ICO News: EOS’ year-long ICO approaches $4 billion in funding

Cayman Island-based startup is closing in on $4 billion as its year-long ICO (initial token sale) draws to a close, the Wall Street Journal reports.

ICO News: EOS’ year-long ICO approaches $4 billion in funding

Buyers are still unsure of how the organizers, who are backed by the company block.one, will use the funds.

This is the largest fundraising raising of its kind, beating even Russian messaging app Telegram which itself has so far managed to accumulate an estimated $1.7 billion during two successful private pre-sales.

EOS creator Block.one is on track to raise $4.2 billion by the end of the ICO, which began on June 26, 2017, and is scheduled to end on June 1, 2018, at 22:59:59 UTC.

Chinese security researchers recently identified what have been described as “epic vulnerabilities” within the EOS codebase.

At least one specific issue has now been patched, but the EOS price has nevertheless declined on fears that there could be other serious bugs that have not yet been discovered.

Press Release

Block.one recently released a press release via LinkedIn which can be found here

“Block.one, a global leader in blockchain and publisher of the EOSIO blockchain software, has made an initial $3 million commitment to the Department of Computer Science in Virginia Tech’s College of Engineering to help students build skills in blockchain.”

In March, Larimer visited the Blacksburg campus and led a discussion with Virginia Tech students about the technical definition of blockchain, its uses, and impact on the world. He also talked about his career and engaged with students in an informal Q&A session.

Brendan Blumer, Block.one chief executive officer said: “As we build the mainstream blockchain infrastructure for communications and commerce, we recognize the importance of working with educational institutions to develop talent and promote blockchain education.”

“Block.one is proud to collaborate with Virginia Tech as it provides future blockchain engineers with the tools to succeed in the industry,” he added.

What block.one says

ESO ICO

Block.one is an open source software publisher specializing in high performance blockchain technologies.

Its first project, EOSIO, a blockchain protocol designed to enable secure data transfer and high performance decentralized applications, has received global notoriety as the first performant blockchain platform for developers, following its introduction in May 2017.

The EOSIO engineering team is led by Dan Larimer, the inventor of the revolutionary Delegated Proof of Stake (DPOS) consensus mechanism.

DPOS processes the majority of blockchain transactions globally and will power the EOSIO software launching in June 2018.

In December 2017, Block.one committed to investing US$1 billion to launch EOS VC, a vehicle designed to invest in businesses leveraging the transformative capabilities of the EOSIO software.

EOS VC has announced deployment of capital through partnerships, including with: Michael Novogratz’s Galaxy Digital, Derek Rundell of Eric Schmidt’s TomorrowVentures, Finlab AG (ETR:A7A), and Michael Cao’s EOS Global. Block.one is Cayman organization employing over 200 people globally, with offices in Hong Kong, California, and Virginia.

For more information on Block.one or EOSIO please visit https://block.one or https://eos.io.

About EOSIO Published by Block.one, EOSIO is a compliant blockchain protocol that enables horizontal scaling of decentralized applications, allowing developers to efficiently create high performance distributed applications.

The EOSIO software provides accounts, authentication, databases, and the scheduling of applications across multiple CPU cores and/or clusters.

This allows for horizontal scalability, replaces user fees with an ownership model, and powers simple deployment of decentralized applications.

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