Filecoin’s Record $257 Million ICO Demonstrates Demand for Compliant Token Sales

Blockchain data storage project Filecoin concluded its month-long initial coin offering (ICO) last week, raising a record-setting $257 million from accredited investors.

By Josiah Wilmoth

Blockchain data storage project Filecoin concluded its month-long initial coin offering (ICO) last week, raising a record-setting $257 million from accredited investors.

The San Francisco-based startup aims to disrupt the cloud storage industry by providing a cheaper alternative that cuts costs by harnessing unused data center and computer hard drive storage space to build a decentralized, blockchain-based storage network. Customers will purchase hard drive space using Filecoin tokens, and users will earn tokens–which can be traded for other cryptocurrencies such as bitcoin and ether–by contributing their unused hard drive space to the network.

To fund development, Protocol Labs–the company behind Filecoin–held an ICO, whereby they sold 10% of the total amount of Filecoin tokens to investors. ICOs are made possible by smart contracts, which are applications that run on another cryptocurrency’s blockchain–most often Ethereum.

Read More Here: http://strategiccoin.com/filecoins-record-257-million-ico-demonstrates-demand-compliant-token-sales/

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