Block.one has raised $4bn through the token sale of its blockchain platform, marking the end of the biggest initial coin offering (ICO) in history.
The company has closed he token sale for its EOS project, eclipsing the previous record of $1.7bn raised in Telegram’s private sale last month, according to Blockchain News.
Block.one recently released version 1.0 of its open source EOSIO blockchain software, which is set to enable businesses to rapidly build and deploy high-performance and high-security blockchain-based applications. EOSIO allows developers to write business logic that is compatible with consensus algorithms that demand deterministic execution according to the company.
An organisation’s user base can interface with this business logic using the secure public key infrastructure, bringing blockchain-level security, accountability, and auditability to their business.
The platform is designed to operate in environments without any tokens where system administrators allocate potentially unlimited resource quotas to users. Alternatively smart contracts can allocate resource quotas by other means, such as token staking, market fees, or voting. This makes EOSIO ideal for both enterprise and community-driven blockchains.
Block.one, the company behind EOS, hasn’t specified how it plans to spend the money. They are set to hire developers near their CEO’s and CTO’s home bases in Hong Kong and Blacksburg, VA respectively. Additionally, at least $1bn will go towards a venture partnership that EOS launched to jump-start third-party development on the platform, according to Blockchain News.
North America led the way for the cryptocurrency market last year, receiving a total of $535m, according to data by FinTech Global. The region secured 63 per cent of the $852m which was invested in the year, the next biggest are was Europe with a 31 per cent share.
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