Polkadot, which is looking to enable?independent blockchains to exchange information, has raised more than $139m in an on-going auction style ICO.
The ICO still has that has some 4.2 million, out of five million, tokens remaining. It has already raised more than 430,448 in ETH
It uses a method of increasing and decreasing market cap and prices over time. The minimum price increases with the amount of eth raised, while the maximum price decreases with the amount of eth raised. Polkdaot said: ?At the beginning of the auction the effective cap starts out high and the contributions low. As the auction progresses the contributions rise, while the current cap decreases according to predetermined formula. Once the contributions reach the cap, the 5 million DOT tokens will be allocated to contributors in proportion to their contribution.p>
The majority of the capital raised will go towards developing a new protocol that allows independent blockchains to exchange information with each other.?The aim is to interconnect different chains, which would be particularly useful for connecting private blockchains with public blockchains.
?Our aim is to reshape the existing internet structure into what we are calling Web3: a completely decentralized web. Polkadot is built to connect private/consortium chains, public/permissionless networks, oracles and future technological developments yet to be created in the Web3 ecosystem. It enables an internet where independent blockchains can exchange information and trust-free transactions via the Polkadot relay chain, with the key tenets of scalability, governance and interoperability.p>
It consists of many parachains with potentially differing characteristics which can make it easier to achieve anonymity or formal verification. Transactions can be spread out across the chains,?allowing many more to be processed in the same period of time. Polkadot said it ensures that each of these blockchains remains secure and that any dealings between the are faithfully executed. The Web3 Foundation will commission?Parity Technologies to build the Polkadot network with the Genesis block launch of Polkadot anticipated to happen in Q3 2019 according to its website.
A number of blockchain-based startups are in the process of running ICO at the moment. Eidoo recently launched a new blockchain asset experience after raising ?20m through an ICO. The startup, which claims to be a?blockchain-to-human interface, claims to have raised ?20m since launching its ICO on October 4th.
While Singapore-based blockchain startup Change recently raised $15m from its ICO as its looks to create a global FinTech network that defies the norms of traditional banking. Change, which claims to be the first global decentralysed crypto bank, believes that the acceleration of blockchain will make banks obsolete. The startup says it will offer its customers a card and access to a marketplace of Fintech.
Copyright ? 2017 FinTech Global
