First Major Bitcoin Cash ICO Raises $30M in Record Time.
On Oct. 8, 2018, the blockchain firm and mining pool Viabtc finished the first high-value initial coin offering (ICO) using the Wormhole protocol and Bitcoin Cash chain. According to exchange data, the Viabtc Token ICO raised US$3,700 per second capturing a total of $30 million in 2.2 hours.
The firm Viabtc had recently launched a new token called the Viabtc Token (VIAT) using the Wormhole protocol. The company refers to viat as a value-added service and privilege token that can be used as “gas” or a method of value transfer. When viat was issued on the Wormhole network a fixed supply of 2 billion tokens was set by the developers. On Monday Viabtc raised $30 million during the first major ICO issued on top of the Bitcoin Cash blockchain. Then on Oct. 9, Coinex users who trade the viat token will receive an airdrop from the firm’s stash of CET tokens.
Viat will be used for a process called ‘Duo mining’ which gives miners normal pool payouts but also an added payout of viat as well. The viat mining payouts will be released in four phases and will give miners extra incentives to join the pool. The mining pool says that users can invite friends to mine with Viabtc and with a referral link they can receive more payout rewards. Viat owners can also use the currency for discounts toward pool fees and “exclusive customer support.” The tokens will be able to purchase mining accessories, Viabtc souvenirs, and the company’s BTC transaction accelerator.
“The Viabtc Token can be used as gas and value transfer tool,” explains the mining pool. “We will add more application and privileges to it so that its holders can participate in the planning of Viabtc operations, building and improving Viabtc ecosystem together with the Viabtc team.”
Besides trading, viat will solely be used for Viabtc services only in order to bolster the firm within the blockchain industry. The Viabtc Token project is lead by the mining pool’s founder Haipo Yang, and the firm’s COO Huimin Ouyang. Viat will also be subject to a repurchasing plan and a burning process according to the viat ICO’s whitepaper.
“Viabtc will buy back and ‘burn’ viat with 20% of its quarterly revenue at the end of each quarter. This will reduce the total amount of viat steadily on a benign deflation model,” the whitepaper details.
“The repurchase details will be announced timely and the ‘burning’ transactions are available for checking on the blockchain to ensure transparency.”
Cryptographic currency companies that have created incentive-based tokens for certain services and privileges have performed well in the last year. For example, the Binance trading platform and its BNB token have managed to rank among the 14 best market valuations of the more than 2,000 digital currencies.
The exchange of Viabtc, Coinex and their token CET also use these currencies for incentives and the CET is currently worth around $ 0.03. According to the data of the commercial platform of this Tuesday, viat is quoting at $ 0.04 per currency and has more than one million USD in commercial volume.
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