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On Oct. 8, 2018, the blockchain firm and mining pool Viabtc finished the first high-value initial coin offering (ICO) using the Wormhole protocol and Bitcoin Cash chain. According to exchange data, the Viabtc Token ICO raised US$3,700 per second capturing a total of $30 million in 2.2 hours.
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Viabtc Launches Token Sale and Distribution Phases
The firm Viabtc had recently launched a new token called the Viabtc Token (VIAT) using the Wormhole protocol. The company refers to viat as a value-added service and privilege token that can be used as âgasâ or a method of value transfer. When viat was issued on the Wormhole network a fixed supply of 2 billion tokens was set by the developers. On Monday Viabtc raised $30 million during the first major ICO issued on top of the Bitcoin Cash blockchain. Then on Oct. 9, Coinex users who trade the viat token will receive an airdrop from the firmâs stash of CET tokens.
According to the Coinex accelerator page, the Viabtc Token ICO sold 750M VIAT raising US$30M on Oct. 8, 2018.
Viat will be used for a process called âDuo miningâ which gives miners normal pool payouts but also an added payout of viat as well. The viat mining payouts will be released in four phases and will give miners extra incentives to join the pool. The mining pool says that users can invite friends to mine with Viabtc and with a referral link they can receive more payout rewards. Viat owners can also use the currency for discounts toward pool fees and âexclusive customer support.â The tokens will be able to purchase mining accessories, Viabtc souvenirs, and the companyâs BTC transaction accelerator.
â[The] Viabtc Token can be used as âgasâ and value transfer tool,â explains the mining pool. âWe will add more application and privileges to it so that its holders can participate in the planning of Viabtc operations, building and improving Viabtc ecosystem together with the Viabtc team.â
The Viabtc Token can be found on a token-supporting block explorer.
Crypto-Companies Launching Incentive Tokens for Service Discounts Is Trending
Besides trading, viat will solely be used for Viabtc services only in order to bolster the firm within the blockchain industry. The Viabtc Token project is lead by the mining poolâs founder Haipo Yang, and the firmâs COO Huimin Ouyang. Viat will also be subject to a repurchasing plan and a burning process according to the viat ICOâs whitepaper.
âViabtc will buy back and âburnâ viat with 20% of its quarterly revenue at the end of each quarter â This will reduce the total amount of viat steadily on a benign deflation model,â the whitepaper details.
Viabtc adds: Â Â
The repurchase details will be announced timely and the âburningâ transactions are available for checking on the blockchain to ensure transparency.
Cryptocurrency companies who have created incentive-based tokens for certain services and privileges have done well over the last year. For instance, the trading platform Binance and itâs BNB token has managed to position itself at the top 14 highest market valuation out of 2,000+ digital currencies.
VIAT is available for trade with the following trading pairs; USDT, BCH, CET, and BTC.
Viabtcâs exchange Coinex and its CET token also use these coins for incentives and CET is currently worth around $0.03. According to the trading platformâs data this Tuesday, viat is trading for $0.04 per coin and has over a million USDT in trade volume.
What do you think about the Viabtc Token (VIAT)? Do you think there will be more big ICOs using the Bitcoin Cash network? Let us know what you think in the comments section below.
Images via Shutterstock, Viabtc, and Coinex.Â
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