Razormind’s DeOS crowdsale raises $1.9m of Bitcoin in first week

By July 27, 2016Bitcoin Business

Getty After just one week, Razormind’s crowdsale for its blockchain powered DeOS (Decentralised Operating System) raised 2,947 BTC ($1,936,031) in exchange for DEOS tokens, the platform’s provisioning currency.

DeOS is a global public blockchain as a service, which will allow users to securely register their assets, identities, auditable records, data, and run smart contracts without the pay-as-you-go "gas" model as with Ethereum, said a statement.

Nearly three of 10 million DEOS tokens were sold in the first seven days involving over 290 participants. The amount raised fulfills the minimum threshold needed for development of the platform according to Razormind’s published timetable, which can be reviewed here .

Jawad Yaqub, CEO of Razormind and creator of DeOS. said: "It is far more than we had expected at this point so I am in equal measure grateful and conscious of the responsibility this places on us."

DeOS works by using blockchain technology as a register for a decentralised network of computing resources, using seed nodes to verify network transactions and to create blocks, said the company.

Yaqub added: "DeOS blocks are much richer than current Bitcoin blocks; they hold monetary transactions, yes, but also data, documents, smart contracts, smart assets and audit information. We wanted something useful day-to-day."

The system started development two years ago and was followed up with a month-long proof of concept process, during which extensive feedback was gathered to improve the overall product.

After a month the platform had acquired 27,000 active users, mostly those using the DeOS Desktop and DeOS Office systems, while another segment of users had already begun to develop smart contracts and to write programs ready to be compiled into DeOS bytecode. This led to the development of mobile DeOS nodes and mature DeOS cellular applications.The company will be gifting its existing codebase to the DeOS Foundation to open source […]

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