Why a $39 Million ICO Chose Stellar Over Ethereum
Mobius Network co-founder and CEO David Gobaud explains why his startup ran its initial coin offering (ICO) on the Stellar network instead of ethereum, the most popular blockchain for token sales. The comment underscores the growing interest in some corners of the crypto community for faster and cheaper payment rails as ethereum struggles to scale.
Participants in the round included China’s Angel Chain Capital, Nirvana Capital, and WaltonChain, an internet of things (IoT) startup that is building devices to enable manufacturers and retailers to track supply chains
Mobius deployed its decentralized app (dapp) store alongside its ICO, saying it was important for the company to come out with live code early to prove the project was real
- Its thesis is that traditional tech companies will soon want to integrate with cryptocurrencies and, eventually, a decentralized web.
- While the vast majority of ICO-funded projects have been run on top of ethereum, using the ERC-20 standard, that blockchain has suffered from transaction backlogs and pendulum-like swings in fees.
In the meantime, developers are already building dapps for Mobius’ store
small scale offerings so far, little video games or prediction games
- That’s work at the experimental level, but Gobaud said he’s encouraged by the fact that people already want to work with it.
Mobius is building a proof-of-stake oracle system so that data streams with data from the real world can build up reputations as reliable sources over time.
With the system, to put its data up for sale on the market, a company would have to prove it holds a certain amount of tokens.
Other Solutions
To reach the point where the decentralized web has a rich enough ecosystem to support these marketplaces, the team is also working to solve other small problems faced by developers on the way there.
- They built a universal login protocol, where a website can verify that a device holds a token to let its user log on to a service.
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