What’s Going On?
Apple co-founder Steve Wozniak has let slip he is working with a high-profile cryptocurrency.
Why Does It Matter?
In an interview with Null Transaction, Wozniak said: “I’m involved with, very soon, my first time being involved in a blockchain company. [It’s] called Equi.
“Our approach is not like a new currency, or something phony where an event will make it go up in value,” he told Null Transaction. “It’s a share of stock, in a company. This company is doing investment by investors with huge track records in good investments in things like apartment buildings in Dubai.”
Sounds Like A Good Idea?
Not everybody thinks so. Equi tokens are being marketed as a gateway to VC-style funding, reported The Next Web. Capital is raised by users via Equi tokens and investors who take part in ventures receive a cut of any revenue generated via successful investments.
Equi said more $7 million was raised in private, pre-ICO token sales, reported The Next Web, but by the time it was open to the public, interest had waned and targets were never met. The planned ICO was cancelled and investors were refunded.
A follow-up bounty scheme to reward users with tokens for publicising the project also saw major issues, reported CoinDesk. When you combine this with recent SEC judgements that suggest bounty programs like these violate securities law, Wozniak’s choice of cryptocurrency becomes just a little bit unsettling, wrote The Next Web’s David Canellis.