The Ethereum network is bracing itself Monday as another highly-anticipated ICO prepares to begin its first round of token distributions.
Block.One, the Blockchain-for-business platform headed by Brock Pierce, will today offer 20% of its EOS token supply to eager investors.
In addition to Pierce, who is chairman of the Bitcoin Foundation, the project also has Steemit CTO Dan Larimer as its chief technology officer.
The sale is the fourth on the Ethereum Blockchain in a week, with previous sales from Civic, Status and TenX all hugely oversubscribed.
“Pressure from ICO transactions produced considerable backlogs for the Ethereum network, notably at the weekend when TenX investors went without tokens due to a queue of almost 10,000 unprocessed payments at the end of the sale period.”
Community commentators have become increasingly suspicious of the Ethereum ICO phenomenon, with one correctly forecasting network irregularities over the weekend and describing Block.One’s token distribution plan as “quite funny.”
$EOS distribution shedule is quite funny. pic.twitter.com/hTYY9sxqNB
— WhalePanda (@WhalePanda) June 25, 2017
Speaking to Reuters meanwhile, Pierce was buoyant.
“The goal of the EOS token sale is to make it truly democratized and provide equal access to everyone,” he told the publication.
Block.One aims to give businesses exposure to the benefits of Blockchain technology replacing legacy internal processes.
It describes its nascent offering as “providing end-to-end solutions to bring businesses onto the blockchain from strategic planning to product deployment.”