ChainBLX Ledger (No. 324)

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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.

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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

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edgardoedgardo Reputation: 201
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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.

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karlkarl Reputation: 203
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Thanks Edgardo for answering

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karlkarl Reputation: 203
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BTW the ledger will be available August 15, 2019

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marioortizmarioortiz Reputation: 52
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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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Automatic Claim Number - cla1566836020

Quote - The UI for the token holder as well as the management interface is easy to use and does not require any prior IT knowledge. With this product, ChainBLX not only made the high cost for consultants to create tokens a thing of the past, but also situates companies in a worldwide blockchain system with the possibility of joining many token exchanges as well as taking advantage of a rapidly increasing ChainBLX services ecosystem

Claim

User accessibility is enabled because the interface is quite easy to use or access.Some training is required for users to use functions of the interface.This is important for financial operations as well as planning on employee motivation in terms of budgeting and allocation.IT knowledge is required for easy access to each function or section of the interface06bad1afaf48379e00e738c3a2f20a5e
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Automatic Claim Number - cla1566836808

Quote - ChainBLX not only made the high cost for consultants to create tokens a thing of the past, but also situates companies in a worldwide blockchain system with the possibility of joining many token exchanges as well as taking advantage of a rapidly increasing ChainBLX services ecosystem.

Claim

Companies will need to gain in depth knowledge of the available services which are offered within the software, as well as applicability to their internal business operations as well as benefits.The advantage of enabling business to join many token exchanges may adversely have several set backs on businesses.Exchange charges which may be invariable may impact ontheir financial transactions which may have beenconducted using a medium.There are several contrasting regulations which bind on different categories of tokens.This may conflict with financial regulations within certain entities.Redemption of tokens after certain time frames may notbe easy or sometimes impossible.fc4b67fb48468dc560f79c4058d07aa1
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Automatic Claim Number - cla1566836809

Quote - ChainBLX not only made the high cost for consultants to create tokens a thing of the past, but also situates companies in a worldwide blockchain system with the possibility of joining many token exchanges as well as taking advantage of a rapidly increasing ChainBLX services ecosystem.

Claim

Companies will need to gain in depth knowledge of the available services which are offered within the software, as well as applicability to their internal business operations as well as benefits.The advantage of enabling business to join many token exchanges may adversely have several set backs on businesses.Exchange charges which may be invariable may impact ontheir financial transactions which may have beenconducted using a medium.There are several contrasting regulations which bind on different categories of tokens.This may conflict with financial regulations within certain entities.Redemption of tokens after certain time frames may notbe easy or sometimes impossible.c2f325101d96a83a5f5dbef3464a2166
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Automatic Claim Number - cla1566836951

Quote - Ability to import already existing wallet information with existing tokens or creation of new wallets and creation of tokens

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Ability to import already existing wallet information in regards to existing tokens or or thepurpose of creating new wallets or tokens.87a282dcae6604823426e517af5bfcfd
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Automatic Claim Number - cla1566837279

Quote - . Also, the fact that the system actually increases efficiency in business operations aspects as well as investors relations and is targeted to companies and investors desiring access to capital and liquidity shows that ChainBLX Token Ledger is a useful tool developed with thoughtful planning and analysis rather than a blockchain gimmick.

Claim

Also, the fact that the system actually increases efficiency in business operations services as well as investor relations, is targeted to companies and investors who desire access to capital and liquidity indicates that ChainBlx Token Ledger is a useful tool development with thoughtful planning and analysis rather than a blockchain gimmick.95c7a2ab3375d6867573578c540ef70f
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Automatic Claim Number - cla1566837685

Quote - The critics of cryptocurrencies, including United States President Trump and U.S. Treasury Secretary Steven Mnuchin to Warren Buffett and Bill Gates all agree with the real technological power players that cryptocurrencies have the potential to transform many business processes, making these processes more efficient, transparent, and secure while reducing human error costs and administrative delays.

Claim

We all agree with the assertion made by the proponents of cryptocurrencies.However initial business processes as well as other stages of financial and other business operations are still managed by Human intelligence.The system is run by intelligence although it is a technological program which is suitable for financial operations.87689f8a9a694900c24017cbb1cdf4a8
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Automatic Claim Number - cla1566838112

Quote - The critics of cryptocurrencies, including United States President Trump and U.S. Treasury Secretary Steven Mnuchin to Warren Buffett and Bill Gates all agree with the real technological power players that cryptocurrencies have the potential to transform many business processes, making these processes more efficient, transparent, and secure while reducing human error costs and administrative delays

Claim

There are not only human error and administrative delays as key issues or flaws which stem from the management of cryptocurrencies.There are as well other systematic and design errors which hamper the efficiency of these systems, thus there are many criticisms which are associated with cryptocurrencies.Examples include software design and functionality, account creation proceedures,lead time for transactions which are sometimes longer for some.ccf4c05e16afb1c084841326c0ef47e2
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Automatic Claim Number - cla1566838846

Quote - Until the development of ChainBLX Token Ledger, no technology existed to comply with SEC regulations making the legal and regulatory requirements less disruptive while other ledger schemes have to catch up. Also, the introduction of a new token ERC1404, which is still mostly in development, did not change this fact. ChainBLX Token Ledger, on the other hand, paved the way for the entire life cycle of a share – the issuance, custodianship, trading, shareholder communication and redemption – to be enacted on a blockchain without having to wait, the laws changing in jurisdictions like Canada and/or new token technologies requiring compliance with SEC regulation.

