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Dolla ICO: A Fast & Secure Method to Send Money with 1 Cent Fees

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Dolla aims to create a secure payment ecosystem that is globally accessible, nearly free, instant, and borderless.

There are three major parts of the mission of Dolla. First, the project aims to achieve worldwide merchant adoption. This will be possible thanks to a platform for offline and online businesses around the world that is secure, fast, and free, appealing to merchants around the world.

Dolla also aims to deliver global access for all. This includes ensuring access that is economical, quick, and equal for the Dolla transfer and payment platform. In addition to typical markets, this will also include access for the millions of people around the world who are unbanked.

Dolla ICO

Dolla also wants to become a leader in local and international money transfers. The project will utilize its superior blockchain, exchange, ATM network, and high-tech wallet to offer a cost-effective and quick solution for transfers across borders.

Key Features of Dolla

The Dolla team markets the project as the next generation of cryptocurrency. It is particularly targeted to allow for fast payments, whether online or offline. The team understands that a cryptocurrency cannot gain worldwide acceptance as a payment system without the ability to support the same latency and throughput of Visa while providing comparable guarantees. As such, the Dolla blockchain was developed in a way that lets it handle over 10,000 TPS with a latency of just a second. To round it out, the ADBFT consensus algorithm used by Dolla guarantees finality.

The Dolla blockchain allows for nearly free payments that are fast and simple, with the same capabilities for money transfers. It is a next-generation blockchain that can deliver transaction speeds which allow for the settling of global payments in real time. Dolla’s blockchain is robust, versatile, and highly secure.



Dolla

While other blockchains have not been able to deliver what Dolla aims to do, this payment platform was built from the ground up. It was created with the specific goal of facilitating worldwide adoption and use.

Market Potential of Dolla

Dolla specifically targets a few market segments, including money transfers, card transactions, and e-commerce. SWIFT money transfers alone account for more than $5 trillion USD in transactions each day. Card transactions around the world reached $20.606 trillion in 2016, an increase of 5.8 percent. E-commerce reached $2.3 trillion in 2016 with projections indicating the market will reach as much as $4.48 trillion by 2021.

Dolla Ecosystem

Banks make billions of dollars every single year in transaction costs alone. The 1c transactions from Dolla allow for the significant reduction of this figure. That translates into savings for business owners and consumers alike, encouraging adoption so Dolla can achieve its market potential.

How Does Dolla Compare to Other Financial Payment Systems?

Dolla aims to excel when it comes to cost per transaction in terms of cryptocurrency and typical payment providers. The average cost per $100 transaction on BTC is $3.30, on PayPal is $2.00, with Visa is $1.88, and with Ethereum is $0.46. By comparison, Dolla transactions between two parties cost just $0.01 per transaction.

Scalability is something that Dolla boasts on their comparison table. Bitcoin can handle 3 to 6 transactions per second (TPS) and Ethereum handles 8 to 16 TPS. By comparison, Its is claimed that Dolla can handle over 10,000 TPS, with the scalability to meet the same throughput as Visa.

Comparisons

Finally, the speed of transaction Dolla sets it apart from the crowd. Visa transactions and those of other traditional payment systems take 3 to 5 days to settle. Bitcoin transactions take over an hour and Ethereum takes more than two minutes to settle. Dolla transactions settle in a fraction of the time, just one second.

Token Distribution of Dolla

51 percent of tokens from the Dolla project are allocated to the token sale. An addition 15 percent go to the team, 13 percent to the expansion program and airdrop, 6 percent to early backers and advisors, 5 percent to Lead One expenses, 5 percent to Ordlab expenses, 3 percent to liquidity, and 2 percent to the node operator pool. At launch, there are approximately 31 billion tokens, with 51 billion for sale and a total token supply of 100 billion.

Token Distribution

In terms of use of funds, 41 percent will go to research and development. The rest includes 15 percent for marketing, 10 percent for licensing, 9 percent for operations, 7 percent for legal and compliance, 5 percent for the Dolla fund, 5 percent for market makers, and 5 percent for merchant services.

Dolla Token Sale

The private sale for Dolla began on Oct. 18, 2018, and the crowd sale begins Feb. 1, 2019. During the token sale, there is a soft cap of $5 million and a hard cap of $42 million. During the private sale, $1 USD was equal to 750 DLA, and this goes down to 500 DLA for the regular crowd sale. There is a minimum contribution of $500 USD and contributions are accepted in ETH, BCH, and BTC.

There are additional bonuses in tiers based on the number of funds raised in tokens sold. Tier 1 comes with a 40 percent bonus and lasts for the first $10 million sold. Tier 2 lasts until $20 million are sold and has a 30 percent bonus. Tier 3 has a 20 percent bonus and lasts until $30 million are sold. Finally, Tier 4 has no bonus.

