In South Korea, the launch of ICOICO
(Initial Coin Offerings) is an acronym, which means a primary currency offer. Details Presto blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details is open to question. The Presto project is about to file a constitutional complaint (appeal) about the ban on ICO in South Korea – as reported by Sedaily on 6 December.
The Presto project stated on its official website that it can present a comprehensive plan for development teams: from creating a website to issuing a tokenToken
– is an accounting unit that is used to represent a digital balance in an asset.Details. Recall that for the first time a startup tried to launch in the form of an initial offer of coins based on DAICO, the Decentralized Autonomous Organization in South Korea.
Presto Project: Large-Scale ICO
As you know, DAICO is a company that seeks to improve ICO's fundraising method by integrating some of the functions of DAO decentralized autonomous organizations. This method of fundraising allows users to operate on the basis of smart-contracts.
Thanks to this, users have the opportunity to vote for a refund if they no longer trust developers or lose faith in the project.
As reported by the Cointelegraph news resource, South Korea banned all ICOs last September.
Kang Kyung-won, Presto CEO and founder, said that the startup had difficulties. The obstacles are that the South Korean government and the National Assembly have not made the promised amendments to the law since the government’s total ban on ICO. Then Kang Kyung-Won announced his intention to submit a constitutional appeal: "We will ask the court to make a final decision to ban ICO or to recognize the insolvency of legislative bodies (...). The authorities equally affect not only business rights, but also science development (...) scientists’ rights" – Kang Kyung-Won.
Although the bans in South Korea strongly "restrain" the development of the cryptocurrency market, it still does not cease to exist. According to the CryptoCompare report, South Korea has recently overtook even Maltese cryptocurrencies in daily tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details volumes this November.
The founders of ICO Presto intend to appeal to the South Korean court for the reason that the project is a scientific achievement, and not a business model.
Editor: Yulia Krasnaya