How Waves contributes to blockchain legitimization on a scale of Russia and the CIS

Sasha Ivanov, the founder and CEO of the Waves blockchain platform, was one of the speakers at "The Explosive Impact of Blockchain Technology" session at the St. Petersburg International Economic Forum that was held in early June.

The declared topics were discussed at the highest state level: along with Sasha, a number of representatives of the authorities and financial institutions participated in the panel: Minister of Communications and Mass Media of the Russian Federation Nikolay Nikiforov, Deputy Governor of the Central Bank of the Russian Federation Olga Skorobogatova, First Deputy Prime Minister Igor Shuvalov, Ethereum Founder Vitalik Buterin, and others. The SPIEF participants greeted Blockchain technologies fairly positively, and the market almost immediately reacted to the Waves founder's speech: the price of the platform tokens almost doubled, from $2.5 per token in late May to $4.5 with a peak of $6.83 in early June.

Keynotes voiced within the SPIEF walls were the introduction of blockchain to the real world and the growing interest in this tool both from the government officials and ordinary citizens. The introduction of blockchain technologies and blockchain-based solutions, growing popularity of ICO as a fundraising tool and the paradigm of total decentralization are comparable to the development of the Internet in the 1990s in importance; the states, which were faster than others in developing this field, found themselves at the forefront of innovation and took a dominant position in the world.

However, the expert blockchain initiatives by Sasha Ivanov this year were not limited to participation in the SPIEF session only.

In late January 2017, Ivanov presented Waves at the conference "Cryptocurrency Regulation in Russia: Interim Results", where participants responded to questions from industry users and entrepreneurs. Representatives of the State Duma and other committed government agencies took part in the event, along with representatives of blockchain platforms and businesses (Sberbank, Microsoft, QIWI).

The first significant experience of interaction with political organizations of the Russian Federation was the Waves project to create a wallet for the discussion platform of "The Growth Party" called "People of growth". With the help of the Waves-powered solution, any user of the "People of growth" portal gets access to a digital wallet that allows to make transactions to other site participants in the internal cryptographic tokens, Upcoins. A loyalty program has been developed to motivate community members, based on the Waves solution within the "People of growth" platform. In the future, developers will add the function to make operations in other cryptocurrencies to the payment functionality of the wallet. The main goal of the Waves solution is to encourage activity within the "People of growth" community.

In June, Waves and "The Growth Party" agreed to launch a business incubator to raise investment for SMEs using the ICO model. After all, this way of investment raising has already proved itself by the example of several domestic projects from the real sector. For example, the "Kolionovo" farm managed to attract $500 thous. of investment for development.

After his speech at the SPIEF, Sasha Ivanov spoke at the conference dedicated to investing through ICO and held at the country's main innovation site — Skolkovo. In the course of the question-and-answer session, Sasha explained to the audience how ICOs work as a tool for raising investments, and also told about the prospects of this method and the role of blockchain technologies in the collective funding of the future.

A conference held over June 14–15 in Astana, the capital of Kazakhstan, was another site for discussing the future of blockchain technologies at the state level. The event was attended by representatives of the cryptographic, financial and energy communities.

The leadership of Kazakhstan, a partner state of Russia in the Customs Union, is putting a lot of effort into introducing innovation and developing the fintech industry. During his visit, Sasha not only spoke at the conference, but also talked to representatives of government agencies. Earlier, the authorities of Kazakhstan demonstrated interest in innovations in practice by issuing the bonds on blockchain in test mode. "In the future, these solutions can be used to float other securities — for example, those targeting retail investors," claimed representatives of the Central Bank of Kazakhstan.

Before the trip to Kazakhstan, Sasha also met with government officials of the Republic of Belarus in Minsk. This fact confirms that even states with more conservative leadership show interest in such innovation.

On July 4, the blockchain platform Waves signed a memorandum of partnership with the audit and consulting company Deloitte, which is part of the Big Four. The goal of the partnership is legal and tax consulting for ICOs of enterprises engaged in the issuance and crowdsale of tokens on Waves.

