Transparency Explained
Transparency has long been a problem with traditional trust management platforms.
Managers, and therefore their investors are tied to a single broker and exchange. Additionally, there is no consolidated and reliable source of information for investors and brokers have the technical ability to influence their managers trade history data, making it impossible for the investor to separate the real trade history from the inflated.
The mechanisms of investment, commissions and distribution of profits are hidden inside the trading platforms calculations and are not open to market scrutiny. This deprives investors of information, flexibility in their choices and limits the ability of managers to attract new funds and investors.
Many Ponzi schemes have been created under the guise of trading currency, stocks and other assets. Fraudsters rely on the fact that technological solutions for trust management are very complicated and non-transparent. As a result, investors lose their money and confidence in the market declines.
Genesis Vision has created a unique, simple and efficient solution to trading transparency. By using ethereum smart contracts a whole host of functions become automated and are transparent to the public.
The Genesis Vision platform uses Ethereum smart contracts to perform the following functions:
- Registration of a new broker, exchange or fund
- Registration of investor
- Creation of managers accounts
- Issuance and management of manager coins
- Profit distribution between coin holders
- Interaction with integration modules
Genesis Vision offers an open source of reliable information about the statistics of the network participants’ activities and an absolutely transparent system of investment and profit distribution using smart contracts.
This has become possible with the advance of blockchain technology and introduction of Ethereum smart contracts. Blockchain contains unmodifiable and unfakeable records. Coupled with blockchain publicity and functionality of Dapps — decentralized apps, based on Ethereum — this allows to build a trading platform that would surpass the current investment system in terms of speed, instrument diversity, freedom and, most importantly, honesty — this is what the finance industry lacks badly. How is this transparency achieved?
At the beginning of reporting period, broker’s trading platform plug-in generates a crypto key for the manager. The broker’s trading platform plug-in writes all transactions in encrypted form in IPFS*. Special service verifies that there were no history amendments, using received hashes and IPFS* data. At the end of reporting period, a key for decryption is published and the entire trading history becomes public and available for validation by hashes.
Both the transparency for investors and privacy for the managers are ensured by the open-source nature of the software. All the code of Genesis Vision platform will be published on Github, accessible for review and scrutiny, as well as compilation and deployment. Managers coins will be the main vehicle of investment — they can be traded freely and transparently between all users, and their price will be defined by the market. Also, Genesis Vision Tokens will be used in all token conversion procedures, so the price of GVT will be directly influenced by demand for the platform.
Even the process of fundraising is transparent — Genesis Vision will seek support during ICO campaign and everything about the ICO is disclosed, including distribution of the funds raised during ICO. Every wei raised during our campaign is allocated for project development.
Our system adds transparency and, on a technological level, increases asset security and information reliability. Decentralization guarantees that one person won’t be able to use the entire system for his personal interests.
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