Bitfinex Opens Initial Exchange Offering Registration for Ultra Protocol

The platform aims to disrupt virtual goods marketplaces and allow anyone to open a decentralized gaming platform.

Bitfinex continues to grow the recent initial exchange offering trend, by opening up the registration process for the Ultra Protocol. The IEO is scheduled to happen within 11 days, this July 16, through the Tokinex platform.

The Bitfinex IEO offers a significantly higher participation threshold in comparison to other exchanges, which limit purchases to $300-$500. The Bitfinex IEO allows users to buy as little as $20’s worth of tokens, and the maximum limit is $5,000. The IEO expects to raise as much as $5 million.

“Ultra is a protocol and platform positioned to disrupt the $140bn USD gaming industry using blockchain technology to allow anyone to build and operate their own game distribution platform or virtual goods trading service,” the Ultra project mission states.

The Ultra protocol will use a native blockchain based on the EOS protocol. The new project will also be interoperable with the EOS mainnet. For gaming and virtual goods, the EOS protocol has proven to be extremely successful. In the case of the WAX token, the project claims to carry millions of transactions each day, recording in-game purchases on the blockchain.

The WAX protocol resembles a family of projects utilizing delegated proof-of-stake, where a limited number of block creators reach a fast consensus. Other similar projects include STEEM, as well as BitShares, the original DPoS network. The criticism against those types of projects is they are more centralized in comparison to Bitcoin and similar networks with anonymous, voluntary nodes.

The native token, UOS, will be used within the gaming ecosystem to buy in-game weapons, offer rewards for testing, and ad purchases. The total supply will be 1 billion UOS. Private buyers can claim purchases above $20,000 equivalent, with a three-month vesting period.

The participation assets for the IEO are BTC and USDT, with the rate for each UOS announced just before the sale, due to BTC price fluctuations.

So far, the Tokinex platform, accessible to Bitfinex and Ethfinex users, has performed two token sales, for Dusk Network and Ampleforth projects.

Reading now