Connect with us

ICO

Bitmex: Ethereum Holdings in the ICO Treasury Accounts

Published

on

Bitmex

Following on from our first piece on ICOs in September 2017, which focused on the team members and advisors, in this report we work with TokenAnalyst to track the Ethereum balances of the ICO projects over time. We look at the amount of Ethereum raised and the US$ value of the gains and losses caused by changes in the Ethereum price, for each project. We conclude that rather than suffering because of the recent fall in the value of Ethereum, at the macro level, the projects appear to have already sold almost as much Ethereum as they raised (in US$ terms). Of the Ethereum still held by the projects, even at the current c$230 price, projects are still sitting on unrealised gains, rather than losses.

Ethereum raised by 222 ICOs – Macro analysis

ETH US$m
ETH raised by EOS 7,211,776 3,824
ETH raised by other projects 7,972,003 1,639
Total ETH raised 15,183,779 5,463
ETH sold by EOS (7,211,776) (3,892)
ETH transferred out/sold by other projects (4,113,345) (1,560)
Total ETH transferred out/sold (11,325,121) (5,452)
ETH Balance remaining (Sept 2018) 3,858,659 830

(Source: Ethereum Blockchain, BitMEX Research, TokenAnalystToken Data, Price data from Etherscan)

Overall profits & losses caused by changes in the price of Ethereum – US$ million

Realised gains
EOS project gains 68
Gross realised ETH gains by other projects 692
Gross realised ETH losses by other projects (34)
Net realised gains 727
Unrealised gains
EOS unrealised gains n/a
Gross unrealised ETH gains 403
Gross unrealised ETH losses (311)
Net unrealised gains 93
Total net gains 819

(Source: Ethereum Blockchain, BitMEX Research, TokenAnalystToken Data, Price data from Etherscan)

Notes:

  1. This analysis only considers the Ethereum balances of the ICO projects, which we have tracked on the Ethereum blockchain. Funds raised in currencies other than Ethereum are not considered nor is the balance of the new token created by the project. Our reported totals are therefore lower than some other sources. Therefore while our figures may be an underestimate, one at least has a degree of assurance that the balance is calculated independently of the project. At the same time we are missing several projects such as Tron, as we have not identified a treasury address or an address cluster.
  2. The estimate of the value of Ethereum raised is calculated by taking the highest value of Ethereum inside the address cluster of each project at any point in time (with the exception of EOS). This will result in some inaccuracies.
  3. The estimate of the value of US$ raised is calculated by using the average ETH price during the ICO period. This should therefore be considered as a rough and unreliable estimate.
  4. The estimate for the realised gains was calculated by taking the month end Ethereum balance for the address cluster of each project every month and then looking at the reduction in the Ethereum holdings. The average Ethereum price for each month was then used to estimate the US$ value of Ethereum that was sold. This is likely to be inaccurate and it is possible the project retains ownership of the Ethereum or that the Ethereum was not sold for US$.
  5. While we believe our estimates at the macro level may be reliable, at the individual project level our figures are likely to be unreliable. We apologise for any errors or inappropriate assumptions.

Commentary on the overall Ethereum holdings and sales

The Ethereum price has fallen almost 85% from the US$1,400 peak price in December 2017. As we mentioned back then, the value of Ethereum and the associated crypto-currencies was high and there was significant downside risk. The large fall in the value of Ethereum led some to question if there could be a “downward price spiral” due to the concentrated Ethereum holdings of the ICO projects. The theory being that many ICO projects were sitting on a large treasure trove of Ethereum and that as the price of Ethereum fell, these projects were going to “panic sell’, fearful of being the last project holding their Ethereum bags.

Our analysis, along with the team from TokenAnalyst, shows that on a macro level, the above theory may not be applicable. Of the 222 projects which we looked at, they raised US$5.5 billion worth of Ethereum and they may have already sold almost exactly the same amount (just US$11 million less). These ICOs currently hold 3.8 million Ethereum, around 25% of the Ethereum they originally raised. However, in US$ terms, these projects have essentially already sold the same amount of Ethereum which they originally raised, leaving them a nice holding of US$830m of Ethereum.

The figures are somewhat skewed by the EOS project, which remarkably raised around 70% of the Ethereum (by US$ value) of all the projects on our list, if our estimates are correct. However, even excluding EOS, the overall picture remains similar to what we described above, with projects selling almost the same in US$ terms as the amount they originally raised.

