Blockstack Launches Stacks Blockchain, Scoops Out $25 Million from Its Token Offering Funding
Blockstack’s recent launch of its Stacks blockchain, not only signified its achievement of a major milestone, but also came with the extra perk of unlocking roughly $25m in funding from its 2017 token offering.
Majority of the capital raised from its ICO will be fully unlocked when other milestones are achieved, states the Blockstack PBC team.
The decentralized network made self-imposed commitments of achieving two humongous targets, namely reaching 1 million users on the network and unlock $25 million in funding before the end of 2018.
And now one of the targets has been clocked with Blockstack announcing that plans are underway to use additional capital, which is about 40% of the token sale to push forward efforts to cover a lot of operational grounds and expenses.
The effort will also be geared towards bankrolling its developer tools.Making the commitment on Page 9 of its Mechanics Paper shortly after its launch, Blockstack stated, among others, that
“Token LLC will only use a maximum 20% of the initial Fund investment amount…as operational capital until Milestone 1 is reached.”
A statement from the team after unlocking the $25 million funding read:
“As of Oct 22nd, the Stacks blockchain was launched, marking the production deployment of the network. We monitored the network for several weeks and the independent Advisory Board met on Nov 14th. The board unanimously determined that Blockstack PBC successfully accomplished Milestone 1, unlocking the corresponding capital.”
In May, 2017, the company launched a million dollar initiative that was designed to support to blockchain technology developers who are intent on creating truly decentralized alternative social networks.
The developers continue to advance efforts to develop a system that will address some of the issues relating to digital rights, data user’s privacy and user choice in the blockchain industry and Blockstack fully committed to supporting the project.
Blockstack which is funded by ex-facebook guys, the Winklevoss twins, is committed to investing in the project as long as it was able to bring a lasting solution to some of these nagging concerns.
In a more recent partnership with Product Hunt, a Y Combinator-sponsored site which allows users discover and share new items, Blockstack pulled a lot of resources from the partnership, bringing Product Hunt’s proprietary ranking system to its App Mining algorithm.
Can Blockstack Contribute To Crypto’s Mass Adoption?
With the year winding down and a lot of corporation and companies looking ahead for a bright kickstart of a new year, there are still expectations. The digital business world, especially, is much interested in finding lasting solution to some of the issues plaguing it.
One of such expectations is the ambition of ensuring that there is massive adoption of cryptocurrency in coming years.
But that can only happen if crypto investors, enthusiasts, experts and analysts can provide a template either in terms of short term or long term solution that will guarantee hope in investment in the mind of global community.
It is still believed that Blockstack network will continue assiduously to achieve the second milestone of reaching 1 million users. When that happens, Blockstack would have contributed its quota, little thought it may be, to making the dream of mass adoption come true.