It has been a few days since we last talked about the BlockNet ITO sale , and it looks like all the dust has settled down, for which we are thankful. The official sale numbers have been provided by Synechist, so let’s see if they met their minimum target of raising 850 Bitcoin in sales!
As you will all remember from our very first BlockNet ITO sale article, multiple exchanges and platforms were involved in order to raise the necessary funds for this project. In the event of not all BLOCK tokens being sold, the remainder would be destroyed by sending it to an unspendable address.
It was relatively clear from the beginning that CoinGateway would be the most successful platform, for one simple reason. Users could purchase BLOCK tokens by spending participating altcoins, and get a 10% discount on their purchase. CoinGateway sold out fairly quickly, as you can read here, but this was rectified by launching a temporary secondary sale, which you can read about here.
When all was said and done, CoinGateway nearly sold 2 million BLOCK tokens, which is very impressive to be honest. A total of 1,979,961.97 BLOCK was sold , which is slightly over half of the total amount of BLOCK sold across all platforms.
The Bter exchange showed very little trading volume across the board, but still came out on third place, beating Poloniex by a small margin. Do keep in mind that the BlockNet token sell order on Poloniex was pulled a few days before the ITO ending, as you can read here.
The Bter sale numbers are estimates, and according to the information provided, 448,932.40 BLOCK was sold on the exchange. Poloniex on the other hand sold 432,643.16 BLOCK, putting them in fourth and final place.
Last but not least, the Bittrex exchange also took a large piece of the pie, as they sold more than Bter and Poloniex combined, yet only slightly over half of what CoinGateway accumulated in sales. A total of 1,015,377.90 BLOCK was sold on Bittrex, rewarding them with the second spot across all platforms.
Time to add up the numbers! An (estimated) total of 3,876,915.43 has been sold, and the estimated total funds raised in Bitcoin is 969.2288575. This is well above the minimum required amount of 850 Bitcoin, making the BlockNet ITO sale a success!
Holding of Bitcoin funds
All of the Bitcoin funds are held by the exchanges, and they will be sent to a BitGo multisignature address in due course, as mentioned in BlockNet’s accountability measures paper. The addresses where this funds will be stored are visible to the public, and more information can be found here.
Unsold coins being destroyed
As I mentioned in the introduction, unsold coins would be destroyed and sent to an unspendable address (click here). . In order to make sure this was done properly, a “test burn” was performed, as you can see here. The staked coins, unsold BLOCK on Poloniex and unsold BLOCK on Bittrex have been destroyed, as you can see here, here and here.
Unsold BlockNet ITO tokens from Bter and CoinGateway will be destroyed soon, and more information is expected to be announced soon. For details on this proof-of-burn process, click here. If you are interested in the code , click here.
Do keep in mind the current BlockNet wallet version shows the coin supply including the amount of burned coins. This issue will be rectified in due course, which will be when a new wallet version is released. As of this writing, we have no ETA on when this will take place.