Dolla Roadmap

Most of the events on the Dolla roadmap have already been completed. The roadmap began in Q2 2017 with the idea, conception, and research, including research to determine the consensus approach. Q3 included analyzing programming languages for building the blockchain and implementing the development team. In Q2 2018, the team tested the Dolla blockchain, formal verification, and node network. The technical white paper was released in Q3, along with the ICO documentation. This is when the private sale began. Q4 included the application for a USA Federal Transmitters License.

Dolla Roadmap

Now, in Q1 2019, the crowdsale will begin and the token generation event will take place. Dolla will also launch its wallet. Q2 will begin partnerships with existing payment platforms and the beginning of the development of Orb exchange. Q3 will see the development of software integration for e-commerce plugins, POS facilities, and accounting programs.

Conclusion

Dolla aims to create a secure payment ecosystem that is nearly free, instantaneous, and accessible around the world. Dolla uses its own blockchain which is highly scalable with the ability to process over 10,000 transactions per second at a latency of just one second. Transactions will also be incredibly affordable at just 1 cent per transaction, encouraging adoption.

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G20 International Watchdog Says Regulators Need Better Crypto Risk Assessments

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G20’s international watchdog, the Switzerland-based Financial Stability Board (FSB), said in its latest report that regulators need to improve their risk assessment strategies regarding financial activity in the crypto space, according to a report by Reuters on May 31.

The report noted that one potential risk assessment metric regulators could look at is banks’ and other financial entities’ degree of exposure to cryptocurrency. The report also added that the FSB does not currently believe that crypto poses “a material stability risk” to the financial sector.

As per the report, existing crypto regulations are somewhat weak, and the fast rate of technological innovation may leave the sector with even more areas of questionable regulation. Crypto assets currently can reportedly fall outside regulators’ jurisdiction, due in part to inconsistent standards between countries.

China, for instance, has reportedly taken a “near-total ban” approach to cryptocurrency exchanges, while Japan is attempting to keep cryptocurrency exchanges legal with proper licensure.

As previously reported on Cointelegraph, Japan is currently cracking down on cryptocurrency exchanges that do not have sufficiently good anti-money laundering practices. Unlike China and South Korea, initial coin offerings in Japan remain legal. Japan will also be hosting the upcoming G20 summit in Osaka this June, and is expected to lead the conversation on international crypto regulations.

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Rwanda’s Central Bank Issues PSA on Alleged Cryptocurrency Get-Rich-Quick Scams

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The National Bank of Rwanda, the country’s central bank, has issued a public service announcement on alleged cryptocurrency scams, according to an official Twitter post on May 30.

The central bank specifically warns the public about initial coin offering (ICO) scams and crypto-based Ponzi schemes, which purport to offer a quick and significant return on investment for early adopters. These sorts of scams have reportedly been active in Rwanda, through firms like Supermarketings Global Ltd, 3 Friends System (3FS) Group Ltd, OneCoin, and Kwakoo (OnyxCoin).

The National Bank of Rwanda cautions investors to vet their potential projects, and reminds the public that it does not offer any recompense for scam victims.

According to a report by Cointelegraph, a study in 2018 concluded that over 80% of ICOs  during the previous year were scams; however, only 11% of total funds invested in ICOs during 2017 were lost due to fraudulent activity.

On May 28, Russian police reportedly made an international arrest of the alleged creator of a Kazakhstan-based crypto pyramid scheme, which cost at least one investor approximately 14 million Kazakhstan tenge ($36,700). The suspect was declared wanted by Interpol after leaving Kazakhstan in early 2019.

May of 2019 has additionally seen two other large-scale allegations and investigations around crypto scams across the globe, in the United States and Brazil.

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Blockchain of Things Pays SEC $250,000 to Settle Unregistered ICO

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Internet startup Blockchain of Things Inc. (BCOT) agreed to pay $250,000 to settle with the U.S. Securities and Exchange Commission for launching an initial coin offering without registering with the regulator. 

The federal securities regulator has long held that ICOs are a form of security and thus must be registered.

In an order dated Wednesday, BCOT agreed to refund investors who notify the firm they want their money back. It must make efforts to inform token buyers individually and on its website of the potential claim.

According to the SEC, the firm raised nearly $13 million from the ICO in December 2017 even after the regulator warned the firm its token sales could be considered securities offerings, citing its investigation of another company, DAO, in 2017. 

BCOT sold its digital tokens to U.S. investors and engaged four “resellers” to serve as the exclusive sellers of the tokens in foreign countries where it can resell the tokens to U.S. investors, according to the SEC’s findings. 

