Genaro Network Attends Blockchain and Finance Symposium in Dublin
Dublin, Ireland — On 6 May Luke Sheehan, Genaro Network’s Head of EU Business Development, attended the 6th DCU Quarterly Symposium on Capital Markets and Fintech in the Irish capital, which focused on ‘ICOs and Cryptocurrencies’.
The meeting was held at the HQ of Dublin legal firm Arthur Cox and was led by lawyers from that company and blockchain authorities from the DCU (Dublin City University) Centre for Cloud Computing and Commerce.
Pearse Ryan, a partner at Arthur Cox and a member of the Irish Blockchain Expert Group, delivered the opening speech. Ryan introduced the core legal issues surrounding ICOs and business. As a member of the EU and competitive smaller nation in the global economy, Ireland’s authorities refer to a variety of bodies and systems, all of which are gearing up to make coherent responses to the rise of crypto and blockchain.
These range from tentative policy advice papers to actual new legislation, from the United Nations Commission on International Trade Law’s (UNICTRALS) new ‘Model Law on Electronic Transferable Records’ to reports like the Irish Department of Finance’s March discussion paper on the topic. This latter found that blockchain technology (sometimes called Distributed Ledger Technology or DLT in the bureaucratic world) has “the potential to be as transformative as the arrival of the Internet or email.”
An emphasis on the arrival of a substantial new development was echoed in further talks on fiscal responsibility, the framing of possible legislation and tax issues. Questions and open exchanges among the audience likewise focused not on ‘Whether’ crypto should be accepted but rather ‘How?’ For instance, the problem of whether tokens should be considered ‘Securities’ came up repeatedly, but with this as with other key categories there was a tacit agreement that it can be difficult to apply traditional terms to new technology.
Legislature Evolves as Crypto Enters Mainstream
Some participants did seek to raise broader questions on the legality or long-term viability of cryptocurrencies and the token economy, but these questions formed a minor part of the discussion.
Genaro contributed a final remark on the character of legislative responses to new technology and the Internet, which over three decades has often proved to be frustratingly slow or else rushed and unduly harsh or restrictive. In Ireland, as Pearse Ryan had himself pointed out, there is “surprisingly little” legislation around cloud computing, despite its being fundamental to online business — and blockchain companies like Genaro are already moving to disrupt the cloud storage space. Ryan concurred, adding that the apparent “lurching” of legal bodies over technical matters had been a problem in the past, but that this tendency was beginning to see improvement, with considered international responses to blockchain being a solid example. Though it can be seen as a source merely of prohibitive measures, with the right framework legislation can actually be a “highly positive factor” in growth and development, Ryan added.
Discussion after the talks underlined the emerging potential of Ireland as a European leader in blockchain, with the forthcoming launch of Consensys in Dublin joining other welcome initiatives in the area.
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- About Genaro Network -
The Genaro Network, the creator of the Blockchain 3.0 Ecosystem, is the first Turing-complete public chain that incorporates a decentralized storage network. Genaro’s original SPoR (Sentinel Proof of Retrievability) with PoS (Proof of Stake) mixed consensus mechanism aims to create a blockchain platform with a processing speed of tens of thousands of transactions per second, which opens the way for the technological shift to move data from centralized clouds to blockchain with decentralized storage. Genaro offers developers a one-stop combined platform for deploying smart contracts and storing the data needed for DAPPs, while also providing everyone with a more trustworthy Internet and a sharing community.
Official Website: www.genaro.network
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Originally published at genaro.network.