Despite the 85% reduction in the Ethereum price from its peak, the projects have realised gains of US$727 million due to profits from Ethereum have they already sold, often selling before the recent price crash. The 3.8m Ethereum still on the balance sheets of these projects may not have that much of an impact on the Ethereum price, as it represents a reasonably small proportion of the 102 million supply of Ethereum. At the same time, on a macro level, the projects may be feeling reasonably confident rather than needing to panic sell.

As for the unrealised profit and loss situation, the ICOs are sitting on net gains of US$93 million based on an Ethereum price of US$215. It may surprise some that ICOs are still in a net unrealised profit situation, but many of the Ethereum balances were built up before the price rally at the end of 2017, as the chart below indicates. Although some individual projects may be suffering significant losses. Gross unrealised losses, the sum of all the losses for the projects which have lost money by holding Ethereum, are US$311 million, which is more than offset by US$403 million in gross unrealised gains.

Total tracked Ethereum holdings of the 222 ICO projects (daily data) vs Ethereum price

(Source: Ethereum Blockchain, BitMEX Research, TokenAnalystToken Data, Price data from Etherscan)

As the above chart indicates, over the 26 month period, the peak Ethereum holdings of the ICO treasury accounts were only 5.1 million, significantly lower than the 15.2 million which was raised (8.0 million raised when excluding EOS). This may indicate that Ethereum proceeds from earlier ICOs were reinvested in new projects, either directly or more likely indirectly, after being sold on the market.

Breakdown of Ethereum holdings data by ICO project

Top 20 ICO projects ranked by total gains from change in value of Ethereum holdings – US$ million

(Source: Ethereum Blockchain, BitMEX Research, TokenAnalystToken Data, Price data from Etherscan)

Top 20 ICO projects ranked by total loss from change in value of Ethereum holdings – US$ million

(Source: Ethereum Blockchain, BitMEX Research, TokenAnalystToken Data, Price data from Etherscan)

Projects ranked by reported US$ raised

ICO ETH Raised based on BitMEX Research analysis US$ million value of ETH raised based on BitMEX Research  analysis Token Data reported total raise (US$ million)
EOS 7,211,776 3,824.0 4,234.3
Tezos 361,122 88.1 230.6
Filecoin 461,442 150.4 200.0
Sirin Labs 88,906 64.1 157.9
Bancor Protocol 193,830 76.5 153.0
Polkadot 306,276 93.6 144.3
Status 299,902 105.1 107.7
Envion 46,735 42.0 100.0
Kin 168,732 46.1 98.5
TenX 210,500 64.1 83.1
BankEx 65,129 39.2 70.6
Kyber Network 95,947 24.7 49.3
Gridplus 10,410 3.1 45.7
Fusion 50,224 42.6 41.7
Bloom 43,871 27.5 41.4
Monetha 95,000 36.9 36.4
AirSwap 76,625 23.0 36.3
Basic Attention Token 57,645 13.2 36.0
Ether Party 12,105 3.7 33.5
Request Network 100,000 33.7 33.3
Civic 40,000 13.0 33.0
Raiden Network 109,532 32.7 31.9
Polybius 27,502 8.2 31.6
Electrify 10,639 9.1 30.0
Storj 122,000 19.2 30.0
Sentinel Protocol 26,548 15.1 27.5
Paypie 61,082 18.5 26.8
Tierion 95,985 18.9 25.0
Aragon 277,199 24.1 25.0
Atonomi 42,847 26.0 25.0
aeternity 74,271 17.8 25.0
0X 84,647 25.3 24.0
Enjin Coin 61,584 19.0 23.0
Aventus 59,882 20.3 20.1
Uptoken 5,449 2.1 18.9
Change 48,129 14.3 17.5
Covesting 2,121 0.9 17.4
Decent Bet 52,558 16.0 16.2
ETHLend 36,486 11.9 16.1
Maecenas 50,066 14.6 15.7
Cofoundit 61,800 15.0 14.9
GATCOIN 8,975 5.4 14.7
TTC 20,489 14.1 14.2
Mysterium Network 56,322 12.9 14.1
Pindify 78,032 46.7 14.0
POA Network 41,176 13.7 13.7
Cobinhood 32,064 9.5 13.4
Dragonchain 24,972 7.6 13.2
FOAM 38,028 15.0 12.7
Gnosis 250,000 12.5 12.5
iExec 120,883 5.8 12.2
Adshares 5,492 2.2 12.1
Santiment 45,002 12.0 12.1
Populous 15,310 5.2 10.8
Iconomi 314,939 4.0 10.7
Playkey 10,248 3.6 10.5
Mercury Protocol 15,732 5.1 10.5
Metronome 26,389 13.1 10.2
District0X 43,169 9.1 9.8
Indorse 22,800 7.4 9.0
Golem 820,003 8.3 8.6
Aion 26,920 8.2 7.8
Coindash 43,488 8.3 7.5
SingularDTV 570,002 6.8 7.5
Atlant 9,294 2.8 6.6
DOVU 8,542 2.7 6.3
DigixDAO 466,648 3.5 5.5
FirstBlood 465,313 6.1 5.5
Augur 610 0.0 5.3
Humaniq 41,456 2.0 5.2
STeX 3,819 1.2 4.5
Matryx 4,209 1.3 4.5
Auctus 4.0
ALIS 13,183 3.9 3.8
Crystal Clear Services 3,542 1.1 3.4
Melonport 8,028 0.1 2.9
Bitjob 8,034 2.3 2.8
Swarm Fund 2,825 0.8 2.5
Blockbid 2.4
Mingo 3,305 2.2 2.4
Privatix 43 0.0 2.4
Wolk 17,338 5.1 2.2
Herocoin 41,044 12.1 2.0
Total 15,034,170 5,427 6,764

