CoinOffering has become the very first registered company to offer legal cryptographic shares in the form of tokens on the Ethereum blockchain linking the virtual and legal worlds.
In a press release, CoinOffering explained that it is a unique project that incorporates the Ethereum blockchain and regulated economy.
CoinOffering states that legally registered companies now have the opportunity to perform many of their functions such as shares distribution, dividends payment, and voting, with the help of the smart contract in Ethereum.
Previously, there have been numerous attempts to utilize the blockchain to split shares into commercial companies; however, they only existed in the virtual world, without any legal basis and methods of conflict resolution.
Speaking to CCN.com, Ivan Starinin, CEO of CoinOffering said that:
We offer service for creating new companies using our model, and we think it will significantly change the way businesses incorporate stock exchange and banking accounts.
The company offers customized and integrated technical smart contracts and legal solutions for any companies by connecting the world of blockchain and the legal tools for business. The open source code for CoinOffering’s smart contract code and texts of legal documents are published and released on GitHub, which anyone can use.
In a press release, Starinin, said that CoinOffering was a revolution in the blockchain world as it had accomplished what so many other companies had failed to achieve: joining the legal and technical worlds together.
Speaking to CCN.com, he notes, however, that it was through the failings of other companies that CoinOffering is where it is today.
We think we achieved this thanks to other companies and groups who made many experiments in this field that even fails brought significant experience and new knowledge. One of the most significant steps here was the creation of The DAO and we learnt a lot from it.
When it comes to legal problems, CoinOffering uses the hacker’s approach. Instead of waiting for someone to change the law CoinOffering studies existing international law and local legislations to find ways to build what needs to be made.
Starinin stated that:
It was not an easy task. To create first real corporation with cryptoshares, our team researched the laws of many jurisdictions and code of many smart contracts. Now we proved that our idea is real and works.
Featured image from Shutterstock.
Last modified: June 10, 2020 1:19 PM UTC