c839527be693ee&id=d61195dd99) _and stay up to date._\n\nSome inspiration:\n\n-   [https://medium.com/@cdixon/crypto-tokens-a-breakthrough-in-open-network-design-e600975be2ef](https://medium.com/@cdixon/crypto-tokens-a-breakthrough-in-open-network-design-e600975be2ef)\n-   [https://medium.com/@cdixon/why-decentralization-matters-5e3f79f7638e](https://medium.com/@cdixon/why-decentralization-matters-5e3f79f7638e)\n-   [https://blog.ycombinator.com/the-decentralized-future-series/](https://blog.ycombinator.com/the-decentralized-future-series/)\n-   [https://www.cbinsights.com/research/industries-disrupted-blockchain/](https://www.cbinsights.com/research/industries-disrupted-blockchain/)\n-   [https://www.techbullion.com/a-day-in-the-life-of-a-decentralized-future/](https://www.techbullion.com/a-day-in-the-life-of-a-decentralized-future/)",
      "json_metadata": "{\"tags\":[\"blockchain\",\"future\",\"decentralization\",\"innovation\"],\"image\":[\"https://cdn.steemitimages.com/DQmXJJq1Kh4t5WEAoCeQ3YKmohkCwj6UJTot6gBCkazUNvh/decentralized%20future.jpg\"],\"links\":[\"https://www.singularitynet.io/\",\"https://enterprise.gem.co/health/\",\"https://www.kik.com/kin/\",\"https://www.techbullion.com/a-day-in-the-life-of-a-decentralized-future/\",\"http://www.bitcar.io/\",\"https://www.provenance.org/\",\"https://blockchain.sonyged.com/\",\"https://www.coindesk.com/illinois-launches-blockchain-pilot-digitize-birth-certificates/\",\"https://chromaway.com/\",\"https://filecoin.io/\",\"http://boardroom.to/\",\"https://lendoit.com/\",\"https://basicattentiontoken.org/\",\"https://jaak.io/\",\"http://uport.me/\",\"https://filament.com/\",\"https://solarcoin.org/en/node/6\",\"https://golem.network/\",\"https://medium.com/@cdixon/why-decentralization-matters-5e3f79f7638e\",\"https://medium.com/@cdixon/crypto-tokens-a-breakthrough-in-open-network-design-e600975be2ef\",\"https://blog.ycombinator.com/the-decentralized-future-series/\",\"https://brussels.us17.list-manage.com/subscribe?u=5de3ad96053c839527be693ee&id=d61195dd99\",\"https://www.cbinsights.com/research/industries-disrupted-blockchain/\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\"}"
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      "parent_permlink": "hive",
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      "permlink": "esma-renews-its-restrictions-on-cfds-including-those-on-cryptocurrencies",
      "title": "ESMA renews its restrictions on CFDs, including those on cryptocurrencies",
      "body": "![esma.jpg](https://cdn.steemitimages.com/DQmZ2yxVg8659VJ6iw4GBfxsNyexCpD7dc19HFLkgZfydDW/esma.jpg)\n\n**_ESMA (European Securities and Markets Authority) recently issued updated and clarified restrictions on CFDs (\"Contracts For Difference\")._**\n\nIn a [press release](#https://www.esma.europa.eu/press-news/esma-news/esma-renew-restriction-cfds-further-three-months) on its official website, the European Financial Authority explains that it “renews its restriction on the marketing,\ndistribution or sale of difference contracts (CFDs) to retail customers, in force since 1 August, as from 1 November 2018, for a further period of three months. \"- i.e. until 1 February 2019.\n\nApproved by ESMA's Supervisory Board on 26 September 2018, the restriction concerns gold, stock market indices, currencies and cryptocurrencies, on which a leverage limit of 2:1 for CFDs is applied on the opening of a position for a particular client.\n\nAlso included, a \"negative balance protection\" obligation must guarantee a loss limit for individual customers.\n\nAs a reminder, a CFD is a contract between two investors who exchange the difference value between the opening price and the closing price of a given asset. Previously reserved for investment professionals, CFDs have been made accessible to all by online brokers who allowed everyone to use them without much trading knowledge.\n\nThere will also be a new mandatory element to mention: brokers will be required to indicate the percentage of individual accounts that are losing money.\n\nESMA has yet to translate this renewal of CFD restrictions into the official languages of the EU before publishing an official notice on its website. Only then can the measure be published in the Official Journal of the EU, and thus effective from 1 November 2018 for 3 months until 1 February 2019.\n\nIn March, ESMA implemented strong requirements for CFDs, stating that:\n\n“Due to the specific characteristics of cryptocurrencies as an asset class the market for financial instruments providing exposure to cryptocurrencies, such as CFDs, will be closely monitored, and ESMA will assess whether stricter measures are required.”\n\nCFDs are part of derivative financial instruments that allow you to trade up or down by speculating on the price evolution of an underlying asset.\n\n_CFDs are risky financial instruments. Unlike exchanges where you own real cryptocurrencies (although you do not own the private keys), CFDs are contracts between the broker and the trader. No real cryptos underlying this contract are involved._\n\n***Author: Matias Gross.***\n\n*All rights reserved. This article’s content (texts, trademarks, illustrations, photos, graphics, files, designs, arrangements etc.) is protected by copyright and other protective laws. The copyright for this article belongs to HIVE Ecosystem*",
      "json_metadata": "{\"tags\":[\"hive\",\"blockchain\",\"cryptocurrency\",\"europe\",\"finance\"],\"image\":[\"https://cdn.steemitimages.com/DQmZ2yxVg8659VJ6iw4GBfxsNyexCpD7dc19HFLkgZfydDW/esma.jpg\"],\"links\":[\"#https://www.esma.europa.eu/press-news/esma-news/esma-renew-restriction-cfds-further-three-months\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\"}"
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      "parent_permlink": "hive",
      "author": "hivebs",
      "permlink": "trading-cryptocurrencies-on-behalf-of-third-parties-a-belgian-case",
      "title": "Trading Cryptocurrencies on Behalf of Third Parties: A Belgian Case",
      "body": "![Belgium Crypto.jpg](https://cdn.steemitimages.com/DQmTYsLogtNsFxtKimtApb1wzGHNXey4y61XY1afhUvaUTj/Belgium%20Crypto.jpg)\n\nAs described, trading activities are similar to portfolio management within the meaning of MiFID regulations, i.e. the discretionary and individualised management of portfolios including one or more financial instruments within the framework of a mandate given by the client.\n\nThe activities are similar to it but are not the same. Indeed, the main difference of the MiFID regulation is the notion of financial instruments. In that regard, cryptocurrencies are not, at least for the time being, financial instruments within the meaning of Belgian law.\n\nArticle 2, 1° of the law of 2 August 2002 on the supervision of the financial sector and financial services exhaustively defines what financial instruments are.\n\nIt appears that cryptocurrencies do not fall within the definition of financial instruments given by Belgian law.\n\nHowever, the Royal Decree of 24 April 2004 approving the regulation of the Financial Services and Markets Authority prohibiting the marketing of certain financial products to retail customers changed the situation, as it did not include cryptocurrencies as financial instruments, and in so doing, did not make them subject to the MiFID regulation.