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CRYPTOCURRENCY & ICO News Digest

ICO «ViaBTC» on the Bitcoin Cash blockchain raised $ 30 million in 2 hours

ICO-NEWS-ICO-ViaBTC--raised--30-million-in-2-hours Haipo Yang | Founder

On October 8, the blockchain-company and the mining pool ViaBTC completed the initial placement of tokens (ICO) using the Wormhole protocol and the Bitcoin Cash network. According to exchange data, ICO ViaBTC Token attracted $ 3,700 per second, collecting a total of $ 30 million in just over 2 hours.

ViaBTC recently released a new token called Viabtc Token (VIAT) using the Wormhole protocol. The company calls VIAT an ancillary service that enhances the value of the core service with its availability and a bonus token that can be used as a "gas" or cost transfer method. When VIAT was released on the Wormhole network, the developers set a fixed number of coins to be issued at the level of 2 billion tokens.

On Monday, Viabtc raised $ 30 million during the first major ICO, implemented on the Bitcoin Cash blockchain. Then on October 9, Coinex users selling VIAT tokens received free CET tokens.

The VIAT will be used for the process called "duo-mining", which provides miners with both regular pool payments and additional payments to VIAT. Mining payments to VIAT will be implemented in four stages and will provide miners with additional incentives for pooling.

The mining pool states that users can invite friends to mine with Viabtc, and thanks to the referral system, they can receive more rewards. VIAT owners can also use tokens for discounts on pool commissions and "exclusive customer support." For tokens, it will be possible to purchase mining accessories, Viabtc souvenirs and transaction accelerator from the BTC Company.

"[The] Viabtc Token can be used as 'gas' and value transfer tool," explains the mining pool. "We will add more application and privileges to it so that its holders can participate in the planning of Viabtc operations, building and improving Viabtc ecosystem together with the Viabtc team."

In addition to trade, VIAT will be used exclusively for Viabtc services to strengthen the firm's position in the blockchain industry. The project is headed by Haipo Yang, the founder of the mining pool, and Huimin Ouyang, Operations Director of the company. The VIAT will also be repurchased and the process of "burning" according to the white paper ICO VIAT.

"Viabtc will buy out and "burn" VIAT with 20% of its quarterly income at the end of each quarter - this will lead to a steady reduction in the total VIAT using a benign model of deflation," the white paper says.

Over the past year, the method of issuing own tokens by companies for certain services and privileges has proven itself well. For example, in the case of the Binance trading platform and the BNB token.

Viabtc Coinex and its CET token are also using coins to encourage users, and CET currently costs about $ 0.03. According to the trading platform this Tuesday, VIAT is trading at $ 0.04 per coin, and its total trading volume exceeds one million dollars. 

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