Blockchain Startup, Block.one raises $4 Billion without a Live Product
Block.one, a Cayman-based Blockchain Startup is funding EOS.io, its blockchain platform through the process of Initial Coin Offering (ICO). The multibillion-dollar fundraising effort is speculated to be more than double of the second biggest offering of this type.
The investors have been backing the project solely at the back of the hype that the ICO has created and at the back of the expectation that the founders, who have run a series of other Blockchain projects can repeat the success story again.
In their ICO, Block.one is launching their cryptocurrency known as EOS.
ICO Participants will be using cryptocurrency ether in place of the Dollars in exchange of the new EOS tokens.
According to the Token Report, which is the division of New Alchemy, the Blockchain Advisory Firm, fundraising of EOS has already brought 7.12 million funds in ether value.
When the amount they had raised – $576 per ether – was converted according to the US Dollar exchange rate, it came out to be equal to $4.1 Billion.
Once the system is launched, it is expected to give support for the efficient operation of decentralized applications, which is even more than what Ethereum offers. If EOS.io becomes successful, the industry believes that it would bring greater adoption of the cryptocurrency-based technology.
EOS is the blockchain technology that functions like Ethereum, which gives a platform for Blockchain App Development. It was brought into existence in 2016 by the founder of BitShares and Steem, Dan Larrimer.
Here is the list of features that EOS comes with –
- A Constitution – It has a set of rules that everyone in the blockchain agrees on which are linked with every block that is mined.
- Parallel Processing – It comes with the ability to complete things in parallel, at a much faster transaction speed, and with lot more scalability
- Decentralized Operating System – Developers can easily build blockchain apps on EOS.
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