Blockchain project Polkadot has reportedly been seeking to raise up to $60 million with the help of another initial coin offering (ICO).
A report from The Wall Street Journal stated that “people familiar with the matter” said- “The startup’s latest token fundraising effort will bring in the value of all of their tokens which would be a whopping $1.2 billion, only if the circulations are included.“
Previously, Polkadot has raised more than $145 million with the help of a token sale in October 2017. Soon after this, they had ether tokens which valued up to $98 million, but it was frozen due to a bug in the Parity wallets. At that time the team said- “Our ability to build Polkadot as planned and to adhere to the original timetable has not been affected.”
Parity Technologies, which has been developed by ethereum co-founder Gavin Wood and owned by the Web3 Foundation, Polkadot is a blockchain interoperability protocol which saw its first proof-of-concept (PoC) go live in May 2018.
The protocol has been designed to allow blockchains to communicate with each other and facilitate upgrades automatically without the need for a system-wide upgrade or hard forks. A new form of governance has been announced last year which passed the decision making to token holders. DOT, which is the internal token of the Polkadot network, will allow holders to vote on potential code changes, and these changes will then be automatically upgraded across the network if the consensus is reached.
Parity and Web3 have previously discussed their plans of officially launching the Polkadot network in the third quarter of 2019.
Parity has been working on building a number of blockchain tools and projects. Just last month, they launched the Substrate, which is a platform that allows users to create customized blockchains for decentralized applications and it is integrated with Polkadot protocol.