A vicious rival to the Ethereum network – EOS – is one of the most popular digital currencies trading in the crypto market today. The developer behind EOS – Block.one, has raised a recording breaking $4 billion from its yearlong initial coin offering ending on the 1st of June.
The Largest Initial Coin Offering
The ICO phenomenon has taken over as the latest means for startups to raise enough capital for their projects without having to draw investments from institutional companies or venture capital and giving up equity.
The Amount of Money Raised Via ICOs
The total amount of money invested in initial Coin Offerings has increased from $6.6 bln in 2017 to $7.15 bln so far this year – irrespective of regulatory restrictions and uncertainty in several major countries, including South Korea and China.
In the yearlong ICO offering of EOS which started on the 26th of June last year, more than 900 million ERC20 tokens worth $4 billion have been sold. Surpassing most other Initial Coin Offerings and almost doubling the second largest ICO in 2018 (Telegram at $1.7 bln).
The Mainnet Launch of EOS
EOS is well-ready to launch its Mainnet on the 2nd of June and compete with the likes of Ethereum for the title of the most popular blockchain operating system. Presently, the digital currency is holding the number five position on the list of top digital currencies, and its value is up by 3.9 percent in the last twenty-four hours. EOS boasts of a market capitalization of $10.8 billion and a daily trading volume of about $1.9 million.
Post-Crowdsale Plans and Expansion
EOS plans to make their software an “open source” so developers can build out the ecosystem and platform through upgrades to the public chain and Dapps. Block.one has already invested a lot of money into the joint venture with private blockchain investors and FinLab AG to hasten EOSIO projects and ecosystem development across the globe.