\n\nIn the context of the issue at hand, the regulation essentially states that it is prohibited to promote, on a professional basis, a financial product whose return depends directly or indirectly on a virtual currency. It is therefore necessary to examine more precisely what it prohibits concerning cryptocurrencies.\n\nThe concepts to be defined for this purpose are: (I) the marketing, (II) the customers (III) the financial income.\n\n## I. The marketing\n\nMarketing is defined as “the presentation of the product, in any manner whatsoever, with a view to inducing the customer or potential customer to purchase, subscribe, adhere to, accept, sign or open the product concerned”[1].\n\nThe regulation covers marketing carried out on a professional basis, whether by the supplier or the issuer of the product itself, or by an intermediary.\n\nThe notion of marketing is therefore extremely broad. Thus, the simple fact of proposing, or recommending the purchase of cryptocurrencies can be seen as marketing.\n\nOn the other hand, the regulation specifies that “portfolio management does not involve marketing, as long as investment decisions are made by the portfolio manager”.\n\nThis clarification is worrying. Indeed, the definition of marketing ends up covering investment advice specifically, but not portfolio management, whereas the manager must, like the adviser, provide the (potential) client with appropriate information on financial instruments, including comments and warnings on the risks inherent in investing in these instruments (art. 27, § 3 of the laws of 2 August 2002).\n\nHe must also agree with the client on the types of financial instruments that may be included in the portfolio and, where applicable, an authorisation to invest in certain types of financial instruments (art. 20, § 2, 8° and 9° of the Royal Decree of 3 June 2007), which clearly implies a “presentation” of these instruments with a view to their acceptance.\n\nIn practice, licensed portfolio managers could therefore invest for a retail client, within the limits of their mandate, in cryptocurrencies, without having marketed (and therefore presented) it… The manager should therefore have very broad discretionary power.\n\n## II. The retail customer\n\nThe regulations and the attached explanatory note do not specify anything about the definition of retail customers. However, this definition exists only in one specific law, the law of 2 August 2002 (MiFID regulation). Although the MiFID regulation is not, at this stage, applicable to cryptocurrencies, it is therefore this definition that should be used as a guide.\n\nA retail client is a client who is not treated as a professional client, as defined in Annex A of the Royal Decree of 3 June 2007 laying down the rules and procedures for transposing the Markets in Financial Instruments Directive as “a client who has the necessary experience, knowledge and competence to make his own investment decisions and properly assess the risks involved”. Some people are professional clients in themselves (e.g. credit institutions, investment funds, insurance companies, the State, Communities and Regions, public authorities, etc[2].).\n\nIn fact, almost all consumers and most companies, within the meaning of the Code of Economic Law, are therefore retail customers.\n\nHowever, retail customers may be professional clients at their request (opt-down) provided they meet certain criteria.\n\n**a) Possibility for the retail customer to request to be treated as a professional customer (“opt-down”)**\n\nHowever, retail clients may request to be treated as professional clients, either generally, for a particular investment service or transaction, or for a particular type of transaction or product, and thereby waive part of the protection afforded to them by the conduct of business rules. This is called an “opt-down”.\n\n**b) Conditions and Procedures for an Opt-Down**\n\nHowever, this option is subject to the condition that the regulated company of which they are customers accepts it. To opt for this status, these retail customers must meet certain conditions and follow specific procedures.\n\nThe regulated entity must conduct an assessment of the competence, experience and knowledge of the client, providing reasonable assurance, in light of the nature of the transactions or the services at stake, that he or she is in a position to take investment and correctly understands the risks.\n\nThe suitability criteria applied to directors and certified directors on the basis of the financial guidelines can be considered as one of the means of assessing the client’s competence and knowledge[3].\n\nAs part of this assessment, at least two of the following criteria must be met:\n\n- The client has carried out an average of ten transactions of a significant size per quarter during the year of the previous four quarters on the relevant market;\n\n- The value of the client’s portfolio of financial instruments, defined as including bank deposits and financial instruments, exceeds 500,000.00 EUR;\n\n- The client has been employed for at least one year in the financial sector, or in a professional position requiring knowledge of the transactions or services at stake.\n\nIn addition, these customers may only waive the protection afforded by the MiFID rules of conduct in accordance with the following procedure:\n\n- The client notifies the investment firm in writing of his or her wish to be treated as a professional client, whether at any time, or for an investment service or a determined transaction, or for a type of product or transaction;\n\n- The investment firm specifies, clearly and in writing, the protections and rights to compensation that the customer may not receive;\n\n- The client declares in writing, in a document separate from the contract, that he or she is aware of the consequences of waiving the above-mentioned protections.\n\nBefore deciding to accept such a waiver, the investment firm must be required to take all reasonable measures to ensure that the retailer client who wishes to be treated as a professional client meets the criteria set out above [4].\n\n\n## III. Financial income\n\n\nFinancial products are defined in the law of 2 August 2002 as savings, investment or insurance products (arts. 2, 39°). Within the meaning of this law, financial products are distinguished from financial services, which relate to one or more financial products (arts. 2, 40°).\n\nHowever, this distinction is no longer relevant since the adoption of Book VI of the Code of Economic Law. This includes savings, insurance and investment products but also financial instruments within the meaning of MiFID, and all investment instruments within the meaning of the Prospectus Act.\n\nConsequently, it must be considered that cryptocurrencies are covered by the notion of financial products, and therefore by the regulation prohibiting marketing to retail customers.\n\n**Conclusion**\n\nThe simple act of presenting cryptocurrency portfolio management services to the public could already be considered to be marketing, which is prohibited.