Block.one Raises $185 Million in Token Sale
Blockchain app builder block.one, the developer of EOS.IO software, claims it raised $185 million USD in the first five days of its planned 341-day token distribution.
The funds, representing 651,902 in ether, were exchanged for 200 million EOS ERC-20 compatible tokens, representing about 20 percent of the one billion EOS tokens available. The distribution began June 26.
The EOS Token distribution creates auction. For every sales period, everyone gets the same price. At the end of a period, the respective set number of EOS Tokens for that period are distributed pro rata amongst all authorized purchasers, based on the total ETH contributed during that period.
“We felt an approximately year-long token distribution was the best method to ensure people receive fair market value for EOS Tokens,” said Brendan Blumer, CEO of block.one. “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.”
Seven hundred million additional EOS Tokens (representing 70 percent of the total EOS Tokens being distributed) have been split evenly into 350 consecutive 23-hour periods of 2 million tokens each, and will be distributed at the close of each period. The remaining 100 million EOS Tokens (representing 10 percent of the total EOS Tokens being distributed) have been reserved for block.one as founder’s tokens pursuant to the feedback received from the community to ensure that block.one has aligned interests with those participating in the EOS Token distribution. If a blockchain adopting the EOS.IO software is launched, these founder’s tokens will be locked and released over a period of 10 years.
block.one intends the EOS.IO software to support distributed applications that have the same look and feel as existing web-based applications, but the benefits of the blockchain.
