Blockchain technology is the platform upon which cryptocurrencies are built and allow the cryptocurrencies to function. However, the power of the blockchain technology extends far beyond the world of Bitcoin and Etherium. Blockchain, a decentralized network that allows users to authenticate transactions, is being called the next great innovation which will bring about the next industrial revolution. The promise of blockchain extends to both the private and public sectors.
Smart contracts are the mechanism that allow blockchain to function. A smart contract is written in computer code and resides on the blockchain. When the triggering condition is met, the remaining conditions will be self-executing. If the triggering condition is not met, the smart contract will fail to execute and the parties to the contract will be restored to their original positions as if the contract never existed. The body of law governing smart contracts is very new and cautious guidance is prudent.
The most well known cryptocurrency is Bitcoin. Bitcoin in a cryptocurrency, that is a subset of cryptotokens. Crypototokens are an integral part of the blockchain technology. As the blockchain technology continues to evolve, the use of cryptotokens will also continue to be refined. Depending upon how the crypto is used it can function like an incentive reward used by retail companies or frequent flier miles offered by airlines.
Initial Coin Offerings
An ICO is an initial coin offering. Start-up companies are using ICOs to raise investment capital in the company. An investor must approach an ICO with caution to avoid being defrauded. A start-up company must proceed with caution and follow the ever-changing regulations. Due diligence is a must here whether you are the investor or the company.
At each stage of the business lifecycle, the business has different needs and issues. Almost every issue that a business confronts, has a corresponding tax component. Structuring your business deals, from funding through liquidation or sale, in consideration of the tax laws will mean that you and your investors keep more of the money in your pockets.
Attorney Fees Awards
Whether you are seeking an award of attorney’s fees or defending against an award of attorney’s fees, you will need counsel who understands the bifurcated process. An expert’s report, submitted to opposing counsel, might even be persuasive in an early settlement to the process.
A skilled trial lawyer will preserve all issues for appeal during trial. A skilled appellate lawyer will find the issues that present an appealable issue; sometimes even when the issue has not been properly preserved. A successful appeal requires an attorney who is skilled at both drafting persuasive legal argument as well as oral argument.