To Be or Not To Be, Cryptocurrency Regulation
What Shall It Be?
With current market capitalization of over $200 billion and growing, cryptocurrencies are arguably here to stay. However, what form they will be staying as is increasingly becoming uncertain.
Despite mass adoption by startups, especially from the Fintech sector, cryptocurrencies remain extremely volatile, prone to market manipulation, and fragile as typified by the speculations and rumors surrounding Bitcoin’s first hard fork back in August, which led to the currency losing half its value in just under a week and dragging the whole market down. Or the now infamous comment by Jamie Dimon, JPMorgan’s CEO, which also sent 70% of the market backwards by more than half their values.
Currently, there are over 1,100 cryptocurrencies trading on the market. This is 612% more than the 180 fiat currencies recognized as legal tender by the United Nations. And while the values of these cryptocurrencies can easily be pegged to the top three cryptos, their decentralized and peer-to-peer nature means just about any trading pair can be created. In turn, this has made exchange sites the constant target of hackers and scammers and unsafe for storing cryptos long-term unlike its traditional counterpart. Majority of these exchanges are plagued with poor security, lacking the most basic of investor protections mechanism associated with the regulated financial markets. Some have even been found to falsely inflated their trading volume. And in all these, most victims have no hope of redress.
These irregularities has led to increased calls for regulation by both legal, governmental, and financial institutions across the globe in order to protect consumers and prevent the market from being abused by a powerful few.
However, wouldn’t regulation defeat the spirit of decentralization that cryptocurrencies are championing?
Regulating The Irregular?
In September, China issued a comprehensive ban on cryptocurrencies due to serious concerns over their usage and investment practices. The announcement initially sent the crypto market plunging, only to bounce back and smash through its all-time high record as easily as shaking sands from one’s shoe. Similar announcements by Russia, Bolivia, Taiwan, has met with the same reaction. Why? Because the market is decentralized and autonomous.
However, what most fail to realize is that the crypto community has inbuilt mechanisms to regulate itself. A mechanism that can digitalize and automatically enforce legally binding agreements without third party mediation. A powerful tool known as smart contracts. Smart contracts are user-defined programs specifying the rules governing peer-to-peer exchanges in an ecosystem. These rules are enforced by a distributed computer network of peers.
Smart Contracts presents a new and autonomous tool for enforcing rules and regulations in any sector or industry, including those that defy legal classification like the gig economy. Workforce in the digital age has gone mobile. Technology has rendered location inconsequential, allowing workers to work from anywhere in the world as long as they have access to the internet. This has also afforded employers the opportunity to deepen their selection pool. However, the economy of this growing industry is rife with legal irregularities and pitfalls. ConnectJob aims to resolve these problems.
ConnectJob
ConnectJob is a groundbreaking jobber system directly connecting highly-skilled and qualified workers to service seekers. Using blockchain assets, ConnectJob simplifies daily activities, allowing users to offer their services securely on a smart contract-backed platform.
Using a streamlined, geolocational app compatible with any Android or IOS device, professional workers can register on the platform to offer services in their location and connect with anyone requiring such services. Service seekers can connect to any desired service at the tip of their fingers and have highly trained professionals complete their chores for them while they relax.
ConnectJob ICO
Having successfully tested the product in Eastern Europe, ConnectJob is now ready to deploy in major cities across the globe. Investors and early users can get in early by participating in the token pre-sale scheduled to kickoff on 12/01/2017. ConnectJob will be offering CJTs (ConnectJob Tokens) at 2,400 CJT per ETH with 20% bonus on all purchases for early birds. Offer ends on 02/11/2018.
For more information please visit: https://ico.connectjob.io/
Media Contact: media@connectjob.io
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