The ICO stipulated that EOS tokens were purchased with the Ether cryptocurrency instead of U.S. dollars, bringing in 7.12 million in total ether as of Wednesday 30th May, equating to $4.1 billion at Thursday’s U.S. dollar exchange rate of $576 per ether.
Based in the Cayman Islands, Block.one is funding its smart contract platform ‘EOS.IO’. It aims to eliminate user fees, ensure blockchain governance, and streamline usability by scaling to millions of transactions per second, thus enabling quick and easy deployment of decentralised applications.
Although many in the blockchain community were sceptical of the claims, and purchasers of the EOS tokens did not know how the majority of that capital would be used, excitement around the ICO managed to keep momentum throughout it’s one year long ICO period.
EOS.IO has gained much of it’s trust based on the reputation of it’s founders, Brendan Blumer, the company’s CEO and Dan Larimer, its chief technology officer.
Blumer, started his first venture at the age of 15 in the U.S., and has since built a number of hugely successful companies in Asia, including Okay.com, one of the fastest growing and technologically advanced agencies in the Hong Kong market. Blumer‘s development company ii5 has built a bridge between the talent from Silicon Valley to Asia, with offices in both Mumbai and Hong Kong.
Larimer is well established and highly respected within the blockchain space, he was the creator of the Delegated Proof of Stake Algorithm (DPOS), consensus algorithm and Graphene technology. Larimer has already founded two other major crypto companies, Bitshares and Steemit. In February 2018, Forbes estimated Larimer’s net worth between $600 to $700 million.
EOS investor Kyle Samani, Managing Partner at Multicoin Capital said:
“Dan is among the most accomplished blockchain developers on the planet”
Samani went to to explain, that much like Apple’s iOS and Google’s Android battled for operating system dominance, blockchain platforms are competing for developers to build ‘decentralised’ applications. However, this competition is “going to be much messier,” as it will have at least 10 companies instead of two. He added:
“It’s plausible that we look back and say the team that spent the most money, won the tech war.”
Since successfully completing the world’s biggest ICO, the company has launched EOSIO 1.0 and has already confirmed that it plans to spend $1 billion recruiting developers globally.