Business Update
Business Development
Watch for news launching soon regarding a live streams technology partner and our solution to make SOCX spendable in real life.
Compliance with Singapore and MAS
ICO preparations are on full throttle to be fully KYC and AML compliant. We’ve consulted all the right people and further outlined any to dos to make sure we follow the letter of the law and to make sure our full team is on board to ensure compliance. We will cover the process fully in our own blog post so our early contributors understand that they teamed up with the right partners.
ETH drop due to China; has Hong Kong stopped ICOs?
Do we think it’s overrated or the right step? Well, let’s put it this way – we all know most ICOs are scams that won’t deliver… that’s why China decided to “regulate” them. They were banned to give people space to breath. Regulations just had to be put in place to manage contributors and to try to filter scams from the legit.
Will this affect SocialX?
No, it’s simple. It just gives Singapore, Switzerland and Liechtenstein a bigger platform to invite fintechs or blockchain-related products into their country, hopefully with less scams due to more and more “regulations” (as long as the regulations don’t impede technology’s success.) That would be the worst, if people who have no clue about the industry end up “regulating” the technology and industry with rules. That’s why we are also looking forward to the response by MAS, 3 weeks prior to our ICO launch, where we will submit our whitepaper−hopefully in version 0.4. We will also meet with people from Crypto Valley in Zug along with people from FMA in Liechtenstein to evaluate value-added for SocialX as company. See here the complete list.
Along with meeting the FMA in Liechtenstein, we will also see if a traditional bank in Liechtenstein made the right step earlier this year, selling 30% of their shares to a Nasdaq-listed Fintech. That’s right. In fact, read it again–traditional bank sells to fintech–not the other way around! That is why we want to invest as much time and resources as possible, to see how we could potentially develop a partnership as a value-add for SocialX and the Blockchain Ecosystem.
Oh yeah! We will also have a great 10-15 min talk at finance20.ch in Zurich, Kaufleuten – so, in case you are in town let us know! We love dedicating time to everyone who loves what we do and could benefit or contribute to SocialX. We also heard rumours that someone will give Ethereum for Business Cards – a perfect way to invest in an upcoming ICO.
IT
We had another few sessions with Theodor and the team, who are now ready to execute code as the internal plan is being outlined to decide what we will deliver as an Alpha. Stay tuned, as we will also cover the Alpha version in our own blog post prior to ICO. It will include deep insight from Theo about where we are at and where we are headed. I can say one thing: it’s gonna’ be amazing. Here’s the thing… when smart people get together and dedicate time and resources to a shared topic of interest, it will benefit each one of us and the ecosystem, which it will also support. If you haven’t seen the interview with Co-founder of Coinbase–the time is right; skilled people are attracted to the ecosystem, and this in turn means that solutions are developed which were not able before. That’s why it’s so crucial to onboard talent as quickly as possible, which we are constantly doing world wide. Check out our Roadshow Blogpost to find out where to catch up with Marcel and the team if you think you want to contribute value to SocialX.
Roman will also be launching the security audit of our ICO contract and an update about how we will approach the exchange and wallet functionality within SocialX.
Bogdan and the rest of the team will continue working on the reward system. We saw that this is the heart of SocialX… to award the right people with the right value without running out of our reward pool and established benefits as both user and also as potential partner of SocialX.