Half way through Gary Vaynerchuk's keynote at the ChainXChange Conference in Vegas this year, he warned against the speed and greed he has been observing in the blockchain space.
"99% of the browsers and search engines that people made lots of money in the mid 90's went out of business. I think it is very important for people to understand that it is likely that 90-99% of the (cypto)currencies will not make it"
There are also well known horror stories of ICOs that vanish or steal funds with Ernst & Young reporting that 10% of the $3.7 billion raised in ICOs is missing or stolen.
Our team at GNY was hyper-aware of this environment, and its pitfalls, as we set up GNY and planned our long-term goals. One of the most important decisions we faced was where to base our ICO and how much transparency we wanted to ensure for supporters.
Our focus on accountability and stability made the decision to base our ICO in Jersey a snap. As part of the UK, the island (the largest of the Channel Islands) has long been an international finance hub which has recently moved to embrace blockchain. To share some of our thoughts we asked GNY Co-Founder Cosmas Wong to list the top 4 reasons why GNY based its ICO in Jersey.
1. We were very familiar with the jurisdiction. I’ve worked with Jersey regulators before, we understand the laws and some of our investors are based there.
2. Jersey is well known as a very stable international financial centre, supported by excellent law firms, accounting firms, administrators and other professional staff.
3. Jersey authorities want top quality ICOs to come to Jersey and so the guidelines for ICOs are clear and practical.
4. It’s nice to be the first of anything! This is not just the first utility token to launch in Jersey under its new guidelines, it’s also the first decentralised ML system on the blockchain.
All this is to say we have taken the time to build a strong foundation for GNY. We intend to add considerable function and power to the blockchain community through our proprietary cross-chain and on-chain machine learning functionalities. However, most importantly, we are committed to sustainable growth, not overnight success and failure. To achieve that we believe that providing transparency and clear reporting on our progress is crucial. Jersey's excellent infrastructure helps us achieve that.