(Source: Ethereum Blockchain, BitMEX Research, TokenAnalystToken Data, Price data from Etherscan, Diar as a cross reference)

(Note: The totals are slightly smaller than the opening table in this report as some smaller projects have been excluded)

The peculiarities of EOS

As we alluded to above, since EOS sold its Ethereum regularly during the ICO period, we needed to use a different methodology to analyse EOS’s Ethereum holdings. We identified 171 EOS “internal transactions” which transferred Ethereum outside of the EOS address cluster. The total value of these transfers was 7.2 million ETH or US$3.9 billion based on the closing price of Ethereum on the day of each of these transfers. Using these figures and the average Ethereum price during the ICO, we believe EOS raised US$3.8 billion worth of Ethereum, reasonably close to the reported US$4.2 billion figure, which presumably includes money raised in currencies other than Ethereum.

Unlike other projects we therefore do not have the same degree of confidence that the 7.2 million Ethereum balance was not double counted (i.e. The EOS project receiving investments in the form of Ethereum and then recycling those same Ethereum coins back into the ICO to inflate the amount raised). However, we have no particular reason to believe this recycling occurred and the 7.2 million Ethereum which was transferred out of the smart contract can give a degree of assurance the raising was genuine. We are merely pointing out that the level of assurance is lower than for other projects in our analysis, based on our methodology.

Conclusion

We conclude that the ICO treasury accounts have a much lower level of exposure to the price of Ethereum than many may have thought. The ICO projects or project teams essentially made out like bandits, at least with respect to the Ethereum they raised. As a tool to raise funds, the ICOs have clearly been a phenomenal success, to such an extent that even a further significant fall in the value of Ethereum will barely make a dent into the success.

Quite what this means for the Ethereum price going forwards is unclear, however we believe we have shown the “panic sell” thesis is either false or will only occur to a lesser extent than some expect.

Whether these projects invest the money well and develop useful products and services is of course another question. In our view the level of accountability in some of these ICOs is low, for instance even obtaining information about the amount raised, which currencies the raise occurred in, which Ethereum addresses are used and if the funds are spent/sold or not, can be challenging. Therefore fruits of these investments may disappoint in our view. Actually many of these projects are competing over the same scarce resources, developers. One could argue that the volume of capital obtained by these ICOs could inflate the cost of these resources (perhaps the less experienced developers). This may not only plague the crypto-currency ecosystem with higher costs, but also to some extent some startups in the wider technology industry, for many years. Whether our cynical view is right or not, only time will tell.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

ICO

Lykke’s utility tokens go traditional with GENTWO

Published

on

ytry

innovation made in Switzerland: two innovative financial solution providers have joined forces. Blockchain-based digital asset exchange Lykke and “new generation” securitization specialist GENTWO have made Lykke’s utility tokens investable and bankable through a conventional Swiss-compliant tracker certificate complete with Swiss ISIN.

