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The blockchain startup has raised a record amount during its crowdsale, overcoming the previous record set by an Ethereum-based platform Bancor.
Last month, Bancor completed a successful ICO campaign which brought the company nearly $150 million in the first three hours. The crowdsale became the largest one in the blockchain industry. At that moment.
A few weeks after the first record was set by the startup, another blockchain company, Block.One, has reached a new milestone, raising about $185 million in the first five days of its ICO. Meantime, the price of EOS tokens is showing a huge growth pace, rising by more than 300%. The cryptocurrency is currently selling for $4.52, according to CoinMarketCap, and is the 9th in the list of major digital currencies.
Block.one, the developer of the new blockchain platform EOS.IO, is planning to distribute a total 1 billion tokens and has already sold 20% of the cryptocurrency.
With a new platform, Block.One aims to bring decentralized digital ledger solutions to businesses. According to the startup, EOS.IO would be able to process millions of transactions per second with no transaction fees. The company describes the platform as “providing end-to-end solutions to bring businesses onto the blockchain from strategic planning to product deployment.”
EOS.IO will be able to support thousands of commercial-scale decentralized apps and parallel execution along with asynchronous communication. Block.One wants its EOS tokens to be used by large businesses to automate processes, monitor assets and develop multiple applications.
“Block.one intends for the EOS.IO software to support distributed applications that have the same look and feel as existing web-based applications, but with all of the benefits of the blockchain – namely transparency, security, process integrity, speed and lower transaction costs,” the company said in a press release.
Unlike the majority of ICOs that usually run for a week or a month, the fundraising campaign will continue for 341 days. Investors will be able to familiarize better with the project and acquire the tokens anytime during a one-year period. The startup’s CEO, Brendan Blumer, expects the demand for the tokens will remain strong throughout the ICO.
“We felt an approximately year-long token distribution was the best method to ensure people receive fair market value for EOS tokens,” he said. “We anticipate that strong interest will continue throughout the year as the community continues to learn about the EOS.IO software and the benefits it can bring to their business.”
70% of the tokens have been spit evenly into 350 consecutive 23-hour periods of 2 million EOS each and will be distributed at the end of each period. The remaining 10% have been reserved for the startup and cannot be used on the ethereum network.
The latest record demonstrates the growing investor interest for ICOs. Last week, a well-known American entrepreneur Mark Cuban unveiled that he is going to participate in his first crowdsale. The investor plans to buy digital tokens that will be distributed by an eSports betting platform called Unikrn. In 2015, Cuban, together with a group of other investors, invested $7 million into the platform.