The new method of making token sales, initiated by ConsenSys Codefi, had its first success: a planned Skale Network token sale raised just over $ 5 million.
As Cointelegraph reported in February, the sale of the Skale token was the first to be launched on the Activate platform developed by ConsenSys. The goal is to start new projects with a participating community that performs the functions required of it, such as spreading codes to protect the network.
For this, the platform has developed the concept of Proof of Use. Once delivered, the tokens can only be “used” on the platform by games, and cannot be sold until they are used in this way for at least 60 days.
According to ConsenSys, the deal crossed $ 53 million from 4,533 participants. However, the final number of participants was 3,736, with an average contribution of $ 1,330.
The company stated that the aim of the sale is primarily to find interested users; The group was a secondary target. Skale CEO Jack O’Holleran previously told Cointelegraph that the project does not need the funds raised because it has been working for venture capital so far.
Token sales are designed to ensure the most equitable distribution of tokens and the maximum number of individual participants. To join the sale, you need to know your customer’s due diligence, which will deter most Sybil attack attempts, as an organization can register multiple accounts to circumvent the restrictions.
The Skale Network is an Ethereum (ETH) side chain that aims to create a high-performance, blockchain environment suitable for replacing cloud hosting providers such as Amazon Web Services. The project claims that more than 50 DApps are being built on the side chain, which is expected to enter the second phase of the main network on October 1.
Users who have purchased SKL tokens will be able to delegate them to a list of 21 checkers who will initiate a scale contract while receiving betting bonuses.