After years of disarray in the crypto market, WCCS is introducing licensing measures and a platform that brings trust and honest disclosure forward to investors
(December 16, 2018) The biggest hurdle between the current crypto niche and mainstream adoption of blockchain technology is the Wild West state of the market. It’s often nearly impossible to distinguish worthwhile projects with honest aims and capable teams from complete scams with no intentions to deliver on their promises. That’s where World Cryptocurrency Standards comes in – WCCS is developing the world’s first platform for creating standards that level the playing field between crypto projects and investors.
The blockchain world is decentralized which means that there is no fixed authority that governs the various projects which appear and disappear within it. While this is a strength and selling point for the nascent technology, it can also be a shortcoming since every project is held to self-created standards. The WCCS platform acts as a safety net between token providers such as ICOs, exchanges, DApps, and users.
Simply put, WCCS holds cryptocurrency projects accountable for consistency. Often times, what projects say in marketing media such as press releases, social media announcements, and roadmaps, does not line up with the reality of what the project is delivering. This discrepancy leads to confusion, FUD (fear, uncertainty, doubt), and lost investments amongst token holders. By having these very projects apply and conform to WCCS standards, they’ll finally be held accountable, which is a huge win for users and investors alike.
Cryptocurrency projects answer standardized questionnaires on the WCCS platform. Their answers are then periodically updated according to changes in their roadmap, development updates, and other mission-critical information. All of the answers collected through the questionnaires are then kept in a transparent manner on the WCCS web platform and are publicly accessible.
There are three standards implemented by the WCCS platform.
- Each licensee must select the type of license they are applying for (token, ICO, exchange, or service provider) and declare their information in a clear, consistent, and auditable manner.
- The provided information must be honest, accurate, and without discrepancy. Conflicts of interest, unrealistic goals, and other inconsistencies will result in a loss of WCCS licensing and the removal of the project from the database.
- Users and investors can lodge complaints against projects licensed on the WCCS platform. When complaints arise, projects are obligated to resolve them rapidly and with compensation if necessary. Without doing so, projects are subject to a loss of license.
The WCCS platform introduces a new and potentially golden age of accountability in the crypto world that has, until now, been akin to the Wild West. With a strict and rigorous system in place to keep cryptocurrency projects honest and in the eye of the public, there is finally a way to maintain the decentralized nature of blockchain technology while also having clear standards by which all projects abide.
Learn more about how WCCS is creating first-ever crypto standards, watch this short but informative video.