\n\nIn practice, what is prohibited is not portfolio management in cryptocurrencies, but the fact that the retail client may be offered such portfolio management, and therefore the client’s access to such information. The marketing to professional clients of financial products whose performance is, directly or indirectly linked to crypto-currencies, is not prohibited.\n\nRetail customers wishing to use such services would be obliged to request to be treated, as part of this discretionary cryptocurrency management, as professional clients. This should come from their initiative. Finally, a whole series of conditions and procedures would have to be respected.\n\nHowever, this solution involves a risk. Indeed, the FSMA and the courts could consider that the marketing takes place before the conclusion of the discretionary cryptocurrency management contract. In this case, it is only at the time the contract is concluded, and not at the time the service is marketed, that the customer could choose to be treated as a professional. The contracting parties may insert clauses to avoid such interpretation.\nIn the end, though, we come back to the problem initially raised. Investment services such as discretionary asset management clearly imply marketing on the part of the manager within the meaning of Belgian law.\n\nPerhaps we should not consider asset management from the point of view of the investment service, because trading cryptocurrencies on behalf of third parties does not currently concern the management of financial instruments within the meaning of Belgian financial law. Therefore, the manager would not have to comply with the above-mentioned legal obligations.\n\nIn any case, the Belgian regulator should clarify the provisions of its regulations in order to prevent the current legal ambiguity.\n\n***[1]*** The explanatory note attached to the Financial Services and Markets Authority concerning the prohibition of the marketing of certain financial products to retail customers refers to Article 30bis of the law of 2 August 2002 to define the concept of marketing.\n\n***[2]*** For an exhaustive list, see Annex A of the Royal Decree of 3 June 2007 laying down the rules and procedures for to transpose the Markets in Financial Instruments Directive.\n\n***[3]*** Annex II of the MIFID II Directive and Annex A of the Royal Decree of 3 June 2007 mentioned above. Annex A of the above-mentioned Royal Decree of 3 June 2007 transposes the content of Annex II of the MIFID Directive into Belgian law.\n\n***[4]*** Annex A of the Royal Decree of 3 June 2007 mentioned above.",
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      "parent_permlink": "hive",
      "author": "hivebs",
      "permlink": "french-law-encourages-ico-issuers-to-develop-their-projects-in-france",
      "title": "French Law Encourages ICO Issuers to Develop Their Projects in France.",
      "body": "![French ICO.jpg](https://cdn.steemitimages.com/DQmbEGpg2CLHZzehgiW9t7hTCijZxjFvAY8L5Ac7RwdyB9b/French%20ICO.jpg)\n\n**France established an official legal framework to encourage ICOs — a new fundraising method for innovation projects on the blockchain — to develop in France. This optional legal framework is intended to secure the issuer’s legal position and protect the investor’s investment. But what is the scope of this new legislation? What is the official position of the French regulator (AMF)? Overview of the legal issues and concepts related to this new type of fundraising.**\n\nAn ICO (Initial Coin Offering) is a method of fundraising, operating through the issuance of digital assets exchangeable for cryptocurrencies during the start-up phase of a project. These digital assets, called tokens, are initially issued by the organization that created the ICO, and can be acquired by anyone at the ICO in exchange for cryptocurrency. Then, these tokens can be traded (bought and sold) on trading platforms, at a rate depending on supply and demand. These tokens are particularly liquid and are intended to be used in the project financed by the ICO in question.\n\nTheir value is therefore supposed to depend on the service ultimately provided by the company that created the ICO. Buying tokens during an ICO is ultimately equivalent to pre-paying for the product or service to be developed (creating business traction). The term “initial” is therefore key, as Myriam Quéméner explained in her book  _Le droit face à la disruption numérique_, “it is a question of buying these tokens at the very beginning of the process, when their value is still relatively low. This method encourages ICO participants to be involved in the project (e.g. creating interest in the use of a platform). Indeed, they have a direct interest in the success of the issuer’s project in order to be able to use the acquired tokens in the long term or hope to obtain a financial value higher than their purchase value. Carriers must have a sufficiently large community of users to get their project off the ground. In most cases, a minimum investment threshold is set so that the ICO can be effectively launched. These early adopters are key to the expected success of the project.\n\n**The position of the Autorité des Marchés Financiers (AMF).**\n\nUntil the establishment of the current legal framework, there was no legislation specific to ICOs in France. Aware of this legal vacuum and the risks it creates (volatility or absence of a market, fraud, money laundering, capital loss, etc.), the AMF is setting up a consultation on ICOs at the end of 2017 to gather possible guidelines for this new financing method.\n\nFollowing its public consultation, the AMF carried out an initial study on ICOs and their legal implications. It concludes that the majority of transactions were outside any regulation and that current law could cover a minority of them. The complexity of the legal analysis stems mainly from the fact that these “tokens” issued can be legally qualified in different ways according to their specific characteristics (financial securities, various assets, etc.). Indeed, the economic reality of a token varies according to the project and the objective pursued by the issuer. An ICO could thus relate to the law applicable to intermediaries in various forms, to the public offer of financial securities or to alternative investment fund managers.\n\nThe need to legislate in this area was therefore justified by the fact that this legislative vacuum was likely to create strong legal uncertainty for issuers, uncertainties and sometimes incomplete information for investors and, more generally, a lack of national or European supervision that would be harmful to all those involved in this phenomenon.\n\nIn other words, the absence of a clear legal framework has the disadvantage of putting all types of issuers and projects on the same level, without providing token subscribers with sufficient means to distinguish between genuine and dishonest offers, and players who carry out due diligence in terms of information, identification and customer knowledge, from those who do not respect any rules.