16 Blockchain Startups Create Self-regulated Movement “Project Transparency”br>
German crypto-market datafeeds platform Santiment, along with 15 blockchain startups, have created a new self-regulated movement aimed at improving regulatory procedures in the blockchain sector.
Dubbed Project Transparency, the new initiative was announced at the Vienna ICO-Summit. 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.
The companies behind the initiative include Santiment, Aragon, Cofound.it, District0x, Encrypgen, Etherisc, Hcash, Iconomi, Indorse, Lykke, Dappbase, GATCOIN, IconiqLab, Virgil Capital, Musiconomi and Maecenas.
Project Transparency’s long-term ambition is to provide potential investors and the community with greater transparency and accountability regarding funds raised, as the initial coin offering (ICO) space sees greater regulatory scrutiny in many markets and legal restrictions in China and South Korea.
Santiment said that it will provide funding for Project Transparency’s web page and for manpower to process applications and keep the initiative staffed. The company added that 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.
Santiment CEO and founder Maksim Balashevich said that 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 its commitment to improving governance in the blockchain sector.