History As Mining Pool Raises $30 million Within 2 Hours In ICO
The pool is among few that have ventured into token issuance.
First BCH Blockchain ICO Unveiled
Chinese mining pool ViaBTC has made history after raising $30 million within 2 hours in an ICO. The ICO was the first to ever take place on the bitcoin cash blockchain. The pool deployed the Wormhole protocol during the ICO. Notably, the firm raised the amount despite the current market situation, where most cryptocurrencies have significantly dropped.
In ranking, ViaBTC is fifth largest mining base in the world, just two years after it was launched. The pool takes up about 10% of bitcoin’s harsh rate on the blockchain. Currently, ViaBTC is operating its own cryptocurrency exchange platform after getting funding from RMB. It received $20 million in fund spearheaded by mining device manufacturer Bitmain early this year.
Last week, ViaBTC unveiled a new token dubbed VIAT. According to the firm, the token is value added and has incentives majorly deployed as gas.
After the launch, the token was allocated a constant supply of 2 billion. 750 million of the token will be supplied through a community backing that entails CoinEx VIP and CET clients. Partners are entitled to 250 million. The remaining tokens will be released in small quantities in form of mining rewards. Sometime last week, CoinEx investors who exchanged VIAT asset were rewarded with an airdrop from the platforms CET tokens.
A look at ViaBTC’s whitepaper shows that half of the VIAT tokens will be unveiled and supplied through the DUO mining model which offers ViaBTC miners a constant mining payout. We now have an additional payout of VIAT. The document shows that the token will be open to a repurchase protocol and burning procedure.
Reports indicate that VIAT tokens can be deployed to pay for different charges among other incentives. The VIAT can be deployed to facilitate purchases by miners as well as transaction acceleration and the firm’s souvenirs.
To propel the platform’s goal, the firm has hired a number of advisers among them, Jihan Wu. Wu is among the founders of Bitmain. Additionally, Roger Ver, a renowned bitcoin cash supporter has been brought on board. ViaBTC joins a number of mining bases to unveil a token. Recently, Huobi announced that it has released a token dubbed HPT. UU pool is also known to have released a token.