\n\nThe idea was therefore to develop legislation that would effectively protect investors by providing them with reliable information to enable them to assess the quality of projects and to distinguish between serious and potentially fraudulent projects.\n\n**PACTE bill: towards a regulation of Initial Coin Offering in French law.**\n\nTo attract international innovators, France decides to provide a clear legal framework, both understandable and protective, in particular in terms of financing.\n\nThe French lawmaker has therefore decided to legislate at a minimum by introducing an optional regime aimed at encouraging issuers to comply with a certain number of requirements in order to guarantee investors clear information on the quality of the project to be financed.\n\nArticle 26 of the French PACTE bill provides that, prior to any public offer of tokens, issuers may apply for an AMF visa. It is therefore an optional rule.\n\nIn order to obtain an AMF visa, conditions must be met, on the one hand, regarding the disclosure document prepared by issuers and, on the other hand, regarding the issuers themselves.\n\nFirst, issuers must prepare a document for the purpose of providing all relevant information to the public about the proposed offer and the issuer.\n\nThis information document (hereafter “whitepaper”) and promotional communications relating to the public offer must be accurate, clear and not misleading and must make it possible to understand the risks associated with the offer. More specifically, the issuer is required to include in its whitepaper certain specific information likely to guarantee investors’ interests, such as: a description of its project and a timetable for its launch (“roadmap”), the rights incorporated in digital assets, the court competent in the event of a dispute, the economic objective and the use of funds raised through the ICO.\n\nThen, the issuer of the tokens must, on the one hand, be constituted in the form of a legal person established or registered in France and, on the other hand, set up any means to monitor and safeguard the assets collected in the context of the offer.\n\nAfter examining the information document, draft promotional communications intended for the public after the issue of the visa and supporting documents for the guarantees provided, the AMF may issue its visa. Subsequently, the AMF may withdraw its approval if it finds that the proposed offer is no longer compliant or no longer offers the guarantees provided for. It should be specified that tokens with the characteristics of a financial guarantee would remain subject to the regime of the public offer of financial securities. This last clarification is unfortunate. Indeed, no token offers all the rights associated with equity securities. In particular, their holding does not offer the possibility of sharing a bonus in the event of liquidation, nor the right to request the registration of a draft resolution at the general meeting, nor the right to vote or participate in general meetings. (See in particular:  [https://www.esma.europa.eu/press-news/esma-news/esmahighlights-ico-risks-investors-and-firms](https://www.esma.europa.eu/press-news/esma-news/esmahighlights-ico-risks-investors-and-firms%29))\n\nOn 14 June 2018, the Council of State gave its opinion on this draft law and noted the innovative nature of the draft by creating this national regime “which is not required by European Union or international law and which is optional”.\n\nHowever, he insists on the temporary nature of this new legal framework since he considers that “this regime is likely to evolve in the future according to technological and economic developments as well as the European and international normative context. »\n\nOn 18 June 2018, the PACTE bill was presented to the Council of Ministers. The French legislator seems aware that effective regulation in this area can only be conceived on a supranational scale.\n\nPending the adoption of European and international rules, which are necessary on these transnational issues, it seems desirable, in order to better protect token purchasers and “legitimate” project holders, to allow the AMF to issue a visa to players who wish to issue tokens intended in particular for the French market to finance a project or activity, provided that they comply with certain rules designed to avoid manifest abuses and to inform and protect investors.\n\nFrench lawmakers therefore decided to establish a relatively flexible regime that is optional. The objective is to encourage and stimulate French entrepreneurship in the Blockchain area by establishing a certain legal security in this area. Consequently, this transitional legal framework meets the interests of both ICO promoters and their investors.\n\nThis new legal regime will probably allow legitimate projects with an AMF visa to have easier access to traditional financial services (banks and accounting audits), which has hitherto been difficult due to the regulatory uncertainty in this sector.\n\nThe list of companies meeting the criteria of the French financial regulator (known as the “whitelist”) will provide a valuable benchmark for investors who wish to finance serious and creative projects of value.\n\nBruno le Maire recently published a comment on twitter: An ad hoc legal framework for ICOs is therefore being created. The AMF will be able to issue a visa to players who meet investor protection criteria.\n\nPierre Noizat, CEO of blockchain.io, a cryptocurrency trading platform for ICO issuers, has already applied for an AMF visa and said that “the French government does not hide its ambition to make France an ICO capital, because it does not want to miss the block chain revolution. They regularly meet with French Blockchain entrepreneurs and crypto entrepreneurs in France in order to gain a better understanding of the market.”\n\nIn addition, French legislation has legally defined the notion of tokens, which is specific to ICOs. The new article L.552–2 provided in the PACTE bill defines a token as “any intangible property representing, in digital form, one or more rights, which may be issued, registered, retained or transferred by means of a shared electronic recording device enabling the owner of the said property to be identified, directly or indirectly,”.\n\nFurthermore, the new article L.552–3 provided for in the PACTE bill stipulates that “an offer to the public of tokens consists in proposing to the public, in any form whatsoever, to subscribe to these tokens”. The scope of the public offer of tokens excludes the offer of tokens open for subscription by a limited number of persons, set by the AMF General Regulation, acting on their own account.\n\nThe idea is to develop legislation in line with the proper development of technology. The notion and designation of a shared registry remains deliberately broad and neutral in order not to exclude further technological developments. The French legislator is acting wisely, as the Blockchain technology has not yet reached a sufficiently advanced level of maturity.\n\n## Bibliography\n\n**_Articles_**\n\n- Quéméner M., “ Le droit face à la disruption numérique”,  _Gualino_ 2018.\n\n- Legeais D., « Regards sur une opération juridique non identifiée : les ICOs », IP/IT 2018, Dalloz.\n\n- L. Leloup, Blockchain : la révolution de la confiance, Eyrolles, 17 février 2017\n\n- D. Legeais, « Fascicule 534 : BLOCKCHAIN », Jurisclasseur Commercial, Lexis Nexis, 7 Mars 2017\n\n- S. Drillon, « La révolution Blockchain », RTD Com., Dalloz, 2016\n\n- B. Le Maire, « Tribune : Cryptoactifs, blockchain & ICO : comment la France veut rester à la pointe », Numerama, 19 mars 2018\n\n**_Law text_**\n\n- [Etude d’impact,](http://www.assemblee-nationale.fr/15/pdf/projets/pl1088-ei.pdf)  Doc. Ass. nat. du 20–6–2018, p. 345.\n\n- Projet de loi relatif à la croissance et la transformation des entreprises (ECOT1810669L), 18–06–2018",