True innovation through purpose-oriented partnerships

Gentwo’s subsidiary GENTWO Digital has securitized Lykke’s utility tokens – known collectively as LyCI Service Tokens (ticker: LyCI). This unique expertise regarding digital assets has thus been prepared for conventional investments in the traditional financial markets. The new securitized product is an open-end index tracker, a participation certificate based on the original utility token LyCI. Tracker certificates represent the simplest and best-known type in the product category of structured products. They reflect the price performance of an underlying asset on an almost one-to-one basis. The new Lykke index open-end tracker comes complete with a Swiss ISIN code, thus making it easily accessible for qualified (and also large-scale) investors, but still harnessing the power of the blockchain-based innovation.

Always be invested in the top 25 digital blockchain assets

The underlying LyCI is a utility token allowing the purchase of the world’s top 25 crypto assets based on index-weighted market capitalization, all in a single transaction. LyCI Service Token (ticker: LyCI) is priced in real-time and rebalanced on a minute-by-minute basis. LyCI is the first token of its kind and makes it easy for users to pick winners, diversify risk and simplify the management of the complex and rapidly-evolving universe of cryptos. The new issuance combines outstanding expertise within the blockchain segment and unique issuance setup that transforms digital assets into a format that has been used in finance for decades. It has the potential to accelerate the blockchain revolution for qualified investors around the world – from family wealth funds through to fully-fledged institutionalised investors.

Joint development of innovative products means shaping market landscape together

Purpose-oriented partnerships among specialized service providers like the one from Lykke and GENTWO Digital are becoming increasingly important. They are forward-looking and show genuine innovative strength (made in Switzerland). The new cooperation between Lykke and GENTWO also shows the old world of traditional finance and the new world of blockchains will increasingly be bridged to create new value and potential of growth to the traditional and newly evolving financial market and its participants.

Patrick Loepfe, founder and chairman of GENTWO said “with a simple, conventional product and one single transaction, it has become possible to invest in the exceptional Lykke token and thus in 25 promising digital assets at the same time. The traditional financial market has nothing more efficient to offer. Investors will quickly experience the added value our combined expertise will create. We are the bridge builders and we will continue to build more such bridges.”

Richard Olsen, founder and CEO of Lykke said “this new product is very exciting for us as it represents the link between what came before and what is coming next. Until today, many traditional investors found it difficult to define a pathway into digital assets and to reconcile this new innovative asset class with their own portfolios. This new product – made possible by the partnership between Lykke and Gentwo – will provide this pathway, finally bridging the two worlds of traditional finance and the blockchain-based future.”

About Lykke

Zug-based Lykke is an internationally operative, Swiss-based company building a global marketplace for the free exchange of financial assets. Lykke’s mission is to democratize finance by leveraging the power of the blockchain. Eliminating market barriers, Lykke will provide and promote equal access from anywhere in the world to the digitization and trade of virtually any asset of value.

Lykke index: https://www.lykke.com/lyci/, Lykke: https://www.lykke.com/

About GENTWO and GENTWO Digital

Zurich-based innovative securitization specialist GENTWO has created a new generation of financial products. The company enables institutional clients to securitize not only bankable, but also non-bankable assets with a Swiss ISIN. The focus on so-called off-balance-sheet investment products solves the problem of declining margins and growth barriers for many financial market players. It opens up new performance potential by creating access to a theoretically unlimited world of asset classes. Financial intermediaries, including banks, can use GENTWO’s setup to realize their own product and business

innovations. GENTWO Digital is a joint venture based in the Crypto Valley in Zug, Switzerland. It makes digital assets bankable and turns it into conventional securities (investment certificates).

GENTWO Digital: www.g2d.io, GENTWO: www.g2fp.com

Continue Reading

ICO

BiKi.com Appoints Southeast Asia CEO, Ethan Ng

Published

on

biki
BiKi CEO Ethan Ng speaking at Blockchain Innovation & Technology (BIT) event organized by Asia Token Fund in Vietnam

9th May, Singapore, Singapore – Gaining recognition from notable industry players, the relatively new yet fast-growing cryptocurrency exchange BiKi.com has officially announced the appointment of its Southeast Asia CEO, Mr Ethan Ng. Considered an emerging blockchain market, the region’s economic force has become one of the driving factors that facilitate global growth. BiKi.com is headquartered in Singapore, Southeast Asia’s leading financial hub.

