Block.one woke the crypto community from its winter slumber by releasing not one, but two blog posts yesterday.
The first post is a recap of tasks and hurdles the company’s Legal and Compliance department has overcome in their effort to blaze “a new trail through the media world”. With the Voice release just around the corner, B1 assures that their key focus is on full compliance with global regulations:
For Beta and in our future planning, we’ve gone to great lengths to ensure that the Voice token will be fully compliant with US securities law. In addition to engaging with the SEC, we have built policies and systems to comply with OFAC and AML requirements.https://voice.com/blog/behind-the-scenes-at-voice-legal-compliance/
While B1’s legal department has been hard at work from day one, navigating the treacherous crypto-compliance landscape and keeping the company out of legal trouble, their recent streak of successes has not gone unnoticed. Recent victories, such as the SEC Block.one settlement and Dan and Brendan’s recent trip to Washington DC have provided a very confident outlook going forward.
The second post published today generated a lot of attention from the crypto community as it sheds light on the details behind the closed door meeting between the company’s top executives and the SEC FinHub officials. Block.one released a portion of deck that it presented in Washington DC. You can find the partial deck on the company’s blog post page.
Here are the key takeaways:
The introduction slide reiterates that the team is committed to conduct its business in full compliance with the current governmental regulations:
Block.one demonstrates its understanding of the current social media environment suggesting that social media of today suffers from the lack of transparency, overabundance of fake news, and accounts and misalignment between operators and users. Current social media operators harvest and sell user data without sharing the value that is being created in the process.
The timing of these claims could not be better. 2019 was the year of social media controversies and discoveries. It started from Mark Zuckerberg’s congressional testimony in April 2019, where he defended Facebook’s data collection and handling practices. Then in October 2019, we saw David Marcus, CEO of Libra, testify in front of the Congress about Facebook’s plans for the newly suggested cryptocurrency and how it would, among other things, affect world’s biggest social media platform. Following a significant resonance in the community, to the topics covered in these testimonies, the US Regulators eagerly listen to any serious claims to disrupting and fixing the current social media problems. And Block.one and its Voice platform is aiming to be the right entity to offer this disruption.
Users do not control social media. Social media controls users. Interestingly, B1 calls current social media operators “Regime” as if it was a hostile, dictatorial regime:
Voice intends to return control and benefits back to its users. Adding blockchain infrastructure creates transparency and reinstates trust:
Block.one’s Unique Value Proposition (UVP) is real identity (KYC), transparency and alignment between platform and users.
The VOICE token will facilitate engagement, boost author’s visibility and will serve as a measure of popularity.
Influencers may use tokens to increase their reach. There are several distinguished types of rewards:
- Free Daily Allowance, which resembles Universal Basic Income (UBI) idea that Dan Larimer has been very supportive of
- Reward for creating popular content
- Other types of rewards, such as rewards for exceptional content, watching ads, help with moderation of content, referral bonuses
Voice will offer functions familiar to all of the current social media consumers, but with a twist of blockchain-related features:
Overall, the deck has been very positively received by the community. While there were several previously unreleased facts in the presentation, a few important questions still linger. In what form will VOICE token holders be able to redeem value? How and when will Voice utilize public chains like EOS?
Summing up its blog post Block.one made it clear that their meeting with the SEC team was very productive:
We left the meeting feeling confident. A confidence we hope they, and you, feel too.
Meanwhile, the rest of us will wait until the official Beta launch, which is just a few short weeks away!
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