EOS Nairobi has been centered on community since its inception. Having been one of the few EOS block producers in Africa, the responsibility on its shoulders has been great. EOS Nairobi has supported the birth and growth of communities across Africa including that of EOS Botswana and EOS Nigeria.
Even beyond EOS, EOS Nairobi has worked hard at providing the opportunity to people on the globe to access and use Blockchain technology. The barriers to entry have not been few, but the motivation to overcome challenges has been far greater. This was the force behind the birth of the African Digital Assets Forum, of which EOS Nairobi is a founding partner.
The African Digital Assets Framework (ADAF) was launched on 2nd November 2018. A few months after launch, ADAF has released the first open-source intercontinental standards, Consumer Protection Guidelines on Token Generation Events and Initial Coin Offerings.
In the spirit of community and decentralization, these standards are the product of a dedicated and forward-looking distributed community of partners spread across over 10 countries. Their collaborative effort has seen these standards grow, and we anticipate even more growth in the coming days.
The aim of these guidelines is to provide an evolving framework of minimum standards for consumers, policymakers, and entrepreneurs to follow when evaluating or participating in Token generation events of utility based tokens on distributed ledger technology networks.
It might be easy to assume that Initial Coin Offerings (ICOs) are a thing of the past considering the ICO hype that rocked the world of crypto in 2017. Money was made, and money was lost. Some of the ICOs turned out to be amazing projects, but many were scams, and even some that may have been genuine projects ended up failing. With all of this, the greatest losses were made by those who believed in projects that never worked out. Policymakers tightened the noose on potential projects and caused premature failure. Entrepreneurs backed out of investments that would have grown for the fear of them going bust.
In 2019, ICOs have been packaged differently. Every day, new projects are being launched, and funds are still being raised via Token Generation Events. While scams may be relatively fewer, losses are just as real as they were in 2017, entrepreneurs are just as wary, and regulations are getting stiffer. It is these problems, among others, that have motivated the conception of these standards.
EOS Nairobi is proud to be a contributing partner to these standards and shall keep supporting the African Digital Assets Forum as it gears up to release even more standards to empower the community.