The very first question?
It’s probably a lot easier for projects to post information, too. Feel free to stop me if there’s anything you want to take a closer look at.
This is the new version that we were going to add stuff off of.
There is about 75 questions. I assume...
Then we also have a marking of which questions are required for our disclosure standard marking. We’re trying to make it so that they can actually select more multiple choices, rather than open-ended.
It’s in a Word document right now. We need to update it, but these are the new questions that we have after talking to several projects, and also other people in the industry. The questions are a lot more simplified, and not as open-ended as the other questions that you ...
That’s the next version.
I am opening our systems.
We can make it public on the home page. We’ve been creating it on https://gita.foundation/.
Then they need to recommend projects on the platform, which is important to have information there, and then promote the GITA. Also, maintain integrity, credibility of the GITA. Basically, that is what our organization is.
Yes. [laughs] The next slide is on the obligations. We have an annual fee of 5,000 for commercial entities and then 1,000 for nonprofits. Then participation, we hope that they attend supernode meetings and also they attend our events. So we can actually create a community.
Then also we want to create a community. What we’re trying to do is have people attend these meetings and also discuss the future of the industry.
Then a brief description why people should join as supernodes. Basically, because we are a global alliance, we do have a strong network. That is one of the reason why being a supernode would be beneficial.
This is our foundation council list of members. We see that it’s from some pretty major jurisdictions. Then a lot of them from blockchain associations. This is our first batch of supernodes that we sign on on July 19th.
Definitely. There can be as many there needs to be.
Underneath, we have, of course, the transparency platform. Then we have the supernodes who are like the community leaders, coordinators in their jurisdictions, and then also the Nodes.
Jaclyn is the chair of the transparency platform committee. Of course, Kevin is one of the leads in the transparency platform committee. In that committee, we do the development of the platform. Also, we update the disclosure items.
This is our governance model. On the top, we have the foundation council which, as mentioned, was formed by the eight members in different jurisdiction. Then we have four committees transversing platform, supernodes, administrative, and treasury.
Who can challenge the accuracy? We were talking about how registered members can comment by using their real names. Then also, again, the comments and responses will be fully reflected on our platform.
Then, who can download? Certain information will be free. Some information will be downloaded for a fee. We do need the fee for operational purposes. ICR rating or rating agencies can actually use this information for their purposes by paying a fee. That’s who can download.
As for who can view? Based on our intention to make the industry more robust, we want everybody to be able to be able to view the information. It’s not going to be restricted by people who register.
That can probably also be put in the Node level obligations.
One of the supernode obligations that’ll be in one of the last slides, we do have an obligation for them to uphold the integrity and credibility of the GITA. That would probably fall under that type of concept.
When you do do that, you can still have the projects on there. I think the public will see that the projects that you’ve been referring are basically not very legitimate. When investors go onto the platform, they probably won’t be looking for the projects that you referred.
While the issuers are responsible for the accuracy of their own information, there is an implicit filtering mechanism, because on the platform, when a Node introduces an issuer, you’ll be able to see the Node’s name. They’ll be the referring Node. As a referencing Node, you don’t want to be ...
Operational guidelines, who can post? Issuers can post after they’re being introduced by a Node. Nodes are basically entities that provide services to ICOs. It could be a crypto exchange. It could be advisors. It could be just different entities who are involved in this ecosystem.
Once the project fills in the 37 items, then they can get a mark that’s saying that they’ve met the GITA minimum standard. You can have some types of assurance as a investor that if you find a project that has our mark, they have actually made the disclosures that ...
Right now, there’s about 75.
From that 75 different items, we went through it. We selected the ones that we felt were mandatory for investors to know.
As we’ve said, we are trying to create industry standard for self-disclosure. What we did was, when we creating the disclosure items, we reference a lot of the suggested disclosures by different governments and industries. We created from that list, a list about 75 different items.
Also, we have verifications. A lot of issuers might say, "Oh," for example, "Jaclyn Tsai is their advisor." Unless Jaclyn goes and confirms it, they won’t get a verified check on it. That’s pretty important because we’ve talked to a few of our foundation council members. A lot of their ...
Then we have a transparency index. Basically, on the platform, we’ll be able to sort by the percentages of disclosure made by a project. If you’re a investor and you want to see projects that have disclosed above 50 percent, you can sort it by percentage disclosure. Then, look at ...
That’s something we need to discuss a bit more.
Everything that is posted on the platform will basically be open to the public. Everybody can see all the responses. Everybody can see all the responses to disclosure items made by the project. If they make any amendments later, you can also go to history and see what they had ...
If we see something that’s incorrect, somebody knows that, and they want to express their opinions that it’s incorrect, they can actually put that on there using their real name. The projects themselves can then respond to what the register...
What we do is we have the public monitoring. Individuals who register on our platform using their real name and as subject to KYC, they can comment on the information disclosed by the issuers.
Exactly. As we mentioned, this is a self-regulatory organization or what we’re trying to do is make it self-regulate. The disclosure items are filled in at the discretion of the issuers. Also, the issuers have to ensure their own accuracy.
At the core of the GITA is the transparency platform. As I mentioned, we really want to bridge information gap between investors and the issuers. Our platform will allow issuers to post pre- and post-crowdfunding information. Unlike some other information disclosure platforms that we’ve seen are rating agencies that only ...
Our basic mission, first, is to protect investors. We saw a lot of scams in the last two years. What we’re trying to do is to bridge that information gap to reduce the number of scams in the ICO industry. The second is to create an industry standard for self-disclosure. ...