Hedera Hashgraph, a U.S. based distributed public ledger that plans to offer a cryptocurrency, a file storage service and a smart contract platform, has raised $100 million from institutional and has announced a valuation of $6 billion.
The company announced on Twitter that it is currently offering tokens at $0.12, the same amount that investors – including institutional investors, employees and management – paid in its recent funding round. The price offering reflects a $600 million valuation as a 10% first-year circulating supply.
A company source noted in response to a tweeted question that the source code will be open review, but not open distribution. The distribution will be limited to ensure stability and prevent forking.
The platform plans to launch its network in the next month and provide early access to certain partners.
Crowdsale Targets $20 Million
The current crowdsale hopes to raise $20 million, the company noted on its website. The accredited investor verification process began on Aug. 1 and will complete by Aug. 1 or when the target is reached. The offering will be conducted according to SEC regulations as a private placement.
Some tweeters questioned how a $6 billion valuation can be justified for an unproven technology.
Nearly 200 Hedera Hashgraph “ambassadors” have run over 80 meetups in cities worldwide, reaching 5,000 attendees, the company noted on its website.
The platform recently joined the Trusted IoT Alliance, an open source software consortium organized to create a secure and scalable Things (IoT) ecosystem.
Working through the consortium, Hedera Hashgraph plans to work with Fortune 500 companies and startup companies to leverage its consensus algorithm to scale and secure IoT ecosystems.
Zaki Manian, the alliance’s executive director, said the alliance has noticed “tremendous demand” from its members to test Hedera Hashgraph, especially to deliver a virtual twin for each IoT device in its ecosystem.
Creating a virtual twin for each device on a distributed ledger will allow organizations to build a trusted IoT ecosystem linking metadata, device identities and cryptographic registration, Manian said. Such trust is critical for payment, government, and enterprise applications that stand to benefit from a trusted IoT.
Also read: Trading platform TrakInvest to make their app on Hedera Hashgraph distributed ledger technology
Trading Platform Taps Hashgraph
TrakInvest, a virtual trading platform to issue tokenized academic certifications, data systems, and reputation systems, has announced it will use Hedera Hashgraph to develop different features on its app. TrakInvest plans to create a virtual decentralized system to bring academic certifications to Asian institutions will utilize the Hedera Hashgraph DLT.