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      "permlink": "the-legal-recognition-of-blockchain-technology-in-french-financial-regulations",
      "title": "The legal recognition of Blockchain technology in French financial regulations.",
      "body": "![Blockchain-Regulation-in-France.jpg](https://cdn.steemitimages.com/DQmSN2GfQmkLdDurCaaiiJ7Q1nA9hKY7JsTLveeXxZFtj2w/Blockchain-Regulation-in-France.jpg)\n\n**Since the end of 2017, French financial regulations have been considering the use of blockchain technology with a view to gradually integrating it into the French financial ecosystem. The purpose of this analysis is to explain the main legal bases for the use of the blockchain in French law.**\n\n***The sapin Law of 9 December 2016: an explicit legislative authorization for the French government to legally establish the blockchain.***\n\nArticle 120 of the Sapin (2) law of 9 December 2016 on transparency, the fight against corruption and the modernisation of economic life empowers the government to reform the law applicable to financial securities. Its purpose is to enable the representation and transmission, by means of a shared electronic recording device, of financial securities that are not admitted to trading by a central depositary or delivered in a settlement and delivery system for certain financial instruments.\n\nThis authorization to make a “Blockchain” order is intended to adapt positive law in order to authorize the representation and transmission of certain financial securities not admitted to the operations of a central securities depository using the blockchain.\n\n***Ordinance №2016–520 of 28 April 2016 on savings bonds.***\n\nThe new ordinance on savings bonds was an opportunity for the French government to create new securities called “minibons de caisse” (registered and non-negotiable securities with a commitment by a trader to pay on a fixed date, issued in exchange for a loan, see L. 223–1 of the Monetary and Financial Code), which may be registered on the blockchain.\n\nConsequently, Article L. 223–12 of the Monetary and Financial Code stipulates that “the issue and sale of minibons may also be recorded in a shared electronic recording system enabling these transactions to be authenticated, under conditions, in particular security conditions, defined by decree in the Council of State”.\n\nDecree №2016–1453 of 28 October 2016 on securities and loans offered as part of equity financing specifies the conditions under which “minibons” may be issued and transmitted using the blockchain.\n\nArticle D.223–1 of the Monetary and Financial Code provides for the information that must be included in the certificate of registration in the register given to the owner of a savings bond (information relating to the issuer and then to the owner of the savings bond) and the characteristics of the loan for which the savings bond is issued (C. mon.fin.,art. D. 223–2 et seq.).\n\nArticle L.223–13 of the Monetary and Financial Code provides an important clarification: “The transfer of ownership of minibons results from the registration of the transfer in the electronic system mentioned in Article L.223–12, which serves as a written contract for the application of Articles 1321 and 1322 of the Civil Code. The mention is important since the use of a written document is required under penalty of nullity.\n\nThe French legislator therefore defines blockchain technology in order to allow the exchange of minibons by this means.\n\n***Ordinance №2017–1674 of 8 December 2017 on the use of a shared electronic recording device for the representation and transmission of financial securities.***\n\nThen he adopted this definition in the context of the Ordinance of 7 December 2017 on the use of a shared electronic recording device for the representation and transmission of financial securities.\n\nOn this point, it is interesting to note that the Report to the President of the Republic accompanying the Order of 7 December 2017 specifies that the term “shared electronic recording device” (DEEP), used in the authorisation, corresponds to the way in which “blockchain” technology, among other things, is already referred to by the provisions of Article L. 223–12 of the Monetary and Financial Code relating to minibons, introduced by Order No 2016–520 of 28 April 2016 on savings bonds. This name covers the main characteristics of the “blockchain”: its vocation as a registry and its shared character.\n\nIn essence, the Ordinance of 7 December gives registration in a shared electronic recording device the same value as registration in a securities account. The article L. 228–1 of the French Commercial Code, resulting from the 2017 Ordinance, provides in paragraph 6 that securities must be registered in an account or on a shared electronic registration system.\n\nIn addition, according to Article L. 211–3 of the French Monetary and Financial Code, “Registration in a shared electronic registration system shall take the place of book entry. »\n\nFrom now on, certain financial securities will be able to be represented and transmitted on a blockchain.\n\nTo place this law in a broader legal context, it should be recalled that the 1981 law enshrined the registration on securities accounts for the representation of securities, i.e. the justification of their holding in a dematerialised framework. The entry in a securities account therefore makes it possible to justify the transfer of ownership of a security, in accordance with Article L. 211–17 of the Monetary and Financial Code. The legal added value derived from the Ordinance of 7 December 2017 must be understood in the sense that from now on, the use of a shared electronic recording device will have equivalent force for such justification.\n\n***Conclusion***\n\nThe French legislator therefore considers blockchain technology to be sufficiently reliable because of its role as a registry and its shared nature to incorporate it into its financial regulations. Thanks to that, it is now possible to record in this shared register the processes of issuing and trading minibons as well as certain financial securities that are not admitted to trading by a central depository or delivered through a settlement and delivery system for certain financial instruments (unlisted securities).\n\nThe transactions for the sale of these securities registered on the blockchain are now enforceable against the third party on a legal basis.