There are many ICOs out there, but very few actually get the funding they need to take off and deliver on their promises. Luckily, Blockstack’s Initial Coin Offering, known as ICO, has succeeded and was closed officially on December 4, 2017. Blockstack has managed to collect around $50 million USD by offering 440 million tokens to investors who were interested in their goals and ideas.
The official ICO by Blockstack was launched in November and saw many investments from various entities. Amongst those who were interested in the ICO were: Kevin Rose, the founder of Digg, Michael Arrington, the head behind Techcrunch, Qasar Younis, Partner & COO at Y Combinator, Blockchain Capital, Lux Capital, USV (Union Square Ventures), Digital Currency Group, Winklevoss Capital, and Foundation Capital. All of them invested in the vision that Blockstack has offered, which is that of a decentralized web which utilizes the blockchain technology as its foundation.
The Blockstack group put an emphasis on letting us know that these investors weren’t thought of as people with finances who were willing to invest into Blockstack but rather as long-term partners who will be taking positions in their new currency throughout Blockstack’s ventures.
As proof of this long-term partnership, Blockstack disclosed that their largest contribution came from an undisclosed investor which secured a $6 million share of the tokens after an agreement was formed to a lock-up of half of the share for a four-year time frame. Others who also invested only had to agree to a two-year lock-up with a maximum contribution of $3 million.
In a recent statement to CoinDesk, co-founder Muneeb Ali specified that the funding which Blockstack received is being provided by high-quality investors who are sophisticated rather than people who are simply looking to throw money at something in hopes of getting a profit in return.
Additionally, Blockstack also offered a public token sale, with no available pre-sale, in which around 800 people and entities have been said to have participated. The minimum investment for this public sale was set at $3,000 and the average investment size for all public entities was calculated to be about $6,100.
Blockstack has also been very clear in their intent to display their own guarantee. For example, only $10 million of all the funds that have been raised so far will be available to the company immediately. Blockstack has agreed to lock-up their funds until they hit some of the milestones that they have agreed to. The next $20 million will only be available when their board of advisors has agreed and verified that the next product is ready to be delivered, which is a network that can fully integrate the tokens that have been created by Blockstack. The last $20 million will become available when Blockstack has one million verified users who are actively using their system.
The main idea behind Blockstack, which was founded in 2013, is to build an architecture which is fully decentralized and can be used for publishing on the internet. Their architecture is also intended to be designed around user control. The stacks tokens are what will be used to achieve this goal.
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