Brock Pierce Reveals Billion Dollar War Chest For Ethereum's Killer
Brock Pierce Co-founder at Block.one has revealed the project has raised $700 million with ‘several billion dollars' in the pipeline from Venture Capital investors to fund EOS Dapps.
The ongoing EOS token distribution is set to raise billions of dollars and have over 1000 decentralized applications at its planned launch in July 2018. Brock Pierce Co-founder at Block.one revealed the project had already raised $700 million with ‘several billion dollars' in the pipeline from Venture Capital investors.
Brock was speaking on the Future of Cryptocurrency at a fireside chat at Launch Scale 2017 last week on behalf of Block.one, the company funding the development of software that will power EOS blockchain. The project's one-year token distribution sale has raised eyebrows from critics and investors concerned by the unusual structure of the initial coin offering.
"We're at 700 million but will raise several billion for EOS," Brock said to the panel audience, adding that EOS was "the biggest product launch that has ever been, this is like Windows launching but much bigger."
Just like Windows, EOS pitches itself as an operating system but built on the cloud and strictly designed for building smart contract and decentralized applications (Dapps).
Both the CEO Brendan Blumer and Brock Pierce have confirmed the project is in talks with VCs and will set aside a stunning $ 1 billion fund specifically for Dapp developers on the chain. Earlier this month Brendan said:
"Where other projects use the incoming capital from tokens to burn electricity, block.one will show the strength of leveraging capital up and driving it back down to the entrepreneurs taking this space forward with real innovation."
The reference to ‘burning electricity' is a snide remark by Brendan aimed at Ethereum that shares a similar target market with EOS. Investors in the project colloquially refer to it as ‘the Ethereum Killer’ because it intends to remedy the design flaws of Ethereum with an unmatched scale and performance.
While Ethereum can only handle 30 TPS at best, CTO Dan Larimer has confirmed EOS' internal tests are already clocking 10K TPS capacity on a single thread alone. Dan is confident even with Ethereum's planned scalability and performance upgrades like metropolis and a hybrid proof of stake, EOS' complete redesign from the ground up will prove superior to Ethereum.
EOS is currently trading at $0.68 on selected exchanges at the time of publishing.