\n\nFrench financial regulations are adapting to support the use of Blockchain technology within its economic landscape. Blockchain technology is officially called upon to play the role of a trusted third party in order to facilitate the implementation of certain transactions within the French financial ecosystem.\n\nHowever, it should be noted that the legislator acts cautiously.\n\nThe regulations do not give a real definition of the shared electronic recording device. Transaction security is by no means defined in terms of technical standards.\n\nAdmittedly, Article D. 223–1 of the Monetary and Financial Code legally defines certain procedures to be followed in order to register a transfer transaction in this shared register. But for the rest, the legal understanding of the purely technical functioning of technology is totally non-existent at the moment. The technical conditions for the authentication of transfer transactions in the shared electronic register still need to be defined and clarified by the legislator. French law is therefore still silent on the implementation of these technically shared registration systems (the last paragraph of Article L. 223–12 of the Monetary and Financial Code is significant on this point).\n\nThis is certainly due to the fact that the blockchain technology has not yet reached a sufficiently advanced level of maturity. The notion of a shared registry therefore remains deliberately broad. To be convinced of this, it is sufficient to have regard to the Report of the President of the Republic concerning Ordinance №2017–1674 of 8 December 2017. When he discusses the legal definition of this shared registry, he states that “this designation remains broad and neutral with regard to the various processes in order not to exclude subsequent technological developments”.\n\nIt is to this end that the Court of Auditors created, in June 2017, an experimental blockchain platform for the management of registered shares reserved for the equity financing platforms of SMEs called minibons. Caisse des Dépôts (CDC) and the association Financement Participatif France (FPF) announced on May 29, 2009, that they were working on the implementation of a Blockchain infrastructure dedicated to managing loans to SME’s through equity financing. The current prototype being worked on by the CDC and the FPF will present a blockchain architecture including all participatory financing platforms that can manage minibons. \nIt will also allow users to issue, subscribe and, in the long term, exchange minibons on the secondary market. The project also aims to contribute to the development of regulatory conditions for the use of blockchain in the French financial ecosystem in partnership with the regulator.\nPredictive justice is the bearer of major transformations and can no longer ignore the fundamental movement that leads the financial world towards distributed ledger technology (of which the blockchain is a variation) through multiple initiatives.\n\n## **Bibliography:**\n\n***Articles***\n\n- S. Schiller, « Représentation et transmission des titres financiers par une blockchain À propos de l’ordonnance n° 2017–1674 du 8 décembre 2017 », La Semaine Juridique Edition Générale n° 3, 15 Janvier 2018.\n\n- D. Legeais, « Utilisation d’un dispositif d’enregistrement électronique partagé pour la représentation et la transmission de titres financiers, Ordonnance n°2017–1674, 8 déc. 2017 : JO 9 déc. 2017, texte n° 24 », La Semaine Juridique Entreprise et Affaires n° 4, 25 Janvier 2018.\n\n- Quéméner M., “ Le droit face à la disruption numérique”, Gualino, 2018. pp. 46–47.\n\n- « Bons de caisse », Fiche d’orientation, Dalloz, Avril 2018\n\n- D. Legeais, « La blockchain », RTD Com., Dalloz, 2016.\n\n« Organisme de placement collectif en valeurs mobilières (OPCVM) », Fiche d’orientation, Dalloz, Avril 2017.\n\n- Cabinet d’avocats Simmons & Simmons LLP, « Le droit et la technologie blockchain : une approche sectorielle », Revue Contrats, Concurrence et Consommation n°10, Octobre 2017, étude 10.\n\n- X. Vamparys, « Blockchain et droit des sociétés, Quelques réflexions d’un praticien », La Semaine Juridique Entreprise et Affaires n° 17, 26 Avril 2018.\n\n***Law text***\n\n- Ordonnance n° 2016–520 du 28 avril 2016 relative aux bons de caisse, JORF n°0101 du 29 avril 2016 texte n° 16.\n\n- Loi 81–1162 1981–12–30 JORF 31 décembre 1981 rectificatif JORF 3 mars 1982;\n\n- Rapport au Président de la République relatif à l’ordonnance n° 2017–1674 du 8 décembre 2017 relative à l’utilisation d’un dispositif d’enregistrement électronique partagé pour la représentation et la transmission de titres financiers\n\n- Ordonnance n° 2017–1674 du 8 décembre 2017 relative à l’utilisation d’un dispositif d’enregistrement électronique partagé pour la représentation et la transmission de titres financiers JORF n°0287 du 9 décembre 2017 texte n° 23",
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      "body": "Congratulations @hivebs! You have completed some achievement on Steemit and have been rewarded with new badge(s) :\n\n[![](https://steemitimages.com/70x80/http://steemitboard.com/notifications/voted.png)](http://steemitboard.com/@hivebs) Award for the number of upvotes received\n\n<sub>_Click on the badge to view your Board of Honor._</sub>\n<sub>_If you no longer want to receive notifications, reply to this comment with the word_ `STOP`</sub>\n\n\n\n**Do not miss the [last post](https://steemit.com/steemitboard/@steemitboard/steemitboard-world-cup-contest-russia-vs-saudi-arabia) from @steemitboard!**\n\n---\n**Participate in the [SteemitBoard World Cup Contest](https://steemit.com/steemitboard/@steemitboard/steemitboard-world-cup-contest-collect-badges-and-win-free-sbd)!**\nCollect World Cup badges and win free SBD\nSupport the Gold Sponsors of the contest: [@lukestokes](https://v2.steemconnect.com/sign/account-witness-vote?witness=lukestokes.mhth&approve=1)\n\n---\n\n> Do you like [SteemitBoard's project](https://steemit.com/@steemitboard)? Then **[Vote for its witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1)** and **get one more award**!",
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      "title": "\"Public Vs Private Blockchains\": a little chat with our main speaker Roderik van der Veer",