Blockchain technologies have gone far beyond the field of interest of enthusiasts in the past few years. The future of the financial industry and the place of blockchain in it are being discussed not only at the meetups and industry-specific conferences now, but also at the highest state level throughout the world. Waves blockchain platform plays a significant role in this process, interacting on the issues of regulation and implementation of blockchain-based solutions with government officials both on the scale of the Russian Federation and the entire CIS region

Karpeles Admits to Running WillyBot, Pleads Not Guilty to Charges

Most Bitcoin users experienced the MtGox disaster first hand or heard accounts of it from other users. Mark Karpeles -the chief executive of MtGox- is standing trial on charges of embezzlement and data manipulation in the Tokyo District Court. He has plead not guilty to these charges.

WHAT HAPPENED WITH MTGOX: A BRIEF HISTORY

MtGox was one of the first time that Bitcoin users and traders got burned badly. There was a time when MtGox was responsible for over 80% of Bitcoin trades worldwide, but the company shuttered its doors in 2014 and filed for bankruptcy. Millions and millions of dollars worth of coins and assets were lost, while MtGox blamed a hack for the loss of assets.

WHAT DOES KARPELES HAVE TO DO WITH THIS?

Karpeles was the chief executive of MtGox when this all took place, but there are even more damning actions he allegedly took during this time with MtGox. He allegedly moved about $3 million from an account holding customer funds to an account in his name. Though this strikes me as blatant embezzlement, his defense claims it is not. However, his defense team has made no apparent effort to deny that these money transfers took place.

While his defense is trying to downplay his involvement -he recently said he was only an engineer-, the prosecution is not pulling any punches. They argue that much of the stolen money was used for personal items -which would suggest embezzelment-. 3D printers and expensive canopy beds are among the items that the prosecution cited as luxuries purchased with stolen funds.

In all of this, Karpeles seems to be completely blase about the fact that his actions and the inadequacies of MtGox not only robbed people of hard won fortunes, but also damaged Bitcoin and other cryptocurrencies' image enough that it struggles to be anything but "internet drug money" in the minds of many. The chances of wider adoption were definitely hurt by this event and Karpeles' actions.

WILLYBOT, MTGOX, AND KARPELES

WillyBot is almost as notorious for Bitcoin users and MtGox itself. This bot operated as a trading bot, much to the concern of most traders on MtGox. It later came out that the WillyBot was manipulating the market significantly by pumping up trading volumes with many fraudulent trades. Apparently Karpeles has openly admitted to running WillyBot -also known as an obligation exchange.

Admitting this is huge. This bot is largely held responsible for the enormous crash in Bitcoin's price in 2014. This makes sense, because if Bitcoin's price was -at the time- only being held up by a massive amount of fraudulent trades on an exchange responsible for the vast majority of Bitcoin trading then it was only a matter of time before something went wrong.

Karpeles maintains that this was not illegal because it was for the good of the company. The trial will resume in October.

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Dentacoin Dental Care Evolved

If Bitcoin represents the evolution of standard currency, then Dentacoin represents the evolution of cryptocurrency. Although hype for the coin has been low so far, it does offer several unique selling points that could eventually propel it to success. Dentacoins differentiate themselves from Bitcoins and other cryptocurrencies by using the blockchain to redesign person-to-person interactions that are only semi reliant on money. While their main program is a review platform that offer cryptocurrency incentives for feedback, they also plan to build an insurance, healthcare database, mobile app, and educational website. Beyond using the coin to simply pay for these services, the ethereum based Dentacoin uses the blockchain to back the entire insurance system.

Only 8 trillion Denatcoin (DCN) will ever exist. No more can be created or mined, and the large volume allows the coin to qualify for global status, which is their ultimate goal. One pre sale ran on July 1st, 2017, at which DCN were sold for approximately 2.5 times cheaper than their ICO value will be in October. The ICO will be hard capped at 3% of the total Dentacoin volume, and 1¢ USD will be worth 85.3 DCN. 1 ETH is equal to 8 million DCN. Fund will be used to create a larger development team, launch the review platform, and a global partner-gathering campaign. The second ICO, which will be on October 1st 2018, exactly a year later, will sell tokens at the same price but funds will be for coding the insurance and database blockchain, as well as a second global partners campaign.

