The Blockchain Technology Foundation, found online at BCTF.io, aims to create a United Nations-style governing structure for the blockchain industry. Find out how it works today in our review.
What Is Blockchain Technology Foundation?
The Blockchain Technology Foundation, or BCTF, is a blockchain-based organization that announced itself in early April 2018. The goal of the organization is to foster a sense of community within the blockchain industry.
The BCTF announced itself through an unusual YouTube video. Backed by some snazzy electronic music, the video features taglines like “when we’re no longer afraid of banks and governments” and “join us and claim your future.” The background of the video features shots of cities like Frankfurt and crowded Asian city streets. It’s a weird video, to say the least, and it explains nothing about how the Blockchain Technology Foundation operates.
Nevertheless, a press release announcing the organization did a slightly better job of explaining the organization’s goals, which include:
- Uphold and protect rights across the industry
- “Widen perspective”
- “Provide guidance, assistant, and grants”
The organization sees itself as a group that’s “leading the charge on the blockchain technology throughout the world.” The website, meanwhile, expands on the ideas listed above by saying the following:
“To revolutionize society as a whole, the blockchain technology will give rise to new forms of the local and state government, which until now existed only in the dreams of utopian philosophers. The Blockchain Technology Foundation will ensure a smooth, lawful, and swift transition of power and influence”
How Blockchain Technology Foundation Works
The Blockchain Technology Foundation, or BCTF, will focus on three broad aspects of the blockchain industry, including:
The BCTF will work with partners from a broad range of sectors to advocate for the adoption of blockchain technology and support the development of better industry standards. The BCTF and its volunteers will perform advocacy work, lobbying governments around the world for better blockchain standards.
The BCTF will serve as an educational hub for businesses and regulators that wish to learn more about blockchain technology. The organization will “produce content and events that bring key insights” into the blockchain space.
The BCTF will facilitate partnerships between different members of the blockchain community. The organization will particularly focus on building commercial, educational, and civil alliances that support the needs of members.
All of these goals are fairly vague. We know that the organization broadly plans to support education and advocacy initiatives, for example, but we don’t know how they plan to support those initiatives – or which specific programs they plan to implement.
One thing we do know about the Blockchain Technology Foundation is that it will have a utility token called the BCTF token. That token will be used for voting, among other purposes.
How Do BCTF Tokens Work?
BCTF tokens will be simple ERC20 tokens. Initially, the tokens will not have any real function. The organization will launch second generation tokens, meanwhile, in the near future. The main function of the first generation BCTF tokens is that you can exchange them for second generation tokens.
There will be a total supply of 3.86 trillion tokens. The second generation tokens will have the following features:
- Vote on BCTF proposals directly from your BCTF token wallet
- Pay a single commission fee of 0.75% for transactions
Of the total supply of tokens, 65% are allocated to investors, 10% are allocated to startup companies, 3% are distributed to BCTF regional offices, 5% are reserved for a “Due Process Oversight Fund”, 10% are saved for volunteers and evangelists, and 4.5% are saved as a reward for the creators of the BCTF.
The Blockchain Technology Foundation whitepaper mentions the impending cryptocurrency bubble crash: the majority of tokens (65%) are reserved for investors “who suffered losses due to the cryptocurrency bubble within 5 years”.
How To Join Blockchain Technology Foundation
The Blockchain Technology Foundation doesn’t appear to have many concrete goals or objectives. However, the organization is already accepting applications. You can join the organization as a regional BCTF representative.
“We are a non-profit, which means that we’re heavily reliant on volunteers and enthusiasts. This is your chance to create a future for yourself and leave a mark on posterity!”
There are three different member types within the Blockchain Technology Foundation:
An NGO that is established and registered within the foundation.
An individual, institution, university, local or national government, or international organization other than an NGO that is established and registered within the foundation.
An honorary member is an individual chosen by the Board of Directors or the General Consortium from among people who have made substantial contributions to the crypto industry.
All members have the duty of promoting the adoption of blockchain technology “through engaging and education business leaders, regulators, and global decision and change makers.”
The foundation will also be divided into a number of United Nations-style groups, including all of the following:
- General Assembly
- Board of Directors
- Board of Supervisors
- Board of Advisors
- General Consortium
- Eligibility and Strategy Development Committee
- Expert Commissions
Who’s Behind Blockchain Technology Foundation?
The Blockchain Technology Foundation appears to be led by a man named Michel de Nostredame. He’s the only listed administrator on the LinkedIn BCTF group. The organization claims to be headquartered in Zug, Switzerland, also known as Crypto Valley.
Blockchain Technology Foundation Conclusion
The Blockchain Technology Foundation is an ambitious organization that aims to position itself as the UN for the blockchain industry. The non-profit organization will consist of volunteer members – including organizations, corporations and governments – from around the world. The overall goal is to advocate for blockchain technology – say, by lobbying governments or educating the general population.
The Blockchain Technology Foundation is an ambitious project. The introductory video is a little unusual, and the website is still in development. However, the whitepaper presents a more detailed governance structure for a UN-style organization governing the crypto industry.
To learn more about the BCTF, visit online today at BCTF.io.