      "body": "*As an introduction to the topic of our next [event](https://www.facebook.com/events/422930314798380/) (press release available  [here](https://www.facebook.com/events/422930314798380/)), we asked a few questions to our main speaker **Roderik van der Veer**, the co-founder and CTO of SettleMint, a Belgian company that “delivers the shortest path from a business idea to a blockchain based product”. \"Mint\", their middleware solution encapsulates this experience and functions as the foundation for real-world applications like registration & authentication of documents, provenance tracking, Know Your Customer, decentralized marketplaces, IoT, and digital voting.*\n\n\n**1/ Hello Roredik! First of all, could you tell us how did your path come across blockchain?**\n\nI was working with Matthew (i.e. CEO of SettleMint) on KBC Bolero projects like the brokerage platform and the crowdfunding platform. After we put out Bolero Crowdfunding, we were looking at ways to solve the biggest issue in equity crowdfunding, the lack of liquidity. At some point, Matthew came across  blockchain tech, called me and in a few weeks we put out the first prototype of a secondary market for these shares. It was at that time that we realized the tech was so much more than a one use-case and that we had a competitive advantage because we were actually able to build these solutions. \n\n\n**2/ Authorities play an important role in the evolution and adoption of new technologies. Their support or control can be expressed in terms of subsidies supporting ongoing development, tech-friendly regulations, concrete measures such as content censorship or more recently, GDPR, in order to prevent any violation of citizens rights. In the case of Blockchain, governments have been misled by the obscure reputation of Bitcoin during almost a decade  and it seems authorities finally realize  blockchain technology could be a game changer in the way organisations and countries interact with each others on many aspects. How good/bad do you think this long-lasting confusion influenced the development of blockchain globally? Are you part of the “let the technology evolve by itself” or do you think a technology should be regulated in order to benefit to everyone?**\n\nI have a very pragmatic view on these things. Legislation in Europe - from conception to actual implementation on member state level - takes about a decade to be implemented. Nobody could have predicted this tech could shake up the established order. What you do see now is smart leaders taking these technologies in stride - Alexander De Croo on the Belgian level and Eva Kaili on the European level - are trailblazing to get this new technology in legislation at record breaking speed. The only thing the legislator wants is to make sure nobody gets hurt, nobody gets scammed and that there is no systemic risk to our society. It is only a matter of time before they fully grasp the benefits of blockchain and then even the most fervent tech/crypto fanboy will be left in the dust of adoption.\n\n\n***3/* As we see it nowadays, the Internet seems to be heavily controlled by the GAFA (i.e. Google, Apple, Facebook and Amazon). Similarly, although on a less dramatical scale, blockchain seems to follow the same path with big companies like IBM or Consensys (and more recently, Amazon) investing sometimes huge amounts of money in the development of the technology. Do you fear we could reach the same sort of ‘sneaky growing monopoly’ for blockchain in the future? If yes, how could governments prevent this situation and reverse the growing trend?**\n\nBlockchain is a technology. And unfortunately, the best technology does not always win. If anything history has taught us is that adoption is key, and in most cases adoption has been driven by the adult industry. VHS vs Betamax is just one example for those of you already born in the 80’s. We do not know yet what is the killer application of blockchain. What I love about the technology, is that everyone is on a level playing field to find this killer app. One of my regrets in life is being just a few years too young to fully get on the internet wave of change, but not this time. And if I see projects like Spankchain, I’m extremely bullish on the promise, and I fully believe in the tech. It’s like the perfect storm… (maybe they will quote me in the movie the decentralised version of Netflix will make in 2022)\n\n\n\n***4/* After an extremely violent speech from Bruno Lemaire about cryptocurrencies in December 2017, Emmanuel Macron announced in March that he wanted Paris to become the European capital of ICO’s, reacting to the path Berlin and Zug (Swiss crypto Valley) followed. In our politically more complex Belgian organisation, things are evolving at a slower pace, even though some initiatives - sometimes from the government itself - start to emerge. What should the government do in order to catch up Paris and stimulate the current ecosystem? Which distinctive feature(s) of our Belgian culture should or could we take advantage of to boost the crypto and blockchain ecosystem in Belgium?**\n\nAs a Dutchman by origin, I love the “can do, down to earth” attitude of my Belgian wife and family, I believe the Belgians will find something that brings benefit to the country (or region if they are so inclined) and run with it. Any government is a reflection of its constituency, and where the Belgians are looking outward into Europe and the world, they have the capabilities to outgrow any nationalistic tendencies that are not relevant any more in this global economy.\n\n\n***5/* If the technical aspects weren't an issue and you could program your own blockchain protocol, which features of private and public blockchains would you keep and/or ditch in your personal ledger? And how would you name it?**\n\nOk, if you want a discussion on the premise of public vs private, you will get one. But i wont spoil my presentation next week with spoilers. Guess you just have to be there.\n\n\n***6/* One of the major criticisms addressed to public blockchains is the [PoW](https://cointelegraph.com/explained/proof-of-work-explained) mining part. Not only because it can consume some incredible amount of energy but also because it creates some high dependency on mining farms and miners in general. Do you think there will come a time when public blockchains won’t require any mining for PoW anymore?**\n\nThis question does not make sense on several levels. Level one, Bitcoin and Ethereum. You know those protocols are censorship resistant, and they do not care about what you think. They will burn energy as long as people feel that it has value. A lot of research is being done on other consensus mechanisms, proof of stake, delegated proof of stake, practical byzantine fault tolerance, and more. A lot of promise there, let’s see where it takes us…\n\n\n***7/* Throw back to the beginning of your blockchain adventure, what are the biggest highlights/major changes you have witnessed that have been real game changers in the global blockchain landscape?**\n\nThe biggest challenge of the technology is the hype. The average news article you read is just hot air. What exasperates this situation is that crypto traders and crypto prices are totally unrelated to the tech powering. At the same time, there are many projects that actually make this planet a better place. That is a big gap, but one in this business sees daily. \n\n\n*As a closing, if you are passionate about the tech (and not the price) of crypto, we have got a pace for you at SettleMint. We have assembled the greatest blockchain minds in Belgium and the Middle East to push our society and the technology further, and at the same time can use the help in disrupting the status quo. Join us now, send an email to joinus@settlemint,com!*",
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      "title": "Blockchain in Practice #3 | Why And Whither Game Theory? Incentives and Trust for Blockchain Technology",
