Bancor has enhanced its success and dominance in the prediction market by raising about $153 million in ether which is the native digital of Etherium.
Bancor has enhanced its success and dominance in the prediction market by raising about $153 million in ether which is the native digital of Etherium. The Israeli-based prediction market blockchain project brought in more than 390 000 ether during the crowdsale which concluded on June 12.
This record was held by DAO which had previously managed to raise $152 million. As documented by Ethplorer.io, which is an Etherium token-explorer basing its focus on ERC20 standard tokens by Blockchain start up Everex, Banco Network created 79,323,978 tokens as stipulated by the ICO. The majority token holders have approximately 85% of the total tokens. With fifty percent of the tokens sold to the public, the remaining half was reserved for future use.
According to data recorded on trackers, it showed that 10,885 buyers participated in the sale where one buyer purchased 6.9 million BNT which is approximately $27 million. Many buyers reported delays in their transactions but this was attributed to the fact that the Etherium network was busy the whole day. Bancor had initially set a funding target of 250,000 ether and attempted to deploy it by using a smart contract transaction in order to change the crowdsale limit. Bancor asserts that the plan failed to work leading to delay of the crowdsale for more than two hours. Many participants registered their grievances on social media about the drop in transactions.
The delay was pinpointed to be caused by a lot of demands, traffic, and massive malicious attack. Bancor reported that many people have not been successful in getting their transactions through, and this unfortunate delay did not spare Bancor either. Based on these delays, Bancor resorted to extend the minimum time to three hours to give the Etherium network enough time to process all pending transactions and also to give a chance to those people whose transactions had failed to retry again. Bancor reported that they have a prior intention to include all early contributors.
Tim Draper of VC fund Draper Fisher Jurveston is said to have obtained a stake in the ICO. President of Liberland, which is a country in Europe that was proposed by anarcho-capitalists, recently met with the blockchain project team. This was after Bancor declined the initial coin offering in favor of Token Generation Event (TGE).
Venture Capital Firm, Blockchain Capital, took part in the Bancor Network allocation event. “It is our biggest privilege to be part of such an innovative and thoughtful project as Bancor” Blockchain capital confirmed. “The best thing that thrilled us is the team whereby with two years of experience in handling end-user applications, a sturdy network of advisers and supporters, the Bancor team has the kind of teamwork we want to incorporate in Blockchain space to help us achieve the much-needed value revolution to mass market”. Stated Blockchain Capital.
Blockchains earlier projects comprised of video sharing websites, Meta Café and social games studio, Mytopia. “The way Bancor spent over a year coming up with their own MVP and putting it on their private testnet is an achievement to reckon. The network also used their smart tokens and applications to run their bounty program, making it the best undertaking to emulate. This is the kind of spirit we are happy to associate with before token allocation events”. Said, Stephen.
Bancor announced a partnership with Gnosis in the middle of the crowdsale frenzy. Bancor boasts of being believers in the prediction markets and we plan to take the Bancor network to new heights and to become the simplest way to connect with other markets and the Blockchain products.
The Joint GNOBNT Token Changer is a dispersed liquidity pool of GNO and BNT which are summed up in a smart token 4000 GNO and 400,000 BNT. Tokens can be deposited in a Gnosis-Bancor multisig wallet based on the token allocation event on June 12.