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Initial Coin Offering [ICO] raising plummets to its lowest in August 2018 from its ATH

Priya

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Initial Coin Offering [ICO] raising plummets to its lowest in August 2018 from its ATH
Source: Unsplash

Last year, the cryptocurrency space witnessed a boom of Initial Coin Offering [ICO]s fundraising, with some of them making to the headlines because of the billions of dollars which were raised through them. In addition, most of the tokens sold during the ICOs are ERC20 tokens.

Some of these projects hit the high road like Tron [TRX] and EOS and they decided to opt out of the platform onto their own platform. Some of them, plunged before they could make it to the mark and other turned out to be scams.

Moreover, the buzz of the ICOs went up to such an extent that it drew the attention from regulatory bodies as well with some enforcing rules which had to be mandatorily followed by start-ups opting for ICOs. However, irrespective of all the attention, this year seems meek for the ICOs as research suggests that fundraising has been seeing a downward trend in the past couple of months.

According to Autonomous Research, as reported by Bloomberg, ICOs fundraising has collapsed to its lowest in the month of August 2018. The research states that start-ups have been able to only raise up to $326 million in August opposed to its peak in the month of January 2018, more than $3,077 million.

The highest ICOs raising this year is recorded to be at the beginning of the year. In the month of February and March 2018, start-ups were able to raise around $3,010 million and $2,783 million respectively.



This comes in the limelight right when Ethereum [ETH]’s price hit its all-time low. Most of the ICO projects are based on the Ethereum platform and some reports suggest that the downtrend of Ethereum is mainly because of the ICOs. It is believed that these ICOs are selling the tokens which they raised either because of the failure of their project which met a dead-end or because they are undergoing a loss because of the bearish market.

Recently, the CEO of eToro, Yoni Assia said that Ethereum is the most used smart contract in the space and is bullish on Ethereum. However, Moshe Hogeg, the CEO of Sirin Labs stated that there will be a lot of dApps build on the Ethereum blockchain in the future.





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

Bitcoin’s [BTC] security is 100 times more than that of Bitcoin Cash’s [BCH], says Litecoin creator

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Bitcoin's [BTC] security is more than a 100 times than that of Bitcoin Cash [BCH], says Litecoin creator
Source: Unsplash

Charlie Lee, Creator of Litecoin [LTC] and Managing Director of Litecoin Foundation, spoke about projects that allocate mining rewards to developers, in an interview with Laura Shin for Unchained Podcast. He also opined about whether Litecoin’s vision still remained the same or not.

On projects that allocate a percentage of the block reward to developers, Lee stated that it was “okay” as long as the project developers were transparent on this subject, adding that in some cases, this was “needed”. He further stated that it was hard to find developers for Litecoin since, there were not enough funds to pay these developers.

[…] we work on raising money and using money to pay for developers but unlike ICOs or other projects we just don’t have millions sitting from selling our ICO tokens to fund these developers. So, yeah I think projects that do that it’s kind of needed […]”

However, Lee stated that for cryptocurrencies such as Bitcoin and Litecoin that really want to become decentralized money, there cannot be any centralized actions like using mining rewards to pay developers.

This was followed by Lee speaking about Litecoin’s vision and the coin’s use case. On this, Lee stated that the current vision was still “very similar” to the old one, seeing Litecoin as a complement to Bitcoin. He added that Litecoin’s raison d’être was not to replace Bitcoin, unlike some other coins that claim to be the better version of Bitcoin.

“[…] I think it’s trade-off. So, a lot of people don’t talk about the trade-offs people talk about how they have fees are cheaper […] people in support of Bitcoin Cash constantly talk about how Bitcoin Cash transaction fees are like a hundredth of that of Bitcoin but, you get what you pay for right […]”

He further added that Bitcoin’s “security was more than hundred times” that of Bitcoin Cash, irrespective of the hash rate being more or not. Lee remarked that one cannot “attack Bitcoin,” whereas Bitcoin Cash could be “eas[ily] be attacked,” adding that this factor was very important and also the reason for cheaper fees.



“[…] same for Litecoin alright. Litecoin is cheaper and the security is less than Bitcoin […] so people who actually move lots of money they would want to use Bitcoin and I think that’s fine like Litecoin can compliment Bitcoin perfectly fine […]”

Lee stated that this was the reason he agreed with Lightning Network, arguing that it was good for both Bitcoin and Litecoin. He stated that Lightning not only helps them scale, but also enables cross-chain atomic swaps, allowing people to swap two different coins instantly and easily in a decentralized manner.





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