Blockcloud successfully hits their fundraising target, securing $15M ( ETH) at a time when the majority of ICOs are struggling to gather investment. Identified a few months ago as as one of our star projects in our Top 8 ICOs to watch in Q3 / Q4 article, it's a real positive sign to see that certain ICOS are still able to thrive in a market where investors are still being incredibly cautious.
Blockcloud, yet another project in 2018 looking at disrupting the IoT (Internet of Things) are positioning their selves to become the scalable blockchain solution for the rapidly growing IoT industry. Introducing an incentivised system that rewards participants, service providers and miners.
Blockcloud will be using a Service-Centric Networking solution (SCN), a web 3.0 idea that is built around uses service names, instead of using addresses. Combined with their blockchain protocol it will bring network providers to devices in a secure and trusted way. Billions of devices will no longer suffer from connectivity issues, interacting autonomously without slowdown. Crucially, as the demand in the industry grows and more devices become interconnected, Blockcloud claims their network will be able to scale effectively.
Whilst their vision and tech is not quite as expansive as Skynet, another IoT project we covered in a recent in-depth ICO review. We identified their team as strong, incredibly technically capable and as having extensive experience within the IoT industry. With 80% of the team coming from established parent IoT company Oudmon as well an extensive list of partners and previous links with Chinese power house companies such as Huwai and Alibaba, we are confident in their ability to deliver.
At a time when ICOs are finding it increasingly difficult to hit softcap targets, it is great to see ICOs like Blockcloud bucking the trend by smashing through their hard cap with ease. Time will tell if the positivity and hype surrounding the project can propel Blockcloud to exceed its valuation when it hits exchange post ICO. Regardless, we wish them the best of luck going forward.