One week into their Initial Coin Offering (ICO) upcoming decentralized application platform Lisk reports that it has already raised over 1200 bitcoins, totaling around $500,000 USD.
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Lisk Funding Shows Very Promising Start
The ICO began a week ago on February 22, 2016. Getting massive start by raising $500,000 worth of crypto in its first week, the ICO still has three weeks to go, ending in March.
All coins collected during the ICO are stored in a 2-of-3 multi-signature vault on Coinbase, with two of the keys held in escrow. The project’s legal adviser holds one key, and a well-respected Bitcointalk community member holds the other. For those interested in the details of the ICO, all of the terms can be found on the project’s official blog.
When the platform launches, 85 million LISK — the platform’s native token — will be distributed to participants. This distribution is set to take place at the end of march.
Utilizing ShapeShift technology, the ICO is able to accept any currency supported by the ShapeShift.io exchange, providing a wide variety of ways for people to participate in the ICO. All crypto-currencies received from participants, with the exception of Crypti, will be converted to bitcoin.
Each application built on the platform will operate on its own sidechain, allowing the platform to stay “lean and efficient.”
Currently, the main focus of the platform is to help developers build blockchains for Internet of Things applications, as well as providing responsive designs for mobile devices and dApp hosting.
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