The Dentacoin foundation has indicated their understanding of potential investors and has implemented several practices to maintain the value of their token. The fixed amount of coins will prevent inflation, and an additional deflation tool is being used. Timelock contracts are already in place to slowly release 6.08 trillion coins until the year 2042. Coins will slowly be released by percentage, and a time clock to track this is available online. Once each year,

The Dentacoin Foundation will also buy back DCN from the market using 50% of their profit. Macroeconomics determine that this will decrease supply and increase demand, growing the token. In addition, 40% of all Dentacoins are reserved for earning activities through the previously mentioned tools such as the review platform. This will generate millions of wallets that will in turn cause mass distribution and increase the Dentacoin crowd appeal. The planned daily users is 3 million, and a pilot program at a partner dental implant clinic has indicated that this growth is possible. These tactics indicate the Dentacoin will increase in value over time, somewhat mitigating any slow starts or lack of publicity.

Video

The team

Prof. Dr. Dimitar Dimitrakiev

Founder of Dentacoin Foundation
The Founder. Highly respected University lecturer. More than 27 years experience in financial markets. Devoted to science and engineering. Member of the IEEE Computational Intelligence society, EADM and Union of Automation and Informatics.

Jeremias Grenzebach

Co-Founder / Core Developer
Our Code Wizard. Early entrant into the Blockchain scene. Immersed within the peer-to-peer technology for 8 years. Contributor to Ethereum, Waves, ZCash, uPort, Status, imToken, Byteball. Strong believer in decentralization and transparency.

Philipp Grenzebach

Co-Founder / Business Developer / M&A
The Economic Brain behind Dentacoin. Studies in Law, Economics and Business Management. Adopted the tripple bottom line to Dentacoin while integrating technical sustainability. Fighter for free, decentralised markets.

Veselin Matov

CRM & Supply Chain Manager
Our CRM Pro. Focused on identifying technological trends and implementing them as competitive advantages. Experienced in CRM, Dental Software Implementation, Purchasing Management. Background education in Computer Systems and Technology. Constantly exploring state-of-the-art innovations for the benefit of patients.

Hristo Gradechliev

CFO
The Finance Master. Responsible for managing the finance and accounting divisions. MBA in Law. Experienced in payment ecosystems, building analytic tools, processes and teams to manage the revenue, costs and risks inherent in the payment space. With a strong flair for successful investments.

Julia Radeva

Business Development Manager
Our Business Pioneer. 11-year experience in Business Development Management. The driving force behind several successful dental clinic concepts. Overseeing the applications of dental innovations and constantly exploring the opportunities for growth in Dental Industry.

Tsvetomir Ivanov

Industry 4.0 Engineer The Future Thinker. Digital Dentistry, CAD/CAM and 3D-printing expert. Highly focused on finding ways to achieve significant efficiency, cost reduction and revenue gains through digitalization and automation. Permanently researching, evaluating and implementing high-tech dental innovations.

Sergey Ushakov

Digital Transformation Specialist
Our Transformation Accelerator. Computer science and Blockchain enthusiast. Degree in Robotics & Mechatronics; currently specializing in Software Engineering. Experienced in Digital Transformations and Business Process Automation. Highly interested in AI, IoT, VR and AR.

Dr. Dimo Daskalov

Dental Industry Development Catalyst
The Strongest Link between DCN and the Dental Industry. Leading dentist, currently managing a team of 19 dentists. Educator in Prosthetic Dentistry. Constantly improving dental services by implementing future technologies, delivering “WOW” patient experience and simultaneously reducing the costs. Eager to be a part of the paradigm shift.

Dr. Ivan Peev

Dentistry 4.0 Specialist
Our Guide to the Digital Implantology world. Dental Implant Specialist with a significant experience in providinghigh-tech dental care by surgical guides and computer-navigated implantation systems. Phantom instructor, certified by the International Training Center for Dental Implantology (IFZI). With a Sixth sense for cutting-edge technical solutions.