Claim

To what extent does Chain Blx Token ledger comply with SEC regulations in comparison with other ledger schemes , what do they require in order to attain the required compliance standards and other regulatory requirements?

Secondly changing legislation in certain nations as well as the new token technologiesand usability issues will still impact on the operations within this nations, may legiclation as well , and interms of compliance with SEC regulations.6a597f85d2f26f0324551b91e0e5707f
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Automatic Claim Number - cla1566972727

Quote - Blockchain technology facilitates simultaneous record-keeping and validation by providing a secure, transparent and immutable audit trail without the need for any intermediaries. In other words, ChainBLX Token Ledger technology enables corporations to Copyright ChainBLX Inc. © 2019 All Rights Reserved. Website chainblx.io Email karl@chainblx.com Tel ++1 310 990 0001 6take back control of their own record-keeping. Transparency for all interested parties as they can view changes to a corporation’s share ownership as they happen in real time.

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Businesses cannot use this token ledger technology to coordinate a complete record keeping for the
entire business.It can assist them in completing certain proceedures and not all.6bc18646b7c4a97a79c6f47ef6e6ccc1
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Automatic Claim Number - cla1566972863

Quote - f the token is classified as a security it does not mean automatically that it is classified as a stock (share) in a company, but even in the case that it is classified as a security other than a share (e.g. debt instrument, bond and/or derivative, option, future) from a company, SEC rules and regulations will apply in the United States

Claim

The level of influence of the Security Exchange Commission (SEC) in terms of regulation for cryptocurrencies
as well as other businesses within the UsA must be taken into consideration.This is because key policies and other
terms of transactions and operations may conflict with each other.
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Automatic Claim Number - cla1566972952

Quote - The Howey test is based on three major factors to determine whether an arrangement of a company involves an investment contract, thus making it a security. If one can answer “no” to one or all of the issues, the token would fail the Howey test and therefore may not be considered a security.

Claim

The Howey test does not contain sufficient constructs for the purpose of qualifying a token as a security.They
are required to design a model test or criteria to be used for qualifying all categories of tokens.Terms for each
category can be drafted.Verify terms which have been prescribed by regulators for cryptocurrencies as well as
securities.
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Automatic Claim Number - cla1566973014

Quote - The SEC often uses the Howey test, derived from a 1946 United States Supreme Court decision, to determine whether or not a token or coin is regarded as a security. The Howey test determines whether something is a security. The Howey test may help to answer questions like: Why if a person exchanges money for chips to gamble in Vegas, those chips are not securities?

Claim

The Howey test does not contain sufficient constructs for the purpose of qualifying a token as a security.They
are required to design a model test or criteria to be used for qualifying all categories of tokens.Terms for each
category can be drafted.Verify terms which have been prescribed by regulators for cryptocurrencies as well as
securities.b03dad231d7aea14e3949602b055ecaf
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Automatic Claim Number - cla1566973129

Quote - The SEC often uses the Howey test, derived from a 1946 United States Supreme Court decision, to determine whether or not a token or coin is regarded as a security. The Howey test determines whether something is a security. The Howey test may help to answer questions like: Why if a person exchanges money for chips to gamble in Vegas, those chips are not securities?;

Claim

The Howey test is deemed to be situational because it contains legal prescriptions for key categories of
businesses and not really as a qualifier for tokens as securities.We agree that most cryptocurrencies
are legal entities and can thus be considered under the three prescribed criteria.5fc3fab45b92a3ab2a66562da806f7ef
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Automatic Claim Number - cla1566973191

Quote - .Investment of money For example, but not limited to: Can the token be purchased with money, cryptocurrencies, goods, services, and/or any valuable assets or does it serve as a form of payment for a service rendered? 2.... in a common enterprise For example, but not limited to: Is some specific enterprise and/or groups of enterprises sometimes profiting or increasing in value because a token has been sold? 3.... ... which stands to make a profit, mostly from the work of others For example, but not limited to: Does the token holder expect to make money because the ownership of the token is based upon the performance of the enterprise/s? Does the token holder make money in the form of interest?

Claim

These factors serve as preconditions for the consideration of Tokens as securities.Other qualifying criteria
can be applied to consider a token as a security.bf4cf6c7bc16072590fd3ef4e0918a86
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Automatic Claim Number - cla1566973289

Quote - Bitcoin fails the Howey test because there is no investment of money since Bitcoin miners are the ones who distribute the coin through mining. There is no issuer which is in charge of generating, issuing, or controlling the coin but rather miners whose only connection is computing power to maintain the blockchain. This means Bitcoin has already not satisfied the first and second prong of the Howey test because there is no one entity or party which receives investments to be in charge of network operation,

Claim

Bitcoin in this whitepaper is considered as a Non security in relation to propositions of the Howey test, the
assertion is also based on principles of the test, other techniques can be applicable in order to test companies
such as Bitcoin and other cryptocurrencies which are mentioned.Research on other tools or criteria which are
applied by the SEC to qualify tokens as securities.ce88d5b64373e9296eefb61798c57a6c
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