When we mention cryptocurrency, we tend to forget that the true revolution is being instigated by a new technology known as Blockchain: a public register, shared and encrypted, that allows users to validate information between them, without intermediaries, and in a safe environment thanks to the permanent traceability of operations.
The lack of regulation of cryptocurrencies linked to Blockchain technology and Smart Contracts creates intrinsic operational and legal risks and threatens the opportunities that users and investors may have of taking part in a technologically advanced financial system.
“In accordance with MiFid objectives, unless there are clear conditions safeguarding trust and protecting against any conflict of interests, the financial system will always pose the same risks for investors and the economy. In order to end “Fake News” and “Subprime credits” we must have at our disposal the traceability of each process. Taboow.org wishes to contribute to the solution of this kind of activities by creating a community dedicated to asset (such as Fitch or Standard & Poor´s) and economic agent qualification (including those who issue qualifications). The cryptocurrency TABU is a common good connecting the qualifying community with the economic agents. Our society needs reliable information.
Without a financial democracy for our society, there will be no economic sustainability or democracy” states the systems engineer, icon of the fight against financial crimes in Europe- “Taboow aims to consolidate a platform based on a Blockchain network that promotes loyalty and safety in a financial market increasingly changeable and unprotected. Taboow offers users who want to take part in crypto financial innovations a tool which allows them to protect themselves, guaranteeing compliance with legal requirements and good practices, without the need to consult traditional legal consultants or private auditors. Taboow shall offer reliable financial and economic information, protecting its users from any conflict of interests.”
A revolution that completely changes the paradigms of traditional finances and monetary systems known to date.
Thanks to the platform taboow.org a project developed by the Hervé Falciani together with the non-for-profit Association Tactical Whistleblower which promotes TABU, a sustainable cryptocurrency, it will be possible to introduce decentralized controls and supervision processes to know its users and source of funds or employment, among others. It implements measures from the traditional financial ecosystem “Know Your Customer” (KYC) or “Know Your Customer´s Customer” (KYCC), but based in a quality-controlled rating, which does not exist in the traditional financial system. Each control process shall be totally traceable in real time. This way, user´s safety is being preserved, reducing the risk of potential commercial or financial relationships with individuals or companies involved in money laundering linked to drug trafficking, financing of terrorism or similar. The limits and true value of any information or ratings provided becomes accesible.
Taboow rests on two pillars:
1/ A publication platform BCA (Blockchain Certification Authority): an indelible registry where in real time, ratings of assets and economic agents are stored, updated and may be consulted under the supervision of Taboow.org.
2/ SureNet: a decentralized network where a number of certifiers qualify the assets and economic agents at the request of Taboow.org users and under its supervision.
TABU: A NEW DIGITAL ASSET
The TABU token is a digital asset offering its holders access to the specific services abovementioned and others linked to Blockchain, cryptocurrencies, Smart Contracts and ICO. This token will be listed in the Exchanges and may be bought and sold. These tokens will be issued during the ICO using a designed ad hoc Smart Contract. The number of tokens issued during the ICO will depend on the number of tokens acquired by users. When a user requests a specific number of tokens the platform shall issue the same number of tokens as those requested. Once the ICO is closed, the number of active tokens shall remain stable. Additionally, Taboow affirms that members of Taboow will not be able to sell their tokens below the issuing price.
FROM DIRECT DEMOCRACY TO FINANCES FOR ALL
The present financial sector is hermetic and lacks transparency and traceability, according to Falciani- “Cryptocurrencies open the financial business and allow it to expand instead of remaining in the hands of the few. Users will now be able to enter this sector, inform themselves and take part, not only as users but also as financial providers, observing privacy and responsibility.”