Formerly the Marketing Lead of one of the top global exchanges, Ng possesses a wealth of experience in Southeast Asia expansion and growth hacking. The Royal Melbourne Institute of Technology graduate also organized Blockchain Festival Vietnam, one of the largest and most notable blockchain conferences organized in Vietnam to date.

Handpicked by Jun Du, co-founder of Huobi and CEO of both Node Capital and Jinse (China’s most established crypto media), Ng has, with immediate effect, already begun BiKi.com’s rapid expansion plans into Southeast Asia. Vietnam will be the first stop followed by Thailand, Philippines, Indonesia, Singapore and Malaysia. Just over the weekend, Ng made his debut at the Blockchain Innovation & Technology (BIT) event organized by Asia Token Fund in Ho Chi Minh city, where BiKi sponsored 20,000 tokens in an airdrop. A familiar figure in the Vietnam blockchain industry, Ng received a warm welcome as he shared insights about the industry.

An Exchange Ecosystem

BiKi.com’s key difference,” noted Ng, “is our deep relationships with listed projects that we will help expand and grow. Listing on an exchange should be the beginning of a long-term partnership for growth”.

Ng explained that since exchanges accumulate vast connections and resources through their multiple listing partners, they are hence in a position to act as conduits to aid and even boost their partners’ expansions and commercial activities.

Biki also prioritizes user engagement and makes sure its users are always kept in the loop of the latest milestones of listed projects. This forms an ecosystem made up of exchange, projects and users where the needs of projects and users can be shared and addressed – a communal circle that can expand together.

On a mission to address the needs of mainstream industries with regards to cryptocurrency adoption, BiKi has taken up the slogan “Bringing Crypto to the Mainstream”. The exchange currently has over 1,000 community volunteers and over 300 community partners who are incentivized by BiKi for their community-driven actions. They represent the exchange in responding to users’ immediate queries and if necessary, connecting them to relevant BiKi personnel. BiKi intends to acquire 10,000 community partners worldwide and is also actively seeking 50 promising projects in Southeast Asia for listing.

About BiKi.com

Headquartered in Singapore, BiKi.com is a global cryptocurrency exchange that provides a digital assets platform for trading more than 100 cryptocurrencies and 127 trading pairs. Since beginning operations in Aug 2018, BiKi.com is considered one of the fastest-growing cryptocurrency exchanges in the world with an accumulated 1 million registered users and 100,000 daily active users, ranking within the top 30 exchanges globally.

Continue Reading

ICO

COSS Sweetens the Pot with COSS Fee Token (CFT)

Published

on

9th April 2019, Singapore, Singapore – Since launching its new and improved engine and platform, Singapore’s COSS Exchange has seen its daily trading volume increase by almost threefold. With its overhaul out of the way, COSS has now shifted its focus to the COSS Fee Token, CFT for short.

Not unlike the BNB (Binance Coin), the CFT is a trading token exclusive to the COSS.IO platform, arguably a more tangible use case than most cryptocurrencies in the current markets. Traders can get a 25% discount off trading fees when using CFT as an alternative to paying in the native tokens of the trading pairs. This will come as good news to market makers, institutional accounts and frequent traders of the platform. Other use cases of CFT such as ICO participation, community voting and others will be added on in the future.

To sweeten the deal, CFT used as fees will also be included in the FSA (Fee Split Allocation), a popular feature of the COSS platform, where 50% of total trading fees on the platform is distributed via smart contract to all COSS token holders, allowing them to passively accumulate value by simply holding COSS tokens. COSS also offers both dust conversion and FSA conversion (coming soon) to CFT. 

From a total supply of 240 million tokens, half of that number, 120 million, will be available for sale. The rest will be set aside for the COSS Affiliate Program, promos, airdrops, cross platform partnerships and a reserve pool for bonuses and burning. 

With Zeppelin’s burn function built into the token smart contract to schedule periodic coin burns, the total CFT supply will be adjusted automatically. The burn is fixed at 1M CFT tokens every month until the maximum supply is halved. This transparent burn model ensures an increase in the value of CFT held by its users.

To kick off the CFT token, COSS.IO is currently running a huge trading promo. Unlike previous promotions where trading was specified to a certain pair, this promo includes trading of all pairs listed on the platform. The prize pool is an attractive 1.1M CFT tokens.

