ICOs Raised Over $1 Billion in 2018 So Far

It’s still the beginning of the year while 40 ICOs raised over $1 billion in 2018 so far the nascent industry is on pace to top last year’s mark of $5.6 billion.

With over 40 ICOs and over $1 billion raised already in the new year, the nascent industry is on pace to top last year’s mark of $5.6 billion.

2018: AN EVEN BIGGER YEAR FOR ICOS?

Last year, there were 902 so-called Initial Coin Offerings (or ICO) projects tracked by TokenData. Out of that amount, 142 failed prior to the offering, and another 276 failed after raising funds.

But despite a lackluster success rate of about 48%, startups still managed to raise $5.6 billion USD in 2017, according to Business Insider.

Just under a half (435) of the ICOs were considered to be a success, raising an average of $12.7 million, while the ten largest offerings comprised 25% of the total money raised, according to TokenData.

ICOs

In 2018 so far, the trend is not showing any signs of slowing down. With 48 ICOs into the year, the amount raised so far exceeds $1.1 billion, according to data from Coinschedule.

What’s more is that this figure does not yet include the Telegram ICO that already secured over $850 million in a pre-sale as it aims for its goal of $2 billion later this year.

The top three ICO categories so far in 2018 include Trading & Investing, Finance, and Communications. These comprised over a third of all offerings. Moreover, the lion’s share of this sum ($525 million) has been scooped up by the top ten ICO projects in Pareto fashion, led by Envion—a company promising “off-grid mining solutions” that managed to raise $100 million.

At this rate, ICO projects could raise well over $7 billion USD by the end of 2018. But if last year is anything to go by, the pace could ramp up at any time as an explosion of ICO activity and funds raised occurred in the second half of 2017.

Therefore, the figure could go well into double digits, depending on how the regulatory environment develops in 2018 across key regions, such as the EU and the United States.

 

Source: ICOs Raised Over $1 Billion in 2018 So Far

Advertisements

Bitcoin blockchain consumes a lot of energy engineers changing that

Innovators from top institutions and tech titans are in a race to develop green blockchain innovations to address demand by businesses.

  • Innovators from top institutions such as M.I.T. and Cornell University and tech titans such as IBM and Intel are in a race to develop green blockchain innovations to address demand by businesses.
  • In order to unleash the power of blockchain – the technology behind bitcoin – for a wide range of business purposes, energy efficiency is key, developers said.
  • The original blockchain runs on an algorithm that could eat up more energy than Argentina this year, Morgan Stanley estimates.If blockchain technology is going to revolutionize how we transact with each other, computer scientists need to solve one big problem: It can consume way too much energy.The original blockchain, which underlies bitcoin, runs on an algorithm that could eat up more energy than Argentina this year, Morgan Stanley estimated.

    “Businesses have every incentive to avoid bitcoin’s waste. It’s very, very expensive to run things the way bitcoin runs things,” said Cornell University computer science professor Emin Gun Sirer, co-director of the school’s Initiative for Cryptocurrencies and Smart Contracts.

    https://www.cnbc.com/video/2018/01/12/heres-how-much-it-costs-to-mine-one-single-bitcoin-in-115-different-countries-across-the-world.html Here's how much it costs to mine one single bitcoin in 115 different countries across the world

If blockchain technology is going to revolutionize how we transact with each other, computer scientists need to solve one big problem: It can consume way too much energy.

The original blockchain, which underlies bitcoin, runs on an algorithm that could eat up more energy than Argentina this year, Morgan Stanley estimated.

“Businesses have every incentive to avoid bitcoin’s waste. It’s very, very expensive to run things the way bitcoin runs things,” said Cornell University computer science professor Emin Gun Sirer, co-director of the school’s Initiative for Cryptocurrencies and Smart Contracts.

Innovators from top institutions such as M.I.T. and Cornell University and tech titans such as IBM and Intel are developing a number of “green” blockchain innovations to address demand by businesses for blockchain that streamlines transactions of all sorts. Blockchain can help automate transactions and records those transactions on a tamper-proof digital record available to all participants in a network.

Energy efficiency allows blockchain to scale for business needs, developers said. That means processing significantly more transactions per second at minimal cost, while accommodating an ever-expanding user base.

The potential reward has spurred a race to develop the winning blockchain solutions for companies and organizations. “The people who come out with the winning algorithms are going to capture a substantial portion of the many billions of dollars that go into back-end systems,” Cornell’s Sirer said. “We are in a phase where a thousand blockchains will bloom. And the markets will decide on a few winners.”

Differentiating from bitcoin

Bitcoin’s cousin ethereum is trying to position itself to be one of those winners among the business community. Developers have created a new blockchain that would reduce its energy consumption to almost zero and allow it to scale as well as improve security, said Mike Goldin, a software engineer at Consensys, which builds applications on top of ethereum.

“If we get to a place where ethereum scales 10,000 X, a million X, but it’s using a million X energy … game over,” Goldin said. “We’d have to drain the power of the sun to power this blockchain. If we scale ethereum, but we don’t also scale the power consumption, it’s useless.”

The move will further set ethereum apart from bitcoin, with whom it currently shares a similar blockchain algorithm called proof-of-work.

Proof-of-work, also known as “mining,” is the culprit behind bitcoin’s energy waste. It’s the process by which computers solve complex mathematical riddles in order to perpetuate the blockchain and garner new bitcoin. The computers are racing to be the one to validate the next block of transaction data and capture new coins.

As more computers mine bitcoin, the math problems get harder to crack and require even more processing power. The soaring price of bitcoin last year incentivized more machines to mine it. While the cryptocurrency’s price has since plummeted below $10,000 from its high of more than $19,000 in December, bitcoin’s recent climb called attention to its long-term sustainability problem.

Source: Bitcoin blockchain consumes a lot of energy engineers changing that