      "body": "The HIVE Blockchain Society is organizing its third **Blockchain in Practice** event on the **24th of March**, at the ULB Campus in Brussels.\n\n![BIP3 cover.png](https://steemitimages.com/DQmRrzWijb7NmT1E7cidGuxjtr75tQoAsGvSS9ACSsit9hg/BIP3%20cover.png)\n\nAfter discussing how blockchains could be the *foundational layer for peer-to-peer economies* at its last edition, the chosen topic this time is **Game Theory** applied to blockchains and to **Consensus Mechanisms** in particular.\n\nTo introduce this complex, but stimulating topic to our audience, we’ll welcome **Dr Jamsheed Shorish** as our main speaker for the day. He’s an experienced university teacher with a background in computational economics, finance & mathematics. He’s also the founder and CEO of Shorish Research, which provides strategic consulting services built upon academic and real-world expertise in the area of Computational Business, including Fintech, contract theory and mechanism design, and disruptive technologies such as blockchain.\n\nHis presentation will introduce Game Theory, how it already impacts our daily lives, how it applies to blockchains, specifically to the consensus and governance mechanisms ruling blockchains, and finally he will give some insights on game theory and the future of blockchain.\n\nWithout further ado, here’s a piece written by Dr Shorish to introduce his presentation:\n\n----------\n\n## Why And Whither Game Theory? Incentives and Trust for Blockchain Technology\n\n----------\n\nDr Jamsheed Shorish\n\nShorish Research\n\nMarch 7, 2018\n\n> Blockchain technology has captivated the imagination of academics, government entities and private practitioners alike since Bitcoin’s inception in 2009, promising a decentralized and redundant database solution while preserving transaction transparency, immutability and (in the case of public blockchains) anonymity or pseudonymity.\n\n> Literally hundreds of billions of dollars have been invested in cryptocurrencies, and the current (as of March 2018) market capitalisation of just the top 10 cryptocurrencies exceeds USD 350 billion. This is proof-positive that cryptocurrencies are, in spite of their recent price volatility, _trusted_ instruments of value. Simply put, people wouldn’t invest at all if they felt that cryptocurrencies didn’t fulfil some role of value that, collectively, all investors agree to.\n\n> But _how_ is this done, exactly? At the level of the blockchain protocol, the answer is by building trust through **incentives**. Bitcoin miners verify bitcoin transactions, and hence build trust, because it is in their best interest to do so. And the proper incentives have been built into the Bitcoin protocol using Game Theory.\n\n> What is Game Theory? Game Theory studies how people interact, when they know they are interacting with people who are interacting with them! The resulting interaction is formalized as a _game_, with players, rules and outcomes. This may seem obvious, but there are many circumstances, such as shopping at a grocery store, where shoppers are playing a game without knowing it, and it took many years for Game Theory to become a formal discipline. From its origins in the 19th century, Game Theory’s realm of application has ranged from medicine to social choice and welfare to global politics to computer science, in addition to its original applications to Economics and Finance.\n\n> Game Theory, and its related subject area called Mechanism Design, allows creators of cryptocurrencies to build incentives that reinforce the value, and hence the trust, of a blockchain. Building upon real-world examples, it’s possible to present the fundamentals of Game Theory to anyone interested in understanding better how it can:\n\n> - **provide** a transparent record of transactions;\n> - **prevent** embezzlement of funds (“double-spending”);\n> - **incentivize** people who have never met to help secure the entire blockchain;\n> - **allow** a blockchain’s stakeholders to have a meaningful, fair voice to help determine its future;\n> - **compare** private and public blockchains and how they create different incentive structures.\n\n> Whether you’re a blockchain practitioner, or someone who’s gotten into crypto and wants to learn more about its foundations, understanding Game Theory, Mechanism Design and their applications to blockchain technology is a prerequisite. Proper incentives go together with the engineering of blockchain technology, and particularly blockchain’s reliance upon cryptography, to build the layers of trust that investors need. With this in hand, new uses for cryptocurrencies and tokens (some of which haven’t even been dreamt of yet!), will usher in an era when cryptocurrency token economics becomes a discipline in its own right, and cryptocurrencies take their place as trustworthy, efficient hodlers ;-) of value.”\n\n----------\n\nTo dig deeper into the topic, join us on Saturday, March 24, in Brussels for the whole event and a discussion panel following Dr Shorish’s presentation.\n\nWe’ll also enjoy presentations from the Decred Project, as well as Giveth, both explaining how their consensus mechanisms work and what challenges they faced while developing their projects.\n\nAll information regarding the event can be found [here](http://bit.ly/hivebip3).\n\nWe hope you were enlightened by this paper, and that you’ll join us on the 24th.\n\n[![Image article welcome.png](https://steemitimages.com/DQmVTmUPw8bVhmHyV3NuyLZ3s2RojfXJzp8UR1Bih57Pcyd/Image%20article%20welcome.png)](https://steemit.com/hive/@hivebs/introducing-the-hive-blockchain-society)",
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      "body": "<html>\n<p>Congratulations <a href=\"/@hivebs\" target=\"_blank\">@hivebs</a>, you have decided to take the next big step with your first post! The Steem Network Team wishes you a great time among this awesome community.</p>\n<hr>\n<div class=\"pull-left\"><img src=\"https://steemitimages.com/DQmaAdLUJ3yaSkmcmWECWyPGPWcjfbCoZ8Tu4RM6H4DbjCi/steem-network-thumbs-up.gif\" alt=\"Thumbs up for Steem Network´s strategy\" title=\"I suggest Steem Network´s strategy\" width=\"320\" height=\"222\"></div>\n<h1>The proven road to boost your personal success in this amazing Steem Network</h1>\n<p>Do you already know that awesome content will get great profits by following these <a href=\"/steem-network/@steem-network/spread-your-posts-through-this-proven-strategy-and-get-great-profits-in-return--for-posts-created-at-2018-02-27\" target=\"_blank\" alt=\"Steem Network\" title=\"Follow Steem Network´s suggestions to boost your success\">simple steps</a>, that have been worked out by experts?</p>\n</html>",
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      "body": "<center>\nWelcome to Steem @hivebs. <br/><br/>Do read [A thumb rule for steemit minnows - 50:100:200:25](https://steemit.com/steemit/@steemladder/a-thumb-rule-for-steemit-minnows-50-100-200-25) for starter tips. <br/> <br/>Spend time reading [Steem Blue Paper](https://steem.io/steem-bluepaper.pdf) to know how Steem blockchian works and if you still have any queries ask them on our [Ask me anything about Steemit post](https://steemit.com/steem/@steemladder/there-are-no-dumb-questions-ask-anything-you-want-to-know-about-steem-blockchain) and we will try to answer that.<br/><br/>All the Best!!!\n</center>",
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