has raised a record $4 billion after one year- long ICO

On June 1 the, developer of EOS.IO, software with architecture that allows scaling of decentralized applications, has finished its initial coin offering (ICO). The acquired amount is $4 billion, which is more than 7.2 million ETH and equal to 7.22% of the whole ETH supply. That makes it the biggest ICO in history, outrunning previous record holder Telegram&TON Inc. ($1.7 billion).

EOS is definetily happy to collect $4 billion

EOS is definetily happy to collect $4 billion

The same day the has released the first version of their open source blockchain software – EOS.IO 1.0, as it is stated on their webpage. According to the project’s white paper, the application has a potential to handle millions of transactions per second, eliminates user fees and allows easy deployment of decentralized applications. The system possesses delegated proof-of-stake as a consensus mechanism.

The EOS.IO developer portal is also live now. The portal had all supporting information for onboarding the EOS.IO platform and dedicated to the EOS.IO developer community.

There is little information about how the company will spend the money. At least $1 billion will be allocated towards a venture partnership for initiation of third-party development on the platform. EOS.IO together with TRON are now legitimate raising competitors of Etherium, which so far can handle only 15 transactions per second.

A couple of days ago after some vulnerabilities of the EOS.IO network were discovered, the EOS token price dropped by 7% in less than an hour.