SophiaTX ICO Kicks Off Following CryptoKitties-Fueled Delay

cryptokitties

Business blockchain startup SophiaTX finally kicked off its initial coin offering (ICO) on Thursday.

SophiaTX had originally scheduled its ICO for Tuesday, but the project had to press pause on those plans due to extreme congestion in the Ethereum network. As been widely reported, the network has struggled to keep up with demand for what is currently its most popular application: a Neopets-style game called CryptoKitties that lets users breed — and sell — adorable cartoon cats.

cryptokitties
Source: CryptoKitties

And as adorable as these cats are, they have become big business. As of the time of writing, users had bought and sold more than $8.5 million worth of kittens, and four had sold for more than $100,000 each.

The CryptoKitties frenzy has turned into a serious headache for many ethereum users. Since CryptoKitties launched, the number of unconfirmed ethereum transactions has begun to pile up into a growing backlog, causing significant delays and a spike in the average transaction fee.

cryptokitties
Source: Etherscan

SophiaTX had not planned for this scenario — an incident no one could have foreseen even two weeks ago — so the company was forced to delay its ICO by 48 hours while it grappled with how best to handle the precarious situation.

SophiaTX CEO Jaroslav Kacina used the incident as an opportunity to demonstrate the perceived need for an enterprise-dedicated blockchain.

”The recent incident demonstrates why we have chosen to build SophiaTX as a proprietary blockchain technology. Businesses require sufficient speed, security, and features that are required for a mainstream adoption by businesses, currently not provided by either Bitcoin, Ethereum and others,” he wrote on the company’s blog.

Although CryptoKitties-related transactions continue to put a strain on the network, SophiaTX officially began its ICO on Friday morning. At the time of writing, the startup had raised approximately $5.7 million, which is 12 percent of its $49.4 million target.

London to host the ICO conference – ICO Event London 2017

ico event

In October, London will host the major conference, ICO Event London 2017, dedicated to a popular investment generation tool called Initial Coin Offering.
The event will involve blockchain and cryptocurrency experts, venture investors, lawyers and startup founders, raising a great startup capital due to the ICO.

ICO Event London 2017

ICO Event London 2017 is one of the first major events dedicated to the new investment method. Not coincidentally, London has been selected to host this event: it is a center of investments and financial hub with a plenty of young companies.

Analysts call the UK a highly active state on the cryptocurrency and ICO market. One has established here a regulatory environment for testing fintech projects, while the blockchain potential is officially recognized by the Financial Conduct Authority (FCA).

However, legislation in this sector is still far cry from perfection, and startup founders, planning to launch the ICO, should consult lawyers. According to Smile-Expo, an organizer known by its Blockchain & Bitcoin Conference network, the event will be useful both in the context of ICO implementation and from a perspective of investors. The platform will allow to establish a dialogue between successful project teams and to conduct an analysis of mistakes. Experts will tell the audience about legal details and factors that should be taking into account while choosing where to invest.

Guests will be able not only to talk to speakers but also to attend the exhibition area, presenting services related with the ICO implementation, cryptocurrencies and blockchain. Exhibitors will include IT developers, cryptocurrency exchanges, investment platforms and payment systems.

Details about event preparations – https://goo.gl/J42WPz

Blockchain Industry and Regulatory Leaders Launch Token Alliance

handshake

“Chamber of Digital Commerce Develops New Initiative to Promote Best Practices for Burgeoning ICO Ecosystem”

Washington, D.C., September 18, 2017 – The Chamber of Digital Commerce is pleased to announce the Token Alliance, an industry-led initiative to educate, promote and help shape the responsible growth of token and digital asset issuances. The Token Alliance is co-chaired by former Chairman of the U.S. Commodity Futures Trading Commission, Dr. Jim Newsome, and former U.S. Securities and Exchange Commissioner, Paul Atkins.

Token sales or Initial Coin Offerings (“ICOs”) can be a powerful tool for startups and businesses seeking funding through a crowdsale. In 2017 alone, more than 100 token sales raised over $1.5 billion. However, regulatory uncertainty and compliance continues to be a challenge for the industry. The Token Alliance will work with the community to recommend legal frameworks that drive innovation and promote investment, balanced with protections for market participants.

“With the SEC’s recent findings regarding ICOs, combined with the CFTC’s determinations and enforcement, it is clear that proactive industry efforts are imperative and timely,” said Jim Newsome, Founding Partner of Delta Strategy Group and former Chairman of the CFTC. “I look forward to helping shape the dialogue and enable this innovative technology to progress for the benefit of industry and consumers.”

Paul Atkins, CEO of Patomak Global Partners and former SEC Commissioner said, “The Token Alliance will serve a much needed role in helping the industry establish for itself appropriate guidance for this new and exciting asset class. I’m thrilled to be a part of this initiative and bring my service as a former securities regulator to help foster this ecosystem.”

The initial participants of the Token Alliance is comprised of more than 70 organizations including: Alluminate, AlphaPoint, Bankcoin Global, Blake Cassels & Graydon, Bloq, CMT Digital, Cognizant, Cooley, Crowell & Moring, Elliptic, Gem, Hashed Health, Loyyal, Microsoft, Netki, Node40, Parsons & Whittemore, Perkins Coie, Polsinelli, Qtum, Reed Smith, Rimon Law, Rivetz, Steptoe & Johnson, t0 and Tally Capital.

“As with all new technologies, it is important to set appropriate guidelines to curb potential abuse, while protecting innovation,” said Perianne Boring, Founder and President, Chamber of Digital Commerce. “We look forward to working with our members to continue to promote and advocate for the power of the blockchain.”

The Token Alliance is open to participants from across technology, legal, advisory and other sectors, with an expertise in blockchain technology. Companies interested in learning more and participating are encouraged to contact the Chamber of Digital Commerce at:[email protected].

 

About the Chamber of Digital Commerce

Headquartered in Washington, D.C., the Chamber of Digital Commerce is the world’s largest trade association representing the digitalasset and blockchain industry. For more information, please visit: DigitalChamber.org.