Project Transparency Launched By 16 Industry ICO Leadersby Company Announcent October 6, 2017
Santiment the world’s first crypto-market data feed platform, announces that it has worked with 15 other projects to launch Project Transparency. 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.
Santiment joins a number of ethical, industry leading digital asset industry players including Aragon, Cofound.it, District0x, Encrypgen, Etherisc, Hcash, Iconomi, Indorse, Lykke, Santiment, Dappbase, GATCOIN, Iconiq Lab, Virgil Capital, Musiconomi and Maecenas to present the long term ambition is to provide potential investors and the community with greater transparency and accountability for funds raised as the ICO space sees greater regulatory scrutiny in many markets and even legal restriction in China and 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.”
Santiment has confirmed that it will provide funding for Project Transparency’s web page (www.ProjectTransparency.org) 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.
With more than $650M USD of market capitalisation represented by Project Transparency, there is significant momentum for this industry led initiative. The evolution of next generation levels of transparency is important as it matures and continues its journey towards self governance in the tokenized economy. Taiyang Zhang CEO of pre-ICO project Dappbase, and GATCOIN’s Simon Cheong explained that their support for Project Transparency stemmed from their imminent funding goals and the investor interest for this voluntary disclosure:
“transparency drives better, sustainable business. And that’s what we want.”
Featured image via Santiment twitter page