In its pre-sale white paper, BOT said part of the funding from the ICO would develop a blockchain-based platform to allow third-party developers to build applications for message transmission and logging, digital asset generation, and digital asset transfer, the firm said in the statement.   

Under the settlement, BCOT will register its tokens as securities and file periodic reports with the SEC. 

A slew of crypto startups launched ICOs to raise money for their tokens amid the bitcoin market boom at the end of 2017, running afoul of the SEC, which considers token sales securities that  should be subject to federal securities laws and information disclosure. 

Earlier in December, the SEC charged crypto startup Shopin and its CEO Eran Eyal with fraud involving a $42 million unregistered ICO. 

In September, the SEC ordered EOS maker Block.One to pay $24 million in penalties for not registering with the commission. The company raised over $4 billion via an ICO in May 2018.

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The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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France’s Financial Regulator Grants Country’s First Approval for an Initial Coin Offering

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The hype around initial coin offerings may have quieted down in the States, but France seems to be taking a newfound interest. On Dec. 17th, France’s financial regulator, the Autorité des Marchés Financiers (AMF), granted the country’s first approval for an ICO application.

The offering came from French-ICO, a company that has developed a platform for funding projects using cryptocurrency. The firm is the first to be white-listed and a notice has been posted on the AMF website.

Reuters reported in July that the AMF was in talks with three or four candidates for ICOs and that more could soon be on their way.

While French-ICO is the first company to receive approval, this support will remain valid until the end of the subscription period, which is scheduled for June 1, 2020. The AMF website also notes that although approval is optional (ICOs are still considered legal in France without approval), only those public offerings that have received the AMF approval may be marketed directly to the public in France.

The AMF also explained that it has only approved the ICO proposal, not the token issuer. France’s primary regulator detailed that interested issuers could apply for only one ICO over a period that may not exceed six months.

France’s Definition of an ICO

According to the AMF website, an ICO may be defined as a “fundraising transaction carried out through a distributed ledger technology (DLT or “blockchain”) and resulting in a token issue.” The source notes that “these tokens can then be used to obtain goods or services, as the case may be.”

The PACTE law, which is France’s new law on business growth and transformation that was introduced in April of this year, included a specific regime for ICOs. The law noted that an optional approval would be given by the AMF, which is intended to promote the development of ICOs. The law points out that this does not apply to Security Token Offerings, but only to the issuance of utility tokens. Those who fail to comply with the new framework will face large fines.

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US SEC Looks to Expand ‘Accredited Investor’ Classification

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The United States Securities Exchange Commission (SEC) has announced that it is looking for ways to expand the classification of “accredited investor,” with potentially major implications for capital formation of firms hesitant to meet full public reporting requirements.

The amendments and who gets to be accredited

Per a Dec. 18 announcement on the SEC’s website, the regulator is looking for public commentary on amendments to its category of accredited investor. Currently, the SEC’s language defines an accredited investor as an individual with a net worth of over $1 million or an entity controlling over $5 million in assets. Other means of classifying include being an executive at the company making the offering. 

The issue of who qualifies as an accredited investor has long been controversial. SEC exemptions allow companies to offer shares to such investors without having to meet all the filing requirements demanded by the SEC of companies listing publicly. In theory, this is designed to protect everyday investors from predatory offerings, but criticism against these classifications says that such exemptions just help the rich to get richer while prohibiting main-street investors from wealth formation.

The new amendments would, by and large, open up the classification to new investors, including those whose professional qualifications and certifications suggest that they are knowledgable enough to invest in private offerings. Similarly, “knowledgable employees” might be allowed the same access to their firms’ offerings as executives currently have.

What are these exemptions and what do they mean for crypto?

According to a concept release on simplifying exemption filings, the SEC estimated that in 2018, investors raised roughly $2.9 trillion under various exemptions, dwarfing the $1.4 trillion in all offerings registered with the SEC. The accredited investor category applies to exemptions 506(b) and 506(c), both of which fall under Regulation D. The SEC said that firms raised $1.5 trillion in exempt offerings filed using 506(b) alone in 2018.

Source: SEC

As the SEC has expanded its pursuit of initial coin offerings (ICOs) that it determines to be illegal securities offerings — only today requiring that Blockchain of Things return up to $13 million raised in their ICO to investors — Reg. D exemptions. 

Famously, Telegram sought to use 506(c) in its $1.7 billion offering of TON tokens. The company further accused the SEC of irresponsible delays in processing Telegram’s Reg. D filing, saying that ”the SEC’s instant application is an ‘emergency’ of its own making.”

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