Ethereum’s (ETH) co-founder Gavin Wood’s Blockchain
interoperability protocol, known as Polkadot
(DOT), is reportedly looking to raise a whopping $60 million in a second
planned token sale. The report about Polkadot’s planned token sale was published by the Wall Street Journal (WSJ) on Jan.
Ethereum (ETH) Price Today – ETH / USD
Polkadot’s Planned Fundraiser Will Take The Undiluted
Market Value of its Tokens to $1.2 Billion
As per the report by WSJ, citing sources who are familiar
with the matter, if successful, Polkadot’s new planned token sale would take
the fully-diluted market cap or the overall value of the tokens in circulation,
plus the tokens that are not issued to
$1.2 billion. Polkadot is a Blockchain solution that is designed to tackle the
issue of Blockchain interoperability.
The Polkadot protocol
is reportedly developed by Parity Technologies as well as some ecosystem
support from Swiss Web3 Foundation. According to the company, the technology or Blockchain solution is designed to boost
the compatibility between multiple or varying Blockchains, including that of
the Bitcoin (BTC), and other decentralized
crypto asset platforms.
Polkadot’s Technology Solution to Launch in the Third
Quarter of 2019
According to Ryan Zurrer who is Web3 Foundation’s director
and a former Polychain Capital partner, Polkadot’s technology is reportedly
slated for a quarter 3 of 2019 launch. The technology will help to deal with
the issue of Blockchain interoperability.
Previously, Polkadot managed to raise up to $144 million in an initial token sale
back in October 2017, with the key
investors at the time including Boost VC, Polychain CA and Pantera Capital as
per the Wall Street Journal report.
Based on Polkadot’s light paper, an additional second token
sale was actually scheduled at the same
time with the initial sale, with up to
20% of the tokens reserved for later sales or other forms of distribution. The
published breakdown of the tokens will
leave the Web3 Foundation with up to 30% of the tokens,
with another 50% already sold out in the initial token sale.
More Blockchain Interoperability Solutions on the Horizon
It should be recalled from an earlier report by
Cointelegraph on December last year, that a development and research lab at
Tenx crypto startup has successfully tested the use and functionality of its
cross-Blockchain interoperability protocol. This new protocol was tested in the transfer of ERC20 tokens for
Bitcoin (BTC) by means of the Lightning
Finally, it was reported earlier in the week that the
Institute for Development and Research in Banking Technology in India issued a
blueprint regarding the implementation of the Blockchain initiative in the
country’s banking system. The endeavor
will be focusing on the issue of connecting major
players in the industry with banks by setting up an interoperable Blockchain
Ethereum (ETH), since it’s
return to the number two position (behind Bitcoin) among the top 20
digital currencies by market capitalization
is reportedly down by nearly 2.5% in the last 24 hours. As of press time the
digital asset is trading at $114. On the weekly chart of the ETH/USD pair,
Ethereum’s current value is less than $121.