The new blockchain startup, which aims to rival such tech giants as Microsoft, Google, and Amazon, is to launch an initial coin offering on October 23, 2017.

Boosteroid is a new cloud services platform that offers convenient access to computing power, storage, software products and other functionality.

The idea behind the project is to provide an access to cloud computing services, which are mostly the privilege of the “elite” due to their high prices. Over 70% of the cloud computing market is currently dominated by major providers, with Amazon Web Services leading the market with a share of around 34%. Microsoft, IBM, and Google account for a smaller share of 11%, 8%, and 5%, respectively.

“Computing power rental price is a problem for many users,” said the founder of Boosteroid, Ivan Shvaichenko. “We decided to remove this obstacle”.

The company is now preparing for an ICO, which will be divided into three stages. The first stage will start on October 23 and will last until November 6, 2017, while the next ICO stages will run from November 27 to December 11, 2017, and from January 15, 2017 to February 15, 2018. The funds will be spent on marketing and PR purposes as well as on the development of computing power, system software, and the BooStore application.

Last month, Boosteroid successfully completed the pre-ICO, selling 2,000,000 BTR tokens. Initially planned to continue for one week, the pre-sale was closed in just a few hours thanks to investor demand.

Instead of using expensive personal computers, people will be able to use Boosteroid’s remote service that offers a user-friendly interface and a simple management. A cloud computer can implement a wide range of tasks, such as working with texts and analyzing DNA. The project’s team also projects to build BooStore app store to allow users purchase new apps or download them for free and install on a cloud PC.

According to Boosteroid’s future plans, 10% of the company’s capacities will be provided for free for AI startups addressing the issues of aging.

Despite the potential benefits of the project, it still looks doubtful. Besides, it is not the first cloud computing services provider launching an ICO. In August, the blockchain startup called Cloudwith.me announced a crowdsale to raise funds for the development of a decentralized peer-to-peer cloud based ecosystem.

The lack of technical details just added to the public skepticism over the project. According to some comments on Coinidol, the company’s whitepaper is totally about the ICO and is “completely devoid of substance.” In response to those comments, the company’s CEO provided some more details that he said were not mentioned in a whitepaper.

“Our team has already developed computing facilities of 0.5 petaflops (peak power) and uses it for the Boosteroid project, Shvaichenko said. “In September we launched MVP that is being tested on our facilities. I will tell guys from the team to post pictures tomorrow.”

“Yes, we would like to raise big investments for the project that we will spend for the expansion of our facilities! The only way to reduce costs of cloud computing is to centralize the facilities.”

“Our main differences from the ongoing ICOs are following: 1) we develop our own computing facilities (it is not possible to make computing available if renting someone’s else facilities); 2) our BTR token corresponds to a service which is already demanded. We divided our ICO in three parts because we do not need a total amount of investments at once,” he added.

Share This article

We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Coinspeaker Ltd.