Legal, Policy & the Blockchain

Legal, Policy & the Blockchain

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  Inspirational Design Tudor Stanciu Digital2Law Bucharest,6.01.17
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  Inspirational Design2 About me •lawyer, Master’s Degree in Public International Law • 2009 – 2016: Mușat & Asociații; DLA Piper Dinu; Biriș Goran • fmr freelance writer & startup founder (mobile app & intermediary services) • 2015 – 2017: community manager / industry analyst @ TechHub Bucharest, How to Web, MVP Academy • currently: co-founder @ Digital2Law / strategy & partnerships @ Fintech Camp / chapter leader @ Bucharest Legal Hackers
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  Inspirational Design This presentation ≠legal advice ≠ investment advice
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  Inspirational Design Core traitsof lawmaking Legal framework changes AFTER society changes, NOT viceversa Critical mass before regulating (what is the impact?) The more individuals / entities are involved, the sooner a framework will appear -> seek what is applicable from what already exists
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  Inspirational Design5 Biggest challengein the digital space: fragmentation of legal systems (each country has its own) -> opportunity for self-regulation (by community) Main aspects to consider: • participation (choose resource available to everybody destined to become part of a blockchain); • security (keeping resources safe absent any decision of individual resource stakeholder); • liability (identifying & sanctioning actions contrary to common objective); Blockchain & regulation
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  Inspirational Design6 • Canthe network / product be built without a token? (utility) • How to fund it? + investment legal framework (“democratising access to investments for everybody” is a fairytale) • What is my blockchain-product/token similar to? How is that regulated? • What rights & obligations do the founding team & the users have one against the other? -> in a blockchain world, “founders” are regular employees first, “shareholders” only based on the quantity/quality/ability to stake the principal resource of the network Legal/biz token self-questionnaire
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  Inspirational Design Blockchain beyondcrypto Blockchain = a public ledger, located in and accessible from multiple (1) anonymized nodes (2) at once (3), where every transaction is time-stamped (4), node-specific (5), and irreversible after a pre-defined coded-in number of validation steps (6)
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  Inspirational Design Problems arising Multiplenodes • any legal requirements re customer persona chosen? • “multiple” = different tiers of access? Is that legal? (discrimination / contrary to consumer protection) • authentication & KYC Anonymity • who is liable for actions of nodes on the chain? • where does liability off the chain start?
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  Inspirational Design Problems arising(2) Multiple access at once – what is an acceptable uptime? Time-stamped & node-specific • what rights of access do we need from nodes to their personal data / transaction history? • what is personal data in this context? how do we protect it? Irreversible – off the chain, some transactions are reversible (sale-purchase agreements etc), how to mitigate?
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  Inspirational Design Some areasof interest • Incentivising employees in blockchain projects (token value vs stock value) • How does “shorttermism” affect long-term startup success? • Token vesting schedules • internal company token economy (later employees buy more tokens from earlier employees) • Meritocracy systems • sharing benefits, creating the relevant departments • access based on authority and duties carried • Integrating “future-of-work” and the growing base of independent contractors
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  Inspirational Design Be responsible. Buildsustainably. [email protected] [email protected]