New Capital’s Journey Report #1: Striving for Trust Through Transparency

New Capital’s Journey Report #1: Striving for Trust Through Transparency

blockchain-based projects

With the mission to power and motivate the development of blockchain-based projects that enhance the mainstream adoption of digital assets, the team at New Capital has recently launched their first project — win.win.

The win.win platform is a decentralised P2P exchange which powers the exchange of cryptos between individuals. This is regarded as the truest form of decentralisation.
The management at New Capital has registered their disappointment and surprise as regards the absence of transparency in the blockchain industry.

Edwin Terek, chief visionary at the company explained that: “The biggest revelation and disappointment has been the lack of transparency in the blockchain industry, ”
“One of the main ideas of blockchain is to promote trust. Yet, many of the participants behave in a way that is completely contrary to these ideals, and brazenly display a complete lack of transparency.” Terek continued

Key personnel of New capital had their start in major regulated industries such as telecommunications. Since they are probably used to doing things by the book and having a regulatory framework to make reference to in their former industries, the poorly unregulated crypto market pose a great challenge for them.

Alex Rožanski, business development manager at New Capital addressed this in a statement which reads:
“We understand that this is an emerging and disruptive technology, but we think that the bar for acceptable standards of transparency is currently set far too low” “We are in the early days of the blockchain, and many regulations will be introduced and enforced in the coming years. Until then, participants will have to decide for themselves what level of transparency they expect from their service providers, and should only do business with those who are able to provide the required level of comfort.” Rožanski continued.

The increment in the number of third-party blockchain relates to service providers such as crypto exchanges inhibits the progress of the industry into becoming a truly decentralised ecosystem. Currently, both New Capital and their community members rely primarily on third-party providers for important services such as masternodes hosting and coin exchange. In order to minimize its exposure, the New Capital team makes attempts to reach out to those behind these services, strangle very few of them are open to this idea.

“We have been approached by numerous service providers who wish to list our win.win project and its TWINS coin on their websites, and, in turn, would like us to recommend their services to our community, ” Terek explained.
He continued that: “Of course, we attempt to perform some due diligence on these companies, with the minimum requirement being a video conference with their key management. We are surprised and disappointed by how often we are refused this basic request. It seems that many participants are not even willing to have their identities revealed, something that we would consider a basic principle in promoting any level of trust.”

This has however not deterred the New Capital team from making sure it meets up with the management of these companies and services providers before using them. Just recently, the team proved that it means business by paying a visit to Bitsane, a crypto exchange that lists the win.win TWINS cryptocurrency. The team also paid a visit to Crypos.io, a provider of an automated shared masternode platform for TWINS.

“Our face-to-face meetings with Bitsane and Crypos.io were extremely informative and fruitful,” commented Alex Rožanski, business development manager at New Capital. “We had the opportunity to ask in-depth questions and gained valuable insight into the management and workings of these companies. On this basis, we were able to list Bitsane and Crypos.io as recommended service providers, and this affords a strong measure of comfort and confidence to our community.” Rožanski continued.

One thing has become quite clear, New Capital is committed to ensuring that some level of trust is established with its service providers. Following this process, the team will be encouraging an increased level of transparency within the blockchain ecosystem. New Capital is also committed to speeding up this process since what they are doing is not a strict audit or technical evaluation.

“Rather it is an informal process to drive transparency, whereby we will gain insight into the management and operations of the relevant service providers. From these interactions, we will be able to form a general opinion regarding the reliability of their services, and pass on recommendations to the community at large.” Edwin Terek explained

Several events have proven that the New Capital, takes their philosophy of ‘trust through transparency’ strongly. The team also maintains that the blockchain community needs to start demanding for an increased level of transparency from their service providers. This is necessary for the growth of the industry as it is the primary way of ensuring ‘bad actors’, are eliminated.

See more details on New Capital website.

From New Capital press release materials

Please follow and like us: