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RE: European Financial Transparency Gateway

in #utopian-io • 7 years ago

I'm really impressed with this.
It's a great opportunity for Utopian and Steem.

Do I understand well that one of the aims of the project would be to put whole documents (in XBRL format) into the blockchain?

What comes next?
A formal design proposal?

7 years ago in #utopian-io by
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     7 years ago 

    Yes, in few phrases:

    • OAMs will be offered the possibility of running nodes (witness) of a modified "eftg" blockchain (slightly modified from steem)
    • OAMs will also have wallets and a web interface (at first, for the pilot, programmatic interfaces later on) to upload whole iXBRL documents into this "eftg" blockchain.

    The key differences here with a classic architecture:

    • uploaded data is "owned" by the OAM, securely through its wallet
    • there is a built-in configurable mechanism for assigning value (the internal "eftg token" of this blockchain, similar to STEEM) to the uploaded data
    • all this is transparent to the OAMs and the NCAs and the Commission and ESMA, the European Securities and Markets Agency; this is conducive to trust.

    In other words: building Europe is at heart about overcoming mistrust between representatives (at different levels, here the OAMs and NCAs) of different Member States. About overcoming the fear that some are paying more in the "common pot" than the others, and others are "taking more from the common pot" than the rest.

    What comes next - yes, a formal design proposal internally. It needs to be validated before it can be made public.

    We are barely starting and there are a lot of procedural hurdles to be overcome, this is completely uncharted territory for us.

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     7 years ago 

    this is great hope in Europe..

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       7 years ago 

      OK, I'm no expert at Steem development but I'd definitely be interested to keep an eye on this project as it goes on.

      I don't think the reluctance of some to engage with the EU is warranted to be honest.
      Yes there is a lot of bureaucracy and politics involved but in the end this is an opportunity for the EU to recognize the value of the blockchain.
      Going for an opensource solution would also ensure transparency.

      The licensing on any technology developed for this is also interesting.

      An organization like the EU would definitely want a contractual relationship to provide maintenance and support of this blockchain.

      Anyway, I'm sure there are many non-technological points to clarify, including legal.

      It will be interesting to see how this shapes up!

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