ConsenSys Codefi headed token sale achieved its first success, with the planned sale of Skale Network tokens accumulating over $5 Mln.
As reported earlier this year, the Skale token sale was the primary to be launched on the Activate platform developed by ConsenSys. Its purpose was to bootstrap new projects with an involved community that might perform the functions required of it, for instance staking their tokens to secure the network.
However, to perform so, the platform developed the concept of Proof-of-Use. Upon delivery, the tokens can only be “used” on the platform via staking, and that can’t be sold until they’re utilized in such manner for at least of 60 days.
In line with ConsenSys, the sale accrued over $53 Mln in purchase intent from over 4,530 participants. The ultimate number of participants was nevertheless 3,736 people, for a mean contribution of $1,330 USD.
The company added that the aim of the sale is primarily to seek out engaged users; collecting funds was a secondary goal. Skale’s CEO Jack O’Holleran earlier added that the project doesn’t actually need the cash it collected as it has operated on venture capital thus far.
The token sale was designed to realize the fairest token distribution possible and therefore the most number of individual participants. Joining the sale requires a comprehensive KYC check, that should deter most sybil attack attempts where one entity could register with several accounts to bypass restrictions.
Skale Network is an Ethereum [ETH] sidechain that aims to make a high-performance blockchain environment suitable to exchange cloud hosting suppliers like AWS [Amazon Web Services]. Over 50 DApps are already been building on the sidechain, the project adds, which is predicted to enter the 2nd phase of its main net on 1st Oct.
Users who acquired the SKL tokens will be able to delegate them to an inventory of 21 validators who will operate onto the Skale nodes, earning staking rewards in proceeding with so.