Tezos continues raising $232 million worth of bitcoin and ether as offered for the token funding by the community to have their own part in the technology which is described by the team as:
“a new decentralized blockchain that governs itself by establishing a true digital commonwealth.”
Tezos’ innovative approach to the governance of its blockchain platform is based on creating governance rules for stakeholders to approve of protocol upgrades that are then automatically deployed on the network.
On the other side – Bancor, a blockchain platform that makes it possible for anyone to create their own cryptocurrency token and operate it independently of a third-party exchange, as it raised more than $150 million with its offering happening last month.
Bancor record was broken by Tezos as it continues to grow together with the craze by the community for the Token “business” they are engaging in.
An ICO – Initial Coin Offering – is a funding procedure for startups (or even already made companies), in which case tokens present a partial ownership of the ICO project, with rights and returns defined by the project’s specific rules and enforced by its smart contracts.
This procedure can be considered as a shortcut around the security regulations as the regulations for ICO have been summoned by SEC in the US and the People’s Bank of China.
There is a separation between the community – to the one that think the ICO hype should be slowed down as it is affecting a lot the Ethereum price and that there is no protection about it like a call for caution. And the other side that think it should be seen as an opportunity for anybody to invest in any part of the industry with ease.
Therefore, it isn’t surprising that more and more firms are looking at the ICO sector as a promising alternative to traditional funding.
Based on what the representatives from Deloitte think, EY, KPMG and PwC (the global Big Four accounting firms):
“both existing and prospective clients are beginning to ask questions about initial coin offerings (ICOs), the process by which public blockchain technologies can be leveraged to create custom cryptocurrencies that are subsequently sold to fund projects.”
“We’ve seen a definite uptick in the inquiries we are receiving,” Eamonn Maguire, who leads KPMG’s Digital Ledger Services division “In the past month alone, we’ve probably gotten 10 inquires – for example from institutions in France, Switzerland, Russia and Austria.”