Betina Bogdanova

Senior Legal Advisor
The Voice of law. Supports the legal project management pillar of Dentacoin. Experienced in advising fintech and dental companies. Solid legal background including the Australian National University, Rijks Univesitet and Harvard Law. Previous collaborations with the WHO and Harvard School of Public Health.

Donika Kraeva

Strategic Communications Manager
The Communications Ambassador. Translates big and complex ideas to the target group's language. Experienced in Online Medical Marketing. Developed Feedback Systems and Patient Loyalty Programs for international dental clinics. Seeking ways to utilize Blockchain advantages in building a patient-driven Dental Industry.

Mariam Nishanian

Community & Public Relations
Our Public Voice. International background in PR, social media management, communications consulting and UX design. Interested in Cryptocurrency Investing. Skilled entrepreneur with experience in start-up development. In constant pursuit of new challenges.

Ayredin Stoyanov

Graphic Designer
Our Visual Power. Education in Multimedia Design and Software Systems and Technologies. Experienced in using visuals to communicate ideas that inspire, inform and captivate. Passionate about video creation and photography.

Boris Nekezov

Front-End Developer
The HTML Ninja. Combines the art of design with the art of programming, thus ensuring the technical feasibility of UI/UX designs. Certified and vastly experienced in Javascript, JQuery, CSS, HTML, as well as in Quality Assurance Testing. Involved in front-end development for Blockchain start-ups.

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South Korea Prepares Bill to Provide Legal Framework for Cryptocurrencies

A South Korean politician, Rep. Park Yong-jin of the ruling Democratic Party of Korea, is working to create revisions to a bill that will provide Bitcoin, Ethereum, and other digital currencies with a legal framework. The lawmaker commented about this on Monday. According to the Korea Herald, this has been a long awaited move for the purposes of protecting the Korean people. 

This new bill will revise the Electronic South Korea Prepares Bill to Provide Legal Framework for CryptocurrenciesFinancial Transactions Act. This means that traders, dealers, brokerage firms, and others in the ecosystem will now have to register with the Financial Services Commission in Korea. One of the registration requirements is that each company retains capital worth $436,300. The new bill will also create a strong regulatory environment, which will allow authorities to better grapple with tax evasion and other financial crimes in the cryptocurrency space.

No Legal Framework in South Korea for Bitcoin Trading; Political Skepticism about Cryptocurrency

Currently, South Korea has little to no framework that regulates institutions and businesses. The Korea Herald references the politician's fears about this issue:

In the proposal, Park cited the need to address 'the void of a state-led protection that guarantees digital currency's value,' 'digital currency's nonexchangablilty to other existing currencies' and 'the possibility of wreaking havoc on national economy from digital currency bubble burst.'

The article mentions that several of the country's exchanges, including Bithumb, Korbit and Coinone, are absorbing a large amount of market value. Bithumb is taking up %75.7 by itself. According to lawmaker Park, this is a problem, because there is no oversight or legal structure that informs a business on what action to take.

Legislators in South Korea have been skeptical about cryptocurrencies to date. Officials have considered these assets to be merely speculative opportunities. Officials have been particularly critical of ICO's, because they seem to be a vehicle for "unreasonable profits."

Previous Cryptocurrency Legal Considerations in South Korea

The current legal action taken by politicians in South Korea were heralded in June when attorney Kim Kyung Hwan pointed out multiple legal issues surrounding cryptocurrencies. Bitcoin.com provided coverage:

"In an article published in Chosun on June South Korean Politician Prepares Bill to Make Bitcoin Legal23, Kim noted how the rise in bitcoin's price prompted more people in South Korea to get involved. However, the country does not have regulations for the cryptocurrency. This causes uncertainty and "a lot of trouble" for anyone making bitcoin transactions, he said, adding that: It is expected that the regulations will be introduced [in South Korea] like Japan in the near future."

The article noted that regulations would be enacted this year, but the government and the Financial Services Commission were having difficulty determining if bitcoin was money, a security, or an asset. It is still not clear how South Korean officials resolved this issue.