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Block.One ICO Sets New ICO Record with $185 Million in 5 Days

Last Updated September 23, 2020 12:01 PM
Samburaj Das
Last Updated September 23, 2020 12:01 PM

Blockchain startup Block.One has set a new record by raising approximately $185 million in ether, Ethereum’s native token. In doing so, the crowd sale has surpassed the previous record ICO of Bancor which raised $153 million last month.

As the developer of the EOS.IO software, Block.One claims to program its software to put businesses on a blockchain by supporting ‘distributed applications that have the same look and feel as existing web-based applications’ citing the many advantages of the decentralized technology in its ‘transparency, security, process integrity, speed, and lower transactions costs.’

Specifically, the software developer claims to introduce ‘asynchronous communication and parallel processing’ frameworks to support ‘hundreds of thousands of transactions per second’ for commercial-grade businesses.

“The software is intended to allow developers to build their own high-performance applications on the blockchain and deploy their own monetization strategies without requiring users to necessarily pay to use those applications,” the developer added.

The startup has raised 651.902 ether in exchange for 200 million EOS tokens, representing 20% of the total 1 billion EOS tokens being distributed. 700 million tokens will be split and evenly distributed over 350 consecutive 23-hour periods of 2 million tokens each. The remaining 100 million EOS tokens will remain reserved for the startup’s founders. The founder’s tokens will be released over a period of 10 years, if “a blockchain adopting the EOS.IO software is launched,” the company added.

The five-day sellout is in spite of the planned 341-day long token distribution sale which began on June 26, 0217. “We felt an approximately year-long token distribution was the best method to ensure people receive fair market value for EOS tokens” explained Block.One CEO Brendan Blumer.

This relatively long time-frame, the company added, was a marked move to curb the usual frenzy accompanying short token sales. The quick sell-out, however, shows that enthusiasm for ICOs among investors is stronger than ever.

Stay tuned for more EOS coverage.

Featured image from Block.One.