Bounty: 3750 USDBLX
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Number of comments: 5
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White Paper Summary
ChainBLX token ledger is finally edging towards a legally-compliant, digitalized, stock token ledger in multiple jurisdictions worldwide.
Status: Bounty Hunter
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Automatic Claim Number - cla1564698803
Quote - n conclusion, the case studies combined with all of the information from all attachments as well as the main documents, showthe necessity of correct stock ledger accounting. ChainBLX ledger product helps in multiple jurisdictions to achieve this goal through its functionality.
Claim
Although the necessity for a system like the one you've set forth is clear, I'm still curious as to how you intent on capitalizing, growing, and building capacity for the ledger to actually deliver. Beyond the blockchain technology, there is a paramount need for computing power, legal compliance in various jurisdictions and interconnectivity between fiat and cryptocurrency exchanges. These, without a doubt are expensive in nature since it's a matter of capital expenditure and the manpower behind legal analysis, compilation, and adapting the ledger to work within every system.How does Chainblx maintain this structure? Does it charge per transaction? An induction fee into the system? Does it rely on a peer-to-peer network to jumpstart its ledger?
Needless to say the shear volume of transaction, particularly stock-related transactions, is immense. Which is part of the reason clearinghouses take a while to settle trades. Although theoretically a system that would delivery what chainblx *could* do is without a doubt a possible improvement, jumpstarting the blockchain itself to deliver said service would be capital intensive endeavor.
I eagerly wait for your comments on my thoughts.
Regards
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The current solution is meant to be for companies which have low trading volume and/or already issued ERC20 tokens which are categorized as a stock or in risk in being categorized as a stock, hence already being on the blockchain with a limitation. Other corporations benefiting are small and medium companies wanting to gain access to investments over cryptocurrencies: Reg A, Reg D, and/or crowdfunding. Our systems limitation is currently only based on the speed of the Ethereum blockchain and the volume and capacity given in the blockchain. Of course, while blockchain develops increased maturity, other blockchains will be integrated in the system as well as self-developed side chains, including our own subchains as described in the ChainBLX whitepaper for trading. (https://chainblx.io/index.php?p=/discussion/114/chainblx-business-plan-overview#latest ) As it is mentioned in our case study examples (https://chainblx.io/index.php?p=/discussion/324/chainblx-ledger#latest ), we speak about problems which we solve from companies in early and mid-stages. If we consider companies which are already traded, a seamless integration as provided in our whitepaper will be possible. So, to be clear, if right now the top S&P 500 companies would change to this ledger system, the Ethereum blockchain would not be able to handle the trading volume. But this being said, the ledger product would be then handled in a way which is described in our whitepaper. Where day trading would be going off-chain with the possibility to converge as for the user’s sole discretion on-chain. Regarding the case studies, the problems in the case studies, focus on small to mid-size companies not for the top traded companies in the world. That being said, from different development projects, it seems to our personal opinion that decentralized full comprehensive such trading platform is only 3-5 years away. Plus, thus also such blockchains will be developed, when those blockchains are ready, the basic ledger functionalities we proposed to be implemented. Regarding your question on legal compliance, we programmed our system so that it could be compliant in multiple jurisdictions with the ability for companies to customize according to their needs. Fulfilling such compliances is eased through our system but still the responsibility lies on the company. Therefore, everyone should receive advice from their attorney if our product should be used in the applicable jurisdiction. For example, Microsoft Word including spell-check. Which surely assists attorneys to prepare legal contracts. The validity of such contracts is still up to the user. QuickBooks/SAP surely helps accountants but does not necessarily ensure that the accounting is done legally correct. Regarding your question about pricing, in our main paper we propose a pricing model which is percentage based per transaction. The proposed pricing structure is obsolete. ChainBLX will charge a tiered fee in the case if tokens have to be created over us, otherwise a flat fee per transaction which is discounted over 80% compared to fees currently charged from wholesale retailers like e-trade, Charles Schwab, Ameritrade etc. For further reference we encourage you to research legal dark pool trading which shows how major institutions switches their stock positions between each other after market to avoid negative influences in the stock market. We rely on a peer-to-peer network to jumpstart it, as well as later on as trust and security is the main concern. We thank you for this inquiry and also, we don’t believe that your inquiry will not fulfill the requirements for a claim but as it is helpful for the consumers, we kindly ask the juror/s reviewing this claim to award around 5% of bounty. Of course, as we speak as ChainBLX, the randomly selected jury is absolutely free to offer more or less bounty as it is their decision. by edgardo on 2019-08-07 02:42:15
