Let us go through the key features of the Ethereum ICO 2014
An Initial Coin Offering offering is very similar to the Initial Public Offerings but it is the online cryptocurrency based system where the investors are given tokens in return for their investments. The ICOs have proven to be one of the best ways of crowdfunding to date. Before the ICOs a particular project or business model was not able to raise enough funds even though it had a great business value.
The main reason being was the lack of reachability to the potential investors along with tiring procedures, but through the Initial Coin Offerings, as the service is completely online and uses the Blockchain Technology, the investors from all around the world can invest in a particular project and the project can gain enough investments for its operation.
The Ethereum Blockchain comprises a unique feature called ‘smart contract’ with sets it apart from other cryptocurrencies in the market. Its application of Blockchain Technology is a little different from that of the one, given by Satoshi Nakamoto.
It is evident that the Initial Coin Offering is capable of raising millions of dollars within a span of few hours itself. The Initial Coin Offering conducted by the Ethereum is one of the examples.
Let us understand how Ethereum conducted its Initial Coin Offering in 2014:
- The Ethereum ICO was conducted on 20th of July, 2014.
- The ICO was closed on 2nd of September, 2014.
- The duration of the whole ICO was for 42 days and the total number of tokens were uncapped.
- The interesting part is that the funding target was also not restricted to any amount.
- It had only one mode of payment for the ICO, and that was in BTC.
- Initially, the price of Ether was 2000 ETH for 1 BTC, which linearly increased as the ICO progressed and became 1337 ETH for 1 BTC finally.
- Almost 31,529 BTC ($18.4 million at the time) were collected during the Initial Coin Offering.
- This made it the second most successful ICO of that time.
- It is also the 6th highest crowdfunded project of all time.
- However, a part of BTC had to be sold with a 50% loss for the expenses.
- However, it is also said that the developmental team of the company lost most of its revenue due to price fluctuations in the Bitcoin price, as a very large portion of the funding was done in BTC.
- The value of Ethereum has increased by a number of folds since it’s initiation.
- A number of successful projects have been implemented on the Ethereum Virtual machine.
- The ICO managed to sell almost 60,000,000 tokens.
- The ICO has experienced a profit percentage of about 3900% (with respect to BTC).
Currently, the market capitalization of Ethereum is estimated to be around 50,440,159,989 USD and is also regarded as the second largest cryptocurrency in terms of volume. Ethereum Blockchain currently, is split into two, namely Ethereum (ETH) and Ethereum Classic (ETC).
Ethereum basically provides a platform to others to innovate and develop technology on it. All the experts, entrepreneurs, developers and engineers would agree to the fact that considering Vitalik Buterin (who is the creator of Ethereum) as a genius would be an understatement. Some of the experts even speculate this to be the most trending technology and also the most reliable one in order to built applications on it.
Moreover, it is all set to launch a number of new features to its platform, some them including increasing the transaction speed to that of VISA levels and also to handle 1000 of transactions per second in order to meet the real world demands.
Currently, the Ethereum price is around $503.77 and is experiencing resistance at the $520 level and a support at $485.