Blockchain-based Bandwidth Marketplace Privatix Reaches ICO Soft Cap

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by Konstantin Lazarev · 3 min read
Blockchain-based Bandwidth Marketplace Privatix Reaches ICO Soft Cap
Photo: William Krapp / Flickr

Privatix, the decentralized and 100% autonomous P2P VPN Network on blockchain tech, announced that it has recently reached its soft cap in the preliminary rounds of its ICO.

ICO’s everywhere! We are surrounded by Initial Coin Offerings (ICOs) all around us looking for funding and making tall claims; people are now overly cautious about investing in ICOs but a few promising new startups are just so viable and bring forward much-needed ideas.

Privatix is one of these startups, and has reached its’ soft cap in the preliminary rounds of its’ ICO. It aims to establish a P2P blockchain-based VPN network and Bandwidth marketplace.

Centered around its’ autonomously executing and decentralized P2P network, Privatix Network allows its users to sell or buy unused internet channels in exchange for a fee in the form of cryptocurrency. Users can then use said internet channels for business or personal purposes, like developing VPNs, CDNs, proxy servers and much more. It is one of the most unique ideas to come from the blockchain-based startups in recent times and its’ application is universal.

The platform is coded and based on the Ethereum smart contracts’ ERC20 protocol that allows other cryptocurrencies and blockchain to be released on the Ethereum network. The native currency of the Privatix Network is called PRIX and will be freely traded alongside other cryptocurrencies available in the market.

The ICO of the new PRIX token was launched on October 9, 2017 and 8 million tokens were on offer as a hard cap. Since then, PRIX tokens have exceeded the minimum funding cap of 3350 ETH (approx. $1M). The ICO will continue on till November 16, 2017 and is expected to reach its’ maximum goal in the process. All tokens will come pre-mined in the case of Privatix and no more tokens will be issued after the initial rollout.

The platform is currently based on the Ethereum blockchain but the founders realized that in order to make it operable round the clock and without any hurdles, they would need to be able to migrate from one blockchain to another. That is what they did and just like Cloud token, the Privatix Coin may eventually be shifted to another blockchain or be based on a new one built from scratch instead, providing a solid amount of future-proofing.

The team goes several steps further to make this platform useful for all people and readily available to customize. Every developer will have the luxury to select between sets of pre-programmed solutions devised by the company or implement new ones based on the system.

A number of new products are also on the cards. They include Privatix.Agent, a cross-platform where users can purchase and sell internet channels. Privatix.Agent is expected to be released soon after the ICO ends this year. A completely decentralized P2P network will be launched later next year and users will then be able to buy/sell SOCKS/PROXY using the Privatix API.

Two more products are also in the pipeline and slated for release later in 2019. They include Privatix.FAAS (Freedom-as-a-Service) and Privatix.Monetize. They will be released as SDK for mobile platform developers. The first quarter of 2019 will see launching ceremonies for both these platforms.

Blockchain News, News, Token Sales
Konstantin Lazarev
Co-Founder & CIO Konstantin Lazarev

Konstantin has always been at the forefront of the global virtual currency scene since first discovering cryptocurrencies the same year that Satoshi Nakomoto created bitcoin in 2009. Konstantin is the owner of a number of small businesses in trucking and mobile development, and co-founded CoinSpeaker in 2014. He graduated from Belarusian State University in 2009 with a degree in Mathematics and Mechanics. You can contact Konstantin via [email protected]

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