EOS Made Crypto History with $4 Billion Worth of Token Crowdsale

Jun 04, 2018 at 20:00

Block.one, the team of developers behind EOS has made it to the crypto history books as it completed its year-long token crowdsale over the weekend, raising over $4 billion, considered now as the largest initial coin offering (ICO) to date.

The end of the fundraising also marks the release of Mainnet, an accompanying software, which Block.one claim will constitute a decentralized operating system for large-scale decentralized applications.

They claim that the software will also have free rate limited transactions; low latency block confirmation at 0.5 seconds; low-overhead Byzantine fault tolerant finality; optional high-overhead, low-latency BFT finality; smart contract platform powered by Web Assembly; Sparse Header Light Client Validation; scheduled recurring transactions; time delay security; hierarchical role based permissions; support for biometric hardware secured keys; parallel execution of context free validation logic; and inter blockchain communication

However, the developers clarified that they will not launch an EOS Mainnet and did not commit to continue to develop the software beyond the current release.

Despite the seemingly huge support from investors, EOS also gathered several criticisms, most notable of which came from Dogecoin creator, Jackson Palmer.

“So all these people who are excited about “EOS launching soon!” somehow don’t understand that “launching” simply means the code will be available for use. There is no “network” being launched that you can then go and use, or redeem EOS tokens on. Yikes people, read for once,” he expressed in a tweet.

“If you’re not reading between the lines: The EOS ERC-20 token provides zero utility and is absolutely useless. They pretty much state that openly in their FAQ,” Palmer further claimed.

Despite criticism and confusion, the crowdsale drew a lot of support which easily overshadowed Telegram’s now-curtailed offering with its claim of $1.7 billion funds raised.

As of this writing, EOS is valued at $14.0307 per token with a total market cap of $12,573,604,677.