For those who missed out on BNB, a winning strategy since its introduction to the market more than a year-and-a-half ago, CFT offers an opportunity to reap similar benefits. Interested individuals/parties can contact info+CFT@coss.io for more enquiries.

About COSS.IO

COSS stands for Crypto-One-Stop-Solution and represents a platform which encompasses all features of a digital economical system based on cryptocurrency. The COSS system consists of an exchange, an e-wallet, a platform for ICO launches and promotional trading campaigns, a fiat gateway, a market cap widget, a marketplace and more. The COSS platform unifies all transactional aspects that are usually managed by means of FIAT money, and offers multiple cryptocurrency-related services in one place. The list of potential features of the platform can be infinitely extended, and will continue growing as the platform evolves. Visit COSS.IO

Continue Reading

ICO

seriesOne and Polymath Partner to Deliver an End-To-End Solution for Security Token Issuers

Published

on

Blockchain Consortium

seriesOne announce that it has partnered with Polymath, the industry leading security token platform, to simplify the complex challenges of creating and managing security tokens (blockchain-based digital securities). This is a critical component of the full digital securities offering ecosystem available through the seriesOne platform.

The partnership with Polymath enables issuers to create and manage tokens that are compliant throughout their entire lifecycle; from initial offering to trading on a secondary exchange. “We believe that the token control layer offered by Polymath will be the industry-wide standard and we are excited to be working together,” said seriesOne CTO Dmitry Grinberg.

“Investors around the world trust Polymath, which was fundamental to our decision to work together,” said Michael Mildenberger, CEO of seriesOne. “We are confident that working with the Polymath team using the ST-20 protocol will enhance the process of raising capital on our platform.”

“Polymath is proud to work with innovative partners like seriesOne, who has fulfilled a specific demand for a turnkey financing portal for any fundraising process,” said Kevin North, CEO of Polymath. “We are thrilled to be the chosen technology standard for the seriesOne platform, and we look forward to demonstrating yet again how industry can work together to set a standard for creating and managing a successful Security Token Offering (STO).”

seriesOne, led by executives with over 20 years of traditional investment banking, venture capital and technology experience, is entering its partnership with Polymath at a time of rapid expansion for the company. seriesOne recently announced that it has formed a joint venture with Bithumb, one of the top crypto exchanges in the world, to build a digital securities exchange in the U.S.

Continue Reading

ICO

Binance Launchpad: Celer Network Token Sale Results

Published

on

Binance Launchpad, the exclusive token launch platform of Binance helping transformative blockchain startups raise funding to develop their products aiding in cryptocurrency adoption, has completed the sale of Celer Network (CELR) tokens, which began on March 19, 2019 at 2:00PM UTC. The token sale was conducted through a single session where participants purchased CELR tokens using Binance Coin (BNB). In this session, all 597,014,925 CELR tokens were sold to Launchpad participants within 17 minutes and 35 seconds.

At the time of the sale, one CELR token was priced at 0.000434 BNB. Allowing 1 BNB to purchase 2,303.35821 CELR tokens. Launchpad participants were able to purchase between 2985.074626865672 CELR tokens (the minimum amount eligible for purchase) and 223,880.597 CELR tokens (the maximum amount).

Celer Network is a layer-2 scaling platform that enables fast, easy and secure off-chain transactions for not only payment transactions, but also generalized off-chain smart contracts.

Continue Reading

ICO

Blockmason Announces Bitsonic Token Generation Event for BLINK, the Link Utility Token

Published

on

Aidemy

Blockmason, a leading developer of foundational, base-layer blockchain technologies, and Bitsonic, a leading Korean digital asset exchange, today announced the Token Generation Event (“TGE”) for BLINK, the Link utility token. The BLINK TGE will be held on Bitsonic starting on Monday, March 18, 2019.

BLINK is the official utility token powering Blockmason Link, a new blockchain infrastructure-as-a-service that allows app, web and other software developers to use smart contracts and programmatic blockchains like Ethereum, TRON, EOS, GoChain and others in their applications without requiring any blockchain experience. Using Link, a developer can create classic, conventional web-based APIs for any smart contract written on a programmatic blockchain.

“We are excited to partner with Bitsonic, one of the premier digital asset exchanges in Korea, to host our TGE for BLINK,” said Michael Chin, Chief Executive Officer of Blockmason. “We’re looking forward to making BLINK available to software developers, startups and others interested in the incredible innovations that Link will bring to the blockchain technology space.”

