The initial coin offering (ICO) for blockchain project EOS is approaching $4 billion as it nears the conclusion of its year-long token sale.
According to a report in the Wall Street Journal, EOS creator Block.one is on track to raise $4.2 billion by the end of the ICO, which began on June 26, 2017, and is scheduled to end on June 1, 2018, at 22:59:59 UTC.
Block.one has been somewhat opaque about what it intends to do with the funds, particularly since it claims that it will not develop or maintain the EOS software following its initial release. However, the company has already committed hundreds of millions of dollars to venture capital funds launched to support the development of projects that will utilize the EOS platform.
The EOS ICO is far and away the most lucrative token sale, in part because its 355-day duration is also the longest of any major blockchain project. Block.one raised $185 million during an initial five-day crowdsale, and that figure is often used when ranking EOS against other ICOs. Nevertheless, the full EOS crowdsale has raised more than twice as much as any other project.
The next highest raise belongs to encrypted messaging app provider Telegram, who claims to have raised $1.7 billion in a private sale restricted to a group of fewer than 200 investors. The company had initially planned to hold a public sale as well, though it reportedly canceled those plans due to regulatory uncertainty surrounding the ICO industry.
The EOS software is scheduled for an early June release, though questions have mounted over whether the development team — led by Daniel Larimer — will be able to meet that target.
As CCN reported, Chinese security researchers recently identified what have been described as “epic vulnerabilities” within the EOS codebase. At least one specific issue has now been patched, but the EOS price has nevertheless declined on fears that there could be other serious bugs that have not yet been discovered.