WAVES ICO: After Day One

The WAVES ICO is off to a flying start, raising almost $2 million in the first 24 hours.

‘Ultimate blockchain tokens’ platform WAVES has enjoyed substantial success at the start of its ICO, raising 4,683 BTC by the end of the first day alone.

The opening hours of the ICO saw the platform flooded with new users signing up and depositing bitcoins. Although all transactions are recorded on the BTC blockchain and there was never a risk of funds being lost, the huge interest and activity effectively DDoS’d the server and for some time it was unclear how much had been raised.

When the hit rate slowed and the server was able to catch up, the reasons for the problem became clear: in the first six hours alone, deposits totalling $1 million had been made. Over the remainder of the first day, investors continued to send funds, with the result that just short of $2 million was raised in 24 hours.

The Ethereum contract that was supposed to record all bitcoin deposits on the Ethereum blockchain proved to be faulty. However, all funds are now being moved with a script to the multi-sig Coinbase wallet every 30 minutes, so totals can be tracked easily at the following address: 3DWBSSAue32YS8PcW2gLs6m52BCCv3UgDA

It is a time of significant ICOs, with other recent offerings raising millions of dollars in funding. WAVES has similarly caught the interest of the cryptocurrency community and proven extremely popular – boding extremely well for the development and marketing of the platform in the coming weeks and months. With a focus on user adoption, crowdfunding and integration for fiat tokens, development on WAVESis continuing throughout the ICO and the first lite clients should be ready for use at the end of the fundraiser, or shortly after the process finishes.

The ICO will continue for another 6 weeks until 31 May, for more information visit the Waves Platform website.