The TAG Bankers Group Limited. A private banking unit, which governs TWEX and its Exchange.
Initial Coin Offering – An Initial Coin Offering, also commonly referred to as an ICO, is a fundraising mechanism in which new projects sell their underlying crypto tokens in exchange for Bitcoin and ether. It’s somewhat similar to an Initial Public Offering (IPO) in which investors purchase shares of a company.
ICOs are a relatively new phenomenon but have quickly become a dominant topic of discussion within the Blockchain community. Many view ICO projects as unregulated securities that allow founders to raise an unjustified amount of capital, while others argue it is an innovation in the traditional venture-funding model. The U.S. Securities and Exchange Commission (SEC) has recently reached a decision regarding the status of tokens issued in the infamous DAO ICO which has forced many projects and investors to re-examine the funding models of many ICOs. The most important criteria to consider is whether or not the token passes the Howey test . If it does, it must be treated as a security and is subject to certain restrictions imposed by the SEC.
ICOs are easy to structure because of technologies like the ERC20 Token Standard , which abstracts a lot of the development process necessary to create a new cryptographic asset.
Most ICOs work by having investors send funds (usually bitcoin or ether) to a smart contract that stores the funds and distributes an equivalent value in the new token at a later point in time.
There are few, if any, restrictions on who can participate in an ICO, assuming that the token is not, in fact, a security. And since you’re taking money from a global pool of investors, the sums raised in ICOs can be astronomical. A fundamental issue with ICOs is the fact that most of them raise money pre-product. This makes the investment extremely speculative and risky. The counter argument is that this fundraising style is particularly useful (even necessary) in order to incentivize protocol development.
The ‘Financial Conducts Authority’, is a financial regulatory body in the United Kingdom, but operates independently of the UK Government, and is financed by charging fees to members of the financial services industry
The ‘European Central Bank’, The European Central Bank (ECB) is the central bank of the 19 European Union countries which have adopted the euro. Our main task is to maintain price stability in the euro area and so preserve the purchasing power of the single currency.
The ECB is an official EU institution at the heart of the Eurosystem as well as the Single Supervisory Mechanism for banking supervision.
Our mission is to serve the people of Europe by safeguarding the value of the euro and maintaining price stability.
Bitcoin (₿) is a crypto (digital) currency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The system works as a peer-to-peer network, in which transactions take place between users directly, without an intermediary. These transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a Blockchain. Bitcoin was invented by an unknown person or group of people using the name Satoshi Nakamoto and released as open-source software in 2009.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted Bitcoin as payment. Research produced by the University of Cambridge estimates that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using Bitcoin.
Know Your Customer. It is the process of a business verifying the identity of its clients and assessing potential risks of illegal intentions for the business relationship.
Abbreviation for Ethereum
Abbreviation for our newly created class of debt instrument: ‘Tokenized Preferred Share‘ that holds the first lien on all assets of the issuer and that get paid above all other parties in case of bankruptcy.
An initial public offering, or IPO, is the very first sale of stock (shares) issued by a company to the public.
Prior to an IPO the company is considered private, with a relatively small number of shareholders made up primarily of early investors (such as the founders, their families and friends) and professional investors (such as venture capitalists or angel investors). The public, on the other hand, consists of everybody else – any individual or institutional investor who wasn’t involved in the early days of the company and who is interested in buying shares of the company. Until a company’s stock (shares) is offered for sale to the public, the public is unable to invest in it. You can potentially approach the owners of a private company about investing, but they’re not obligated to sell you anything. Public companies, on the other hand, have sold at least a portion of their shares to the public to be traded on a stock exchange. This is why an IPO is also referred to as “going public.”
Same as an ICO, just in the multiple or plural
The ‘Securities Exchange Commission’, which is the US version of the FCA or the South African version of the FSB (Financial Services Board). It is an independent federal government agency responsible for protecting investors, maintaining fair and orderly functioning of securities markets and facilitating capital formation.
[Blockchain] is to Bitcoin, what the internet is to email. A big electronic system, on top of which you can build applications. Currency is just one of them. IN essence, it’s a platform just like the internet is for email and websites.”
Before you can understand Ethereum, it helps to first understand the internet.
Today, our personal data, passwords and financial information are all largely stored on other people’s computers – in clouds and servers owned by companies like Amazon, Facebook or Google. Even this Coin Desk article is stored on a server controlled by a company that charges to hold this data should it be called upon.
This setup has a number of conveniences, as these companies deploy teams of specialists to help store and secure this data, and remove the costs that come with hosting and uptime.
But with this convenience, there is also vulnerability. As we’ve learned, a hacker or a government can gain unwelcome access to your files without your knowledge, by influencing or attacking a third-party service – meaning they can steal, leak or change important information.
Brian Behlendorf, the creator of the Apache Web Server, has gone so far as to label this centralized design the “original sin” of the Internet. Some like Behlendorf argue the Internet was always meant to be decentralized, and a splintered movement has sprung up around using new tools, including Blockchain technology, to help achieve this goal.
Ethereum is one of the newest technologies to join this movement.
While Bitcoin aims to disrupt PayPal and online banking, Ethereum has the goal of using a Blockchain to replace internet third parties — those that store data, transfer mortgages and keep track of complex financial instruments.
The ‘World Computer’
In short, Ethereum wants to be a ‘World Computer’ that would decentralize – and some would argue, democratize – the existing client-server model.
With Ethereum, servers and clouds are replaced by thousands of so-called “nodes” run by volunteers from across the globe (thus forming a “world computer”).
The vision is that Ethereum would enable this same functionality to people anywhere around the world, enabling them to compete to offer services on top of this infrastructure.
Scrolling through a typical app store, for example, you’ll see a variety of colourful squares representing everything from banking to fitness to messaging apps. These apps rely on the company (or another third-party service) to store your credit card information, purchasing history and other personal data – somewhere, generally in servers controlled by third-parties.
Your choice of apps is of course also governed by third parties, as Apple and Google maintain and curate (or in some cases, censor) the specific apps you’re able to download.
Take the example of an online document service like Evernote or Google Docs.
Ethereum, if all goes according to plan, would return control of the data in these types of services to its owner and the creative rights to its author.The idea is that one entity will no longer have control over your notes and that no one could suddenly ban the app itself, temporarily taking all of your notebooks offline. Only the user can make changes, not any other entity.
In theory, it combines the control that people had over their information in the past with the easy-to-access information that we’re used to in the digital age. Each time you save edits or add or delete notes, every node on the network makes the change.
It’s worth noting that the idea has been met with scepticism. Although the apps appear to be possible, it’s unclear which Blockchain applications will actually prove useful, secure, or scalable, and if they will ever be as convenient to use as the apps we use today.
Anti Money Laundering. Anti-money laundering (AML) refers to a set of procedures, laws, and regulations designed to stop the practice of generating income through illegal actions. Though anti-money laundering laws cover a relatively limited number of transactions and criminal behaviors, their implications are far-reaching.
Abbreviation for Bitcoin