Coinsilium Announces $39.8 Million Raised in Successful ICO for Fantom
Coinsilium, a London-based company that invests and manages different blockchain companies and startups, announced that it has raised almost $40 million dollars for Fanton, one of its clients.
The company has been founded in 2014 and it has been investing in different companies such as Indorse, Satoshipay, and RSK Labs. Moreover, Consilium announced on May the 10th that it was adding Fantom to the list of advisory clients.
Fantom is a South Korean blockchain company that aims to offer instant transaction confirmation, transaction fees of just a cent and processing power that increases the number of nodes in the system.
According to what it shows, the company is the world’s first DAG-based smart contract platform. The directed acyclic graph is related to a chronological graph that cannot cycle back on itself because any event in the graphic is dependent on a preceding one.
This kind of technology can be used for spreadsheets. When a value displayed in a specific cell is the base of other cells, then when the value is changed, all the cells change automatically.
It is important to mention that Fantom uses a system known as Opera that does not use blocks, but instead it processes a list of events without the possibility to modify previous confirmed transactions.
Additionally, the company says that it operates using three layers, the ‘Core Layer’ that processes transactions, the ‘Ware Layer’ to support smart contracts, and the application layer, which supports third-party applications.
At the same time, it has a consensus model that is known as ‘Lachesis.’ An event can only be initiated when the previous one is concluded. Event blocks verify older transactions, instead of miners, something that helps avoiding delays in approval and bottlenecks.
Fantom was able to partner with important firms in the banking industries, financial, and telecom industries. For example we can mention the Korea Food-Tech Association, which is a consortium of companies that have over $180 billion dollars combined.
Eddy Travia, Coinsilium’s CEO, commented on the matter:
“The success of FANTOM’s public token sale in a short time-frame illustrates the high level of interest in this project from the investment and blockchain communities globally. The team must now demonstrate the value of their protocol, but we see indications that FANTOM’s technology is being considered very seriously, both at the enterprise and government levels.”
Coinsilium registered a revenue increase of 181 percent in 2017. Clients of its consulting service raised over $500 million dollars through token sales.