Another important component that will reinforce trust and professionalism in the cryptoasset industry is voluntary standards. We are offering the world the opportunity to change one of the most fundamental constructs, mediums of exchange and stores of value. Distributed ledger technology asks people to trust the code, the network, instead of a counter-party. But why should people trust the code when careless practices such as the one I describe in this article, as well as the others that we know about, continue without any real solution?

Through BTRIC Institute, I am committed to assembling the current best practices in use across the cryptocurrency ecosystem. There are a lot of good, open-source information available already, but it needs to be collected, organized into cohesive standards, subject to open review, and kept maintained and current.

Standards in certain areas, to assess certain levels of quality could then be voluntarily adopted by any project — cryptocurrency, ICO/ITO, exchange, or other crypto business. I envision an Internet Engineering Task Force like process where standards can be proposed and vetted by peers and other members of the industry. All standards will be completely free for anyone to use for any purpose.

This approach has several benefits. First, it can create a baseline for projects to follow. Compliance with any standard would be voluntary, not required, but if a standard has been shown to significantly help in a certain area, it may become de facto expected of any serious project or business.

Second, especially in the areas that are likely to come under the focus of regulators around the world, standards that are developed and implemented voluntarily by the ecosystem stand a good chance of being factors that are seriously considered by regulators. By getting ahead of the curve, there is more of a chance to shape these regulations, rather than be shaped by them. My prior experience before forming BTRIC was in advocacy before regulators and law makers. They are often inclined to work with industry if they can show that they’re taking steps — even voluntary ones — to deal with the issues.

I believe, ultimately, developing open, voluntary standards for certain things will improve the cryptocurrency field for all participants, from Bitcoin users to the largest exchanges and mining operations. That’s why I’m asking everyone involved in this community to consider supporting our launch.

Blockchain Technology Research Innovations Corporation (BTRIC) and our BTRIC Founding Donor (BFD) Token

We are currently conducting our launch fundraiser, which will get our organization off the ground and fund our operations to launch all three of our major projects, BTRIC Institute, as well as our Innovations Incubator business development and startup accelerator program, and BTRIC Labs, our R&D initiative.

From now through March 31, contributors to BTRIC receive BTRIC Founding Donor (BFD) tokens. Holders of these tokens will be recognition as a Founding Donor on our website, a free grant of something we’re calling “BTRIC Coin” (working name), and rewarded in some way by BTRIC for each project that completes our Innovations Incubator program. That program is going to build great startups that incorporate all of these best practices I’m writing about today. As these projects launch as separate businesses, they’ll reward donors to their project, as well as all BFD donors for helping to launch the overall organization. It’s a great way to be recognized as a leader in the industry, plus it rewards token holders on an ongoing basis. (Oh yeah, one more thing, it’s tax-deductible.)

We need support from those across cryptoasset community to launch BTRIC, so please consider getting involved today. Thank you for your consideration!

We are also welcoming of anyone that wants to get involved as a volunteer, or even someone that might want to work for us under contract or as an employee. Reach out to team@btric.org, or you can email me directly. I can also be reached on Telegram.

Benjamin Beideman is the Executive Director of Blockchain Technology Research Innovations Corporation, a 501(c)(3) non-profit economic development organization that is devoted to fostering emerging technologies, through business incubation and other initiatives, that decentralize the control structures that have entrenched global systems for centuries. BTRIC is proud to have earned GuideStar’s Platinum Seal of Transparency — their highest level of recognition. Contributions to BTRIC may be tax-deductible to the extent permitted by law. Contact your tax advisor for more information. Visit BTRIC’s website at https://www.btric.org. Benjamin can be reached on LinkedIn, by email, and on Telegram.