As we announced earlier, on February 6, 2018, the Banking, housing & urban affairs Committee of the US Senate hosted hearings with the heads of the US Securities and Exchange Commission and the Commodity Futures Trading Commission. The main message that the crypto community heard in the discussion results is that US lawmakers and regulators do not see a threat from the cryptocurrency and they are given a "green" light to its development.
At the same time, very few people paid attention to the words of the head of the Securities and Exchange Commission that coins (tokens) sold through the Initial Coins Offerings (ICO) are mostly securities.
"All the ICOs I saw - securities," he said repeatedly during the speech and answering the questions of the senators. This means that each ICO that sells tokens (coins) as securities must be conducted in accordance with a procedure similar to the issue of securities described in US federal law, i.e. with the initial registration of the prospectus by the Securities and Exchange Commission. Otherwise, such ICO is unlawful and will have all the ensuing consequences: fines, freezing of accounts and assets etc.
The priority of our company is the legality of doing business, as a guarantee of protecting the interests of investors. In this regard, we can not ignore the point of view of such an influential regulator.
As far as registration of the prospectus (in our case, of the tokens issue) in the Securities and Exchange Commission of the United States is quite expensive both in money and in time, which certainly will not benefit the capital of our investors, we chose the path by which, we think, most companies will go if their purpose is not to deceive their investors.
We choose the path by which, we think, most companies will go if their purpose is not to deceive their investors. Therefore, without waiting for complications, we decided to change the concept and abandon the classical ICO or tokensale scheme in favor of issuing our own cryptocurrency, which will enable us not to depend on the decisions of any regulator in the securities market. The VNN token withdraws from turnover. In return, each investor becomes the owner of units of demand notes accounting - "units".
Everyone who invests his funds in the development of our blockchain and the crypto currency based on it, becomes a participator of the unitsale and acquires the rights of demand. The corresponding equivalent units will be reflected in the investor’s personal account.
Having decided to buy VNN units in the process of Unitsale, you become a priority user of the blockchain. All members of the Unitsale receive priority addresses of purses in the address space of the blockchain. This means that the system will distinguish such an investor from all other users of the blockchain, and it will always have the highest priority when processing transactions, decisions of the Arbitration or Notary. Also such address gives the right to participate in voting on the most important issues related to blockchain and cryptocurrency VNN. This feature of priority addresses is prescribed in a smart contract and is not subject to change.
The list of issues, the order for making decisions, the procedure for submitting proposals for consideration by the priority community will be developed separately and implemented After launching our own Ventureon crypto currency. The units will be converted into it at a rate of 1:1.
We did not forget about the members of the bounty. Their remuneration will be displayed in the personal account after completing registration on the site https://vnn.money.