How the Blocknet ensures its funds cannot be misspent

How the Blocknet ensures its funds cannot be misspent

As the final day of its ITO advances, the Blocknet unveils a wide variety of accountability and trust-related measures, and publishes rules pertaining to the close of the ITO.

The Blocknet – an “internet of blockchains” – is a decentralised application platform built upon a revolution in cryptographic technology; a true peer-to-peer protocol between nodes on different blockchains. With the end of its ITO approaching, the Blocknet launches its open source Github repo, and unveils its plans for the decentralised ownership and structured spending of funds.

Trust and accountability are foremost in the minds of the public when it comes to projects funded with an ITO (“initial token offering”). For any party to collect payment first and deliver the goods later, it is imperative to reduce the risk of non-delivery as far as possible. In the case of the Blocknet, assuring investors of its credibility could scarcely be more pressing as, in the hours following the explosive launch of its ITO, it was subjected to a massive smear campaign that temporarily halted BLOCK sales.

The Blocknet now makes available its accountability measures regarding the safeguarding and regulated spending of funds. This complements its Proof of Developer (Coins Source), its appointment of Coin Representatives, and its initial commits to the open source XBridge code repo.