Despite renewed efforts to regulate them worldwide and a decline in popularity since their “boom” in 2017, Initial Coin Offerings remain a highly efficient way to raise funds for a blockchain project if certain conditions are met. And if the team has a solid plan, exciting objectives, and a clear path to reach them, investors can become interested in a hurry.
Polkadot, a famous blockchain-based project that has already hosted a fairly successful Initial Coin Offering, is planning to raise more money through another ICO. The reported goal this time would be $60 million, according to a report from a recognized publication of The Wall Street Journal.
The Wall Street Journal cites “people familiar with the matter” in its piece, published on Thursday, January 24th. Through the scheduled funding project, Polkadot is planning to increase the value of its associated tokens to approximately $1.2 billion, including those that are not in circulation.
A Blockchain Interoperability Protocol
The Polkadot blockchain project is a very well-known proposition in the industry because it managed to rise over $145 million in a successful token sale performed in October 2017. However, some issues halted the progress soon after: Ether tokens worth around $98 million were frozen because of a bug in Parity wallets. The team stated back then that “our ability to build Polkadot as planned and to the original timetable has not been affected.”
Polkadot’s initial proof of concept (PoC) went live in May 2018, a solid eight months ago. Gavin Wood, a famous name in the crypto community because of his role in the foundation of Ethereum, is the project’s developer, while Parity Technologies and Web3 Foundation own the initiative, known for being a blockchain interoperability protocol.
Through the development of the Polkadot platform, Wood is reportedly eager to make blockchains “talk to each other.”
An Exciting, Empowering Governance Model
The Polkadot platform has the task of allowing blockchains to communicate and interact with each other and enable upgrades automatically without hard forks involved. Token holders are the entities in charge of making decisions within the ecosystem, according to its governance model.
The Polkadot project has, like all crypto-related projects, a native, associated token. In this case, it goes by the name of DOT, and it allows its holders to have a vote on prospective changes in the code, which would mean automatic upgrades throughout the network in the case that a consensus is achieved.
Aiming for the Q3 of 2019
The official launch of the blockchain-powered Polkadot network is currently scheduled, tentatively, for 2019’s Q3 (third quarter,) according to the owning companies Parity Technologies and Web3. The crypto community is patiently waiting.
Parity is known for its involvement in a wide array of blockchain related projects and tools. For example, it had a vital role in the launch of the Substrate platform, a venture that not only is integrated with the Polkadot protocol, but can also help users create customized blockchains for dApps, or decentralized applications.
By Andres Chavez