Block.one CEO Brendan Blumer Opens Up On EOS And Bitmain’s IPO Future
Founder and CEO of Block.one, Brendan Blumer, talked about the famous blockchain network and cryptocurrency EOS and Bitmain’s upcoming initial public offering (IPO). During an interview with Bloomberg Markets and Finance, he talked about how they have created a next-generation cryptocurrency.
EOS is one of the most valuable cryptocurrencies in the space and owns the record of having the biggest Initial Coin Offering (ICO) sale in history. The company was able to gather $4 billion dollars in funds after starting it on may 2017 and finishing it a year later.
Brendan explained that there are several networks in the market that were using Proof-of-Work as a consensus algorithm, something that consumed a lot of energy. Nonetheless, they decided to create a new cryptocurrency that focuses on innovation rather than energy consumption.
About it, he mentioned:
“…look at how token networks were distributed in the past, it was mostly through burning electricity in order to create these tokens. And so the thesis behind our token sale was to take that capital that was normally used to create tokens and then diverted back to the developers that are spawning the next generation of innovation.”
He then talked about how they are working with other partners with their $1 billion dollars fund for EOS VC. He explained that a specialized team from all over the world is working in order to get these funds back to the hands of the developers. Additionally, he mentioned that they have a roadmap that is shared with investors.
At the same time, he said that Peter Thiel and Jihan Wu, both founders of the most important crypto mining company in the world, Bitmain, have invested in the company. In this way, he shows that blockchain technology allows people to disrupt some of the most important and centralized platforms available right now.
He then spoke about the upcoming Bitmain IPO. He explained that the business in which Bitmain is involved is different to the one related to EOS since they are hardware manufacturers. He said that Hong Kong is very important for the industry since there are several market leaders setting up their businesses there. The city offers very free capital markets and shares some of the ideologies as blockchain itself.