Link is viewed as the missing component in blockchain-based app development. With Link, developers and users alike can interact with smart contracts like any other web API. There are no “gas” cryptocurrencies to acquire, browser plugins to install or other unnecessary hurdles. There’s also no servers or web infrastructure to maintain or monitor. A developer simply adds the smart contracts they want to use in their app to Link. Once added, they can read from and write to these smart contracts just like any other API.

Continue Reading

Blockchain

Cryptocurrency Firm Agrees to Stop Using Alibaba Name

Published

on

Alibaba

A cryptocurrency firm said it will stop using trademarks including the term “Alibaba” as part a settlement of a lawsuit brought by Alibaba Group Holdings Ltd, the Chinese e-commerce retailer.

ABBC Foundation announced the settlement on Monday, in a statement confirmed by its U.S.-based lawyer.

The firm, which has offices in Dubai and Belarus and was also known as Alibabacoin Foundation, said it regretted any public confusion arising from its “former use of Alibabacoin.” Its cryptocurrency is now called ABBC Coin.

Alibaba did not immediately respond to requests for comment. A U.S.-based lawyer for Alibaba declined to comment.

The Chinese company had accused ABBC of confusing customers and hurting its business in the United States by using its trademarked name to raise more than $3.5 million in Alibabacoins.

ABBC countered that it was not trying to piggyback off the Alibaba name, and that China’s September 2017 ban on initial coin offerings eliminated a main source of potential confusion.

The case is Alibaba Group Holdings Ltd v. Alibabacoin Foundation et al, U.S. District Court, Southern District of New York, No. 18-02897.

Continue Reading

ICO

Making Your VR World a Reality – Virtual Reality Park Launches ICO

Published

on

vrr

With a huge array of industry sectors embracing Virtual Reality (VR), the day to day applications for VR are becoming more and more widespread.

According to Goldman Sachs the capitalisation of the VR industry by 2021 alone will be worth some $300bn – what is needed however is a global platform to deliver VR its true potential.

Embracing the Global Connectivity of Virtual Reality

Ever wanted to visit a far-flung part of the world but don’t have the time or budget to do so? Well, now you can. Virtual Reality Park brings the world to you!

Founded by our team of experts in 2016 and with a number of global VR Parks planned from Las Vegas to Dubai and Tokyo; VR Park is a cutting-edge platform that combines the latest VR technology and creative innovation into one location. According to Kirill Granev, CEO of Virtual Parks:

‘The restart of the era is the end of the world known to us and the beginning of a new one. Virtual and augmented reality (VR and AR) has long been used not only in entertainment. Yes, the games give a solid push for development and good financial investments, but this is not enough. Right now, many large corporations around the world are experimenting with VR / AR. With the help of these technologies, you can train personnel, develop equipment, trade and much more. As a business person, I am sure that the future is behind virtual reality!’

Global connectivity is now at its peak the and the day to applications for VR are endless, so too are the commercial opportunities for VR. From education and training to the military, medical training, aviation, and tourism the profitability of the sector as a whole is calculated in the tens of billions of dollars.

Create Your Own Dreams With the Virtual Reality Park ICO

With our own smart body control technology, the user can experience a world away from the norm – Whatever your passion – be it history, sports, fantasy worlds, literature or visiting the seven wonders of the world the ICO will create the platform that will take you there!

Ranging from 800 to 3000 square meters, the Virtual Reality Parks will extend to some 28 countries around the world including the Americas, Europe, and the UAE.

We have over 200 million VR Tokens for sale and based on the ERC-20 ETH Standard smart contract, the VR Token forms the whole basis of the VR Park platform. The VR Token is used by park visitors to pay for both games, modules and platform access and with a 15% discount for VR Token payments, the savings can be great too!

With a PR Park roadshow planned for the coming quarter, we look forward to meeting you!

We have the technology and vision – join us on our journey and become part of the VR Park Story!

About Us: Virtual Park is a platform for the development of VR industry in the global market. Thanks to the technological solutions of Virtual Park Company, we will present users with new opportunities to interact with the virtual world, identifying trends in the development in the industry.

