Bitcoin Forum

Hi, I’m Jared Bowie, cofounder of BlockMason, and I’m here to announce the upcoming ICO for our newest, and most exciting product development yet: the Debt Protocol.

Until now, it was only possible to move money on the blockchain in the form of cash. Bitcoin democratized the transfer and storage of money, and Ethereum democratized the creation and storage of monetary contracts. With the Debt Protocol, BlockMason has taken the next logical step in the decentralized economy: an open source product that democratizes currency creation through indelibly recorded debt and credit obligations between parties.  

In our forthcoming Whitepaper, we outline several of the limitless applications of the Debt Protocol, including virtual economies for schools or businesses, microfinancing, the issuance of retail gift cards, and vendor reward points, to name just a few - and DP enables anyone to develop them. One of our own applications of DP is about to deploy in beta version, so purchasers can test it before our ICO. Implementations of the DP can record mediums of exchange, units of account, store of value, and standards of deferred payment. In fact, because an individual need not own ether to in order to draw debt in ether, it is entirely possible to imagine a future in which debts and credits recorded on the Debt Protocol could exceed the total market capitalization of all cryptocurrencies combined,  dramatically increasing the scale of the digital economy. Our soon-to-be announced application of DP will show you one powerful way debt and credit can be protected and strengthened by the security and flexibility of the blockchain.

BlockMason is also happy to announce that our ICO will be open to all customers, including those in the United States. When the SEC recently signaled it would monitor ICOs more closely, we were delighted to see that it followed the same lines of analysis that our legal counsel gave us months ago.  Because we have been developing products and plans for an ICO of product-use tokens rather than investment tokens, we suddenly found ourselves confirmed in our plan: and soon we’ll do a worldwide ICO, perhaps the first, of US-law-compliant product-use tokens.  Rather than back away from the legal challenge of positioning our products in this new economy, we have spent the last few months carefully vetting the Debt Protocol with legal counsel.  Our legal opinion letter be available soon, along with our Whitepaper, well before our ICO.

Most importantly, At BlockMason we don’t believe in soliciting contributions based on empty promises and flashy whitepapers. Instead, we want to offer a simple, powerful, and ready-to-use protocol from the get-go, demonstrating our commitment to executing our vision and delivering on our obligations. We want to enable you to see for yourself how you can use our open source technology and develop it for any application you can think of.  That is why, in just a few days, we will invite all of you to test a fully functional and ready-to-use beta version of our first distributed application implementing the Debt Protocol. Stay tuned for an announcement about the deployment of our newest dapp to the testnet for public use.


We look forward to releasing our beta dapp, Whitepaper and legal opinion in the coming days, so stay tuned as we elaborate on the vast possibilities of this new technology. Until then, please visit our website to get in touch and stay updated on further pre-release details about our ICO.

Links:
Main site: http://blockmason.io (http://blockmason.io)  
DP site: http://blockmason.io/projects/debtprotocol/ (http://blockmason.io/projects/debtprotocol/)
Telegram Chat: https://t.me/blockmasonio (https://t.me/blockmasonio)  

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The complete information of this project seems like it still in development, For now I'll wait until all the information were complete.

good day team. i would like to reserve for Filipino/Tagalog and/or Esperanto translations if you will need them. i have been doing a lot of translations here for quite a while now. here is one of my past works  :  Monaco Whitepaper https://drive.google.com/file/d/0BwcYZ7heMjEWVC1PNEhFSzJBMms/view?usp=sharing which is some 30+ pages
good luck and hope to hear from you soon !

Coin for dept purposes is not much around. As far as I know, this kind of coins still not so familiars at the market this days.
Well good luck for the project dev.

Please reserve me the French Traduction. Thanks

Hi all.  We won't have translations for this PRE-ANN.  When we do the real ANN we will have translations, please post on that topic.  Thanks for your replies.

Can you tell me the reason to make US customer is able to invest in your project? Do you remember what has done by SEC?

This is a great project, in which many people have experience in the world of cryptocurency.
I think it will be a big investor who will be interested in joining this project

Great question.

The SEC report said that the DAO should have been regulated because it was a security.

It also said that many things that use tokens might NOT be securities -- that depends on the specific case.

For Debt Protocol, we are offering a token that is NOT a security, and we have worked closely with our lawyers to make sure of that.

We will release their legal opinion next week, and also have some blog posts explaining the legal opinion for normal people.

Stay tuned! :)

I still don't really understand about the project, making debt using a crypto currency, is this means that if we make debt by purchasing this crypto currency?
Doesn't that the same as we just buying the coin and not making a debt using this coin?
Please kindly correct my understanding about this.
Thanks.

all ico i think not support in US
include  use DAO token, what do you mean SEC is ready regulate DAO
bitcoin until now not regulated from SEC, you can give statement release SEC if DAO ready regulated

Sure, here's an easy example of the difference between Debt Protocol and a coin:

You and your friend go to dinner. It costs $10.  If you are using a coin, you could send him $10 in that coin.

With Debt Protocol, you do something different. You record in the blockchain that you owe him $10.  He confirms.  

Neither of you had to transfer any money, but you still have a permanent record of the debt you owe him.

You might think: "that's simple."  It is simple!
But once you have that basic system in place, there are a lot of VERY cool applications that can happen. We are excited to show what some of those are, and also to help the community as they find new ones!

This is correct. ICOs have not supported the US.

However, our team has more experience with US legal regulation, so we have worked hard to make sure our product can support the US.

refreshing, looking forward to whitepaper! all the best dev  :D

Well, good luck with that project. It seems interesting. Using the blockchain to record credits and debt seems logical, the blockchain characteristics are perfect for this.

When will the Beta be released?

We're targeting next week (so within the next 4-7 days).

For anyone who is code-inclined, you can check out our github here:
https://github.com/blockmason/debt-protocol

The first demo app is here:
https://github.com/blockmason/friend-in-debt-UI

These will see some heavy updating going forward, as we have some new features planned that are going to roll into the main codebase, and our dev team works fast once they get going.

wow there should be lots of use cases for DP. Looking forward to trying out the beta and excited to read your legal opinion for us ICO buyers!

And in which countries do you intend to implement this project? What legal force will he have? And how does your system help to beat debts to collectors?

Interesting. And whether it will be possible to use this program for knocking out debts from the Italian or Russian mafia? Seriously, all existing serious accounting software tracks the debt of customers. Than yours is better?

BlockMason is moving full steam ahead with their Initial Coin Offering (ICO) that will apparently be open to US investors. BlockMason is developing the Credit Protocol (CP) and associated Credit Protocol Token (CPT). With Credit Protocol, BlockMason says it has taken the “next logical step in the decentralized economy: democratizing the creation of credit.

https://www.crowdfundinsider.com/2017/08/120806-full-steam-ahead-blockmason-offer-ico-us-investors-minus-filing-sec/

Ready awaited new ico and want to often search for information on the web so that when it's so stay follow-up.

For everyone that waited for some long in he long term, i think we need to be patient for a little longer.

Yes, we have already been waiting. Question: Why did they put a warning on you? Too successful trading?

Very interesting question. Personally my opinion at the mafia-any mafia. Can only get rid of debts other mafia. Project is this?))))