f83b6414598001c9383f90860b9d916eStatus: White Paper Owner
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The current solution is meant to be for companies which have low trading volume and/or already issued ERC20 tokens which are categorized as a stock or in risk in being categorized as a stock, hence already being on the blockchain with a limitation. Other corporations benefiting are small and medium companies wanting to gain access to investments over cryptocurrencies: Reg A, Reg D, and/or crowdfunding. Our systems limitation is currently only based on the speed of the Ethereum blockchain and the volume and capacity given in the blockchain. Of course, while blockchain develops increased maturity, other blockchains will be integrated in the system as well as self-developed side chains, including our own subchains as described in the ChainBLX whitepaper for trading. (https://chainblx.io/index.php?p=/discussion/114/chainblx-business-plan-overview#latest
)
As it is mentioned in our case study examples (https://chainblx.io/index.php?p=/discussion/324/chainblx-ledger#latest
), we speak about problems which we solve from companies in early and mid-stages. If we consider companies which are already traded, a seamless integration as provided in our whitepaper will be possible. So, to be clear, if right now the top S&P 500 companies would change to this ledger system, the Ethereum blockchain would not be able to handle the trading volume. But this being said, the ledger product would be then handled in a way which is described in our whitepaper. Where day trading would be going off-chain with the possibility to converge as for the user’s sole discretion on-chain. Regarding the case studies, the problems in the case studies, focus on small to mid-size companies not for the top traded companies in the world.
That being said, from different development projects, it seems to our personal opinion that decentralized full comprehensive such trading platform is only 3-5 years away. Plus, thus also such blockchains will be developed, when those blockchains are ready, the basic ledger functionalities we proposed to be implemented.
Regarding your question on legal compliance, we programmed our system so that it could be compliant in multiple jurisdictions with the ability for companies to customize according to their needs. Fulfilling such compliances is eased through our system but still the responsibility lies on the company. Therefore, everyone should receive advice from their attorney if our product should be used in the applicable jurisdiction. For example, Microsoft Word including spell-check. Which surely assists attorneys to prepare legal contracts. The validity of such contracts is still up to the user. QuickBooks/SAP surely helps accountants but does not necessarily ensure that the accounting is done legally correct.
Regarding your question about pricing, in our main paper we propose a pricing model which is percentage based per transaction. The proposed pricing structure is obsolete. ChainBLX will charge a tiered fee in the case if tokens have to be created over us, otherwise a flat fee per transaction which is discounted over 80% compared to fees currently charged from wholesale retailers like e-trade, Charles Schwab, Ameritrade etc. For further reference we encourage you to research legal dark pool trading which shows how major institutions switches their stock positions between each other after market to avoid negative influences in the stock market.
We rely on a peer-to-peer network to jumpstart it, as well as later on as trust and security is the main concern.
We thank you for this inquiry and also, we don’t believe that your inquiry will not fulfill the requirements for a claim but as it is helpful for the consumers, we kindly ask the juror/s reviewing this claim to award around 5% of bounty. Of course, as we speak as ChainBLX, the randomly selected jury is absolutely free to offer more or less bounty as it is their decision.
f6cff77e8be2c9b560980c12141d83b3Status: White Paper Owner
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Thanks Edgardo for answering
b56a36add31b7d2c6656880644dacb05Status: White Paper Owner
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BTW the ledger will be available August 15, 2019
e748c39201461a1fc53f0bab6fefd828Status: Bounty Hunter
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Thank you for the clear and concise comment, Edgardo. I am glad to have found this platform to find areas of opportunity in current projects, and an encouraging atmosphere to do so. That in itself is a great achievement.
I wish you both the best next week, and feel free to contact me.
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