Block.one, the startup behind the EOS cryptocurrency, is about to reach $4 billion after its year-long token sale event ends this Friday. However, as the Wall Street Journal (WSJ) reports, the company has not explained how the funds would be allocated. After the token sale event closes, EOS will become by far the largest ICO in history, surpassing Telegram with its $1.7 billion.
Even though it has an immense fortune at its disposal, the Cayman Islands-based company doesn’t have a clear plan on how to develop the project, the WSJ says. It tried to get some comment from Block.one but the company did not reply. The WSJ notes that EOS might be trying to position itself between Android and Ethereum.
In the past twelve months or