Baofeng Partners With Bitcoinfile To Dodge ICO Ban
28 December 2017- Accordign to PingWest, Baofeng BFC announced strategic cooperation with Bitcoinfile, which is another bitcoin fork at blockheight #501,225.
Baofeng Player, aka Storm Player, is a listed (SZ:300431) company in China. Founded in 2003, the Company offers comprehensive video player solution in one program. The software became so popular that its user base grew quickly. With millions of users, the Company went IPO in 2015 and was listed in Shenzhen Stock exchange. The latest endeavor of Baofeng to integrate blockchain and CDN (Content Distribution Network) is nothing new with Xunlei taking the lead several months ago. However, the token issuance is linked to IFO, a smart by-pass under the current ICO ban in China.
On 8 December 2017, price of Baofeng rose by 10% in Shenzhen Stock exchange after its trading resumed. Obviously the market learned that the new product under Baofeng incubator has been massively over-booked. The 1st batch, or 2,000 sets, of Bokuyun hardware was sold out almost instantly and second batch (500,000) too. At 5,999 yuan per unit, the hardware is expected to bring 300million cash to the Company.
In return, the Bokuyun machine is expected to work like a mining machine, generating BFC tokens for its owners. Users just need to connect the machine to internet by sharing bandwidth, storage space etc. Total supply of BFC is 1 billion and could be exchanged for purchase service and products of Baofeng Group.
The team behind Bitcoinfile is relatively unknown at the moment, according to pieifo, BIFI has 210 million pre-mine tokens and will be distributed to btc holders at 1:1000 ratio.
Bitcoinfile (BIFI) Info (credit:pieifo)
In a interview conducted by Tencent , Cui Tianlong, CEO of Baofeng Xinying, denied the copying of Xunlei model, He said that target of such blockchain experiment was to become a provider of platform service and bottom layer protocol. He didn’t care about the BFC tokens.
As a listed company, it’s of critical importance not to breach current laws and regulations in China. The BFC token is suspected an ICO under the disguise of ICO. Besides, many projects were promoting in the name of “blockchain” but they had no connection or substantial contribution to the industries. Xunlei account requires ID verification and token transfer could only be conducted in certain period. All of these centralized features are deviation from the decentralized and censor-resistant