Cosmos Fundraiser Surpasses Initial Target to Raise $16.8 Million in 28 Minutes
Cosmos, the company aiming to solve issues in the blockchain sphere, opened its crowdsale on the 6th of April, only to hit its initial target within the first half hour. Using the Tendermint consensus algorithm, the network is intended to focus on the issues of performance, scalability and interoperability. Providing a form of sidechain functionality with a network of different blockchains, Cosmos allows interconnectivity between blockchains and scalable PoS.
The fundraiser surpassed the expectations of the ‘Cosmonauts’, raising over a million dollars in bitcoin and Ethereum in the first minute before rapidly hitting its initial target of 10 million USD. Due to the success, the cap was extended with a hidden limit of $17 million before the fundraiser was ended at the 28-minute mark. Donators are expected to receive a certain number of ‘Atoms’ – the network’s currency – at its expected launch in Q4 of this year.
The Tendermint consensus algorithm used for Cosmos can support block-times of 1 to 2 seconds, and thousands of transactions per second. Accenture, SwissRe, Barclays, Tokyo Stock Exchange, SWIFT and Deloitte have all previously used Tendermint-based PoCs.
The end results of the fundraiser showed a total of 1090 donations raising 4,880 bitcoin and 246, 890 ether – now worth $5.83 million US and $10.75 million US respectively – which combined to give a total of $16.8 million US at the time.