New visionary incubator striving for transparency to build trust in the blockchain industryMarch 5, 2019
Frustrated by the lack of transparency in the current blockchain environment, New Capital is fighting to encourage service providers in this industry to provide transparent dealings so as to establish a trusted and reliable marketplace.
A rising futuristic incubator is all set to redefine the blockchain industry with its fight for transparency to establish trust in the crypto world. Named “New Capital”, this visionary incubator has the goal of supporting and advancing transformative infrastructure projects which facilitate and promote the use of digital assets. It’s first project, win.win, a decentralized blockchain platform for the direct P2P exchange of digital assets, has already been launched amidst rave reviews.
However, New Capital’s entry into the cryptocurrency and blockchain world revealed some unpleasant truths about the industry for these newcomers.
“Our biggest disappointment was to witness the lack of transparency in the blockchain industry,” stated Edwin Terek, one of the visionaries behind the company. “A basic tenet of blockchain is to promote trust. But unfortunately, many participants in the industry hold a completely contradictory stance, and that’s truly frustrating.”
Most of the key personnel at New Capital come from strictly regulated industries such as telecommunications, finance and air transportation. Thus, the unregulated business practices dominating the current blockchain industry is extremely disconcerting for them.
New Capital is driven by the mindset and ethos of ‘trust through transparency’, and the company believes blockchain participants should demand a high level of transparency from service providers. According to the New Capital management, this would be the most pragmatic way to weed out the rotten apples, especially in a highly unregulated industry. An effective process of “self-regulation” by the participants will help to create an environment of trust and security where a transformative technology like blockchain can truly flourish.
New Capital has been approached by various service providers desiring to list win.win and its $TWINS coin on their sites. In return, they would like New Capital to recommend their services to its community. According to Mr. Terek, the incubator is not against promoting these service providers, but, at a minimum, it has demanded a video conference with their management. Much to their disappointment, New Capital’s request for a video conference has been turned down on several occasions, as the other parties were not willing to reveal their actual identities.
“For us to develop any level of trust, we insist on knowing the identity and seeing the faces of the key personnel at the relevant providers. If they can’t even take this basic step, then we see unacceptable risk in doing business with them,” continued Edwin Terek.
The New Capital team is even prepared to go to the extent of arranging face-to-face meetings with the management of potential blockchain associates or partners. Thus far, two of the service providers were flexible enough to accommodate New Capital’s expectations of transparency and trust. One is the crypto exchange Bitsane.com which has already listed $TWINS. The other one is Crypos.io which has provided an automated shared masternode platform for $TWINS.
“Our physical meetings with Crypos and Bitsane were very fruitful and informative,” noted Alex Rožanski, New Capital’s business development manager. “They welcomed our extensive questioning, and this enabled us to gain valuable insights into their company. The interaction provided us with the information required for an assessment before entering into any type of relationship with them.”
New Capital is committed to establishing a higher degree of transparency in the blockchain scene, and encourages others to screen their service providers. The incubator is not proposing full technical evaluations or extremely rigid audits. Rather, they are aiming at an informal process that can effectively help to foster transparency to glean needed insights about relevant service providers.
“We believe our drive for transparency will enable us to gain solid data regarding the credibility of our service providers, and we can pass on that information to the broad blockchain and crypto community,” concluded Mr. Terek.
For more information, please visit: https://win.win/