Ethereum on its way to be regulated
The source can be found here : http://www.trustnodes.com/2017/06/30/consensys-launches-due-diligence-icos
After just three projects raised $300 million worth of ethereum in the month of June alone, leading to widespread concerns things may be getting out of hand, ConsenSys – the ethereum powerhouse – has seemingly risen to the challenge, announcing today ConsenSys diligence.
“We plan to expand services to include assessment of legal structures and business cases. We’ll look beyond the white paper, into the fundamentals of the business plan, team, and code behind a project,” they said in an introduction of what appears to be a voluntary non-governing body.
They provide little detail, with the project seemingly at the very inceptions, but they say they have worked with Gnosis, WeiFund, SingularDTV, uPort, and adChain while further adding they are “actively involved in writing and reviewing code deployed in production systems on private chains at some of the largest Fortune 500 companies in the world.”
In other words, they seem to be saying that if you are a legitimate project come get a somewhat independent stamp of approval, and if you aren’t you probably should not bother since ConsenSys will likely publicize all the flaws and shortcomings.
That would probably be where such flaws are intentional, as we’re all humans and make mistakes, so they’d probably work with good intentioned projects to address any shortcomings to the point where they are comfortable with giving their stamp of approval.
What does all that mean ? That mean those guys (ConsenSys) seal of approvement will become a certification center for ICOs, the list that companies will check when they want to enter the crypto game, centralization if you want.
Of course that opens the door to various practices like pay to play ("don't have 25 000$ to give us to reviewing you token based on ETH ? go to hell") and bureaucratic rules.
Now let's see if it will tank ETH or reinforce its legitimacy, what do you personally think about this?
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