Visit website

Continue Reading

ICO

Making Your VR World a Reality – Virtual Reality Park Launches ICO

Published

on

vrpark

With a huge array of industry sectors embracing Virtual Reality (VR), the day to day applications for VR are becoming more and more widespread.  According to Goldman Sachs the capitalisation of the VR industry by 2021 alone will be worth some $300bn – what is needed however is a global platform to deliver VR its true potential.

Embracing the Global Connectivity of Virtual Reality

Ever wanted to visit a far-flung part of the world but don’t have the time or budget to do so? Well, now you can. Virtual Reality Park brings the world to you!

Founded by our team of experts in 2016 and with a number of global VR Parks planned from Las Vegas to Dubai and Tokyo; VR Park is a cutting-edge platform that combines the latest VR technology and creative innovation into one location. According to Kirill Granev, CEO of Virtual Parks:

‘The restart of the era is the end of the world known to us and the beginning of a new one. Virtual and augmented reality (VR and AR) has long been used not only in entertainment. Yes, the games give a solid push for development and good financial investments, but this is not enough. Right now, many large corporations around the world are experimenting with VR / AR. With the help of these technologies, you can train personnel, develop equipment, trade and much more. As a business person, I am sure that the future is behind virtual reality!’

Global connectivity is now at its peak the and the day to applications for VR are endless, so too are the commercial opportunities for VR. From education and training to the military, medical training, aviation, and tourism the profitability of the sector as a whole is calculated in the tens of billions of dollars.

Create Your Own Dreams With the Virtual Reality Park ICO

With our own smart body control technology, the user can experience a world away from the norm – Whatever your passion – be it history, sports, fantasy worlds, literature or visiting the seven wonders of the world the ICO will create the platform that will take you there!

Ranging from 800 to 3000 square meters, the Virtual Reality Parks will extend to some 28 countries around the world including the Americas, Europe, and the UAE.

We have over 200 million VR Tokens for sale and based on the ERC-20 ETH Standard smart contract, the VR Token forms the whole basis of the VR Park platform. The VR Token is used by park visitors to pay for both games, modules and platform access and with a 15% discount for VR Token payments, the savings can be great too!

With a PR Park roadshow planned for the coming quarter, we look forward to meeting you!

We have the technology and vision – join us on our journey and become part of the VR Park Story!

About Us: Virtual Park is a platform for the development of VR industry in the global market. Thanks to the technological solutions of Virtual Park Company, we will present users with new opportunities to interact with the virtual world, identifying trends in the development in the industry.

For all media inquiries please contact Katarina Stabredova or visit our website.

Continue Reading

ICO

Novem Backs NNN Gold Tokens with Nearly $1.5 million in LBMA-Certified Gold

Published

on

Goldman Sachs

Novem will revolutionise the gold buying experience with the upcoming launch of the world’s safest and most transparent gold-backed stablecoin, the Novem 999.9 (NNN) gold token.

The Novem NNN gold token is entirely backed by LBMA-certified gold held in trust. NNN gold tokens will be minted only based on gold held by Novem, and each token is redeemable for physical gold at a rate of 1/100g per token.

“Novem will soon be introducing the best way to buy gold on the blockchain with the NNN gold token. It will be revolutionary, not only from the point of view of those who buy and sell gold, but also as a superior definition of what a stablecoin can be,” Wolfgang Schmid, the CEO of Novem said.

“Novem will back every NNN token with physical LBMA-certified gold. We will continue to increase the gold we hold in trust and are committed to minting NNN tokens based only on the gold is securely stored with Loomis. In that way, buyers of our NNN tokens can be sure that their purchase is 100% backed by physical gold.”

NNN gold tokens are directly tied to physical gold, stored by industry leader Loomis International. NNN gold tokens are minted based on gold held as collateral by Novem, and over 34 kg worth nearly $1.5 million is held in storage at the time of the sale.

In addition, more than $1.2 million has already been invested through a private sale in Novem’s blockchain expansion and coin offerings.

Novem is an extension of an existing profitable business of physical stores that buy and sell old gold. Their gold tokens are a new offering by this functioning retail business, and profits from the token sale will be reinvested into retail outlets which will open in major cities across Europe.

Novem utilises NEO blockchain technology to digitise assets and automate the management of digital assets using smart contracts. The NEO platform was chosen due to its speed, functionality, and innovative developer community. NEO is soon to be hardened against attacks from quantum computing, creating long-term safety for token holders.

NNN gold tokens will be available for purchase starting on February 28, 2019.

Continue Reading

Trending