Polkadot Plans ICO to Raise Another $60 Million
Blockchain project Polkadot is planning to raise up to a sum of $60 million through its upcoming initial coin offering (ICO).
According to reports, the startup’s latest fundraising effort through token sales would bring the value of all its tokens to a sum $1.2 billion, when those that are not in circulation are included.
Polkadot during its token sale in October 2017 raised more than $145 million. Afterwards, it had its ether tokens to the tune of $98 million frozen due to a bug in Parity wallets. At that time, the team asserted: “Our ability to build Polkadot as planned and to the original timetable has not been affected.”
Polkadot is a blockchain interoperability protocol which was developed by ethereum co-founder Gavin Wood and owned by Parity Technologies and the Web3 Foundation saw its first proof-of-concept (PoC) go live in May 2018.
The platform was designed to allow various blockchains to communicate with each other and facilitate upgrades automatically without system-wide upgrades or hard forks. A new form of governance was announced last year that passed the decision making to token holders. The internal token of the Polkadot network, DOT, allows holders to vote on potential code changes, which will automatically upgrade across the network if consensus is reached between the parties.
Parity and Web3 have previously said that the plan is to officially launch the Polkadot network in the third quarter of 2019.
Parity has been working vigorously on building a number of blockchain projects and tools. In December, it launched Substrate, a platform that lets users create customized blockchains for decentralized applications, and it is integrated with Polkadot protocol.