IOST Powers Forward In Raising Compliance Standards In Accordance With Japanese Blockchain Regulations
With the advancement of compliance in digital assets, many countries and regions have released related regulations and guidelines. As one of the most mature blockchain markets, Japan is one of the earliest countries to regulate the blockchain industry and provide consumer assurance and protection.
In May 25, 2016, the amended Act on Settlement of Funds was passed and took effect on April 1st 2017. In order to comply with Japanese laws, IOST has been actively encouraging DApp development teams to build valuable DApps and working with casino DApps teams for solutions since Sep 2019.
For End Users
IOST respects rules and regulations in every market. We have informed every developer of casino DApps to block IPs of users from China and Japan. IOST works closely with governments and shall always respect the boundaries and regulations for its community.
Up until Oct 21, 2019, there were 49 DApps developed on IOST mainnet, with 11 of which needed improvement in compliance, accounting for less than one-fourth of all IOST DApps. The low proportion was due to the fact that IOST never encouraged developers to construct casino DApps, while providing extra support and assistance for quality DApps, in order to promote the development of DApps.
Open-Source Platform Management
As an open-source platform, IOST public blockchain allows any developer to build upon it. Hence, the IOST Foundation does not interfere in the development of any DApp. However, the Foundation communicates with developers on a regular basis, offering suggestions regarding long-term operations and the construction of a healthy DApp ecosystem.
Relationships With DApp Teams
IOST strives to build a decentralized platform and it does not intervene directly in the commercialization of DApp products. On the contrary, IOST communicated with teams of casino DApps and provided constructive advice on building a healthier IOST DApp ecosystem in collaboration.
IOST DApp Ecosystem
IOST DApp ecosystem obtained radical improvement in its quality, thanks to the Foundation’s efforts. Within two months, the statistics of non-casino DApps (three major measures: DAU, Transactions, and trading volume) has increased rapidly to form the majority (above 50%) of each measure.
According to data on DAppRadar.com, casino DApps now account for less than 21% of all DApps in 7-day DAU, transactions and trading volume. This means that in DApp ecosystem, the proportion of casino DApps is relatively low compared to the activity of non-casino Dapps.
Establishing Industry Standards To Promote The Compliance In DApp Industry
IOST has already stood out among public chains with its strong compliance position and focus on valuable Dapps outside of casino gaming. IOST also take an active role in the development of its DApp ecosystem and constantly encourage developers to build quality games.
In collaboration with traditional game publishers, IOST launched a series of featured games, including Xianjian 5 and IOST Legend. The latter led IOST into a new era of DApp ecosystem: bringing traditional games users to on-chain games, and offering optimal gaming experience to users while giving them high rewards. Meanwhile, Xianjian 5 represents a milestone in the combination of game and blockchain.
IOST has also attracted a great number of developers with its Featured DApps Program to build on IOST mainnet, and launched a number of quality games: CryptoNinja, Herorats, XPET, IOST Crypto Sanguo, and Eternal Fafnir. CryptoNinja fully demonstrates the value of blockchain technology being the first full on-chain DApp; Herorats combines games with public welfare to increase the value of games; XPET explores a different way of DApps with its new module of cross-chain game asset authenticity.
IOST shall continue to establish leading industry standards and embrace compliance, to promote the legal development of DApp ecosystem.
As an open-source platform, IOST will continue to improve the DApp ecosystem through communication with developers and support for quality DApps, while ensuring the maximum level of decentralization of the mainnet:
- The amount of casino DApps is now below 20% of all DApps.
- Chinese and Japenese IPs are blocked from casino DApps.
- DAU, transactions, transaction volume and other measures of casino DApps accounts for less than 21% of the whole ecosystem
- Address the risks of casino DApps in community announcements and daily notifications, to warn users of the risks of asset loss and addiction.
- IOST enhances collaborations with other quality DApp teams by providing resources and stops the promotion of sensitive content.
Compared to Ethereum and multiple other mainstream public chains, IOST has obtained the highest level of compliance in DApp ecosystem, which will be a major boost for IOST in its bid to access the Japanese blockchain market.
IOST believes that its efforts in compliance will become a good example in the industry. A strong level of compliance is critical for unleashing the potential of blockchain and promoting its mass adoption, and to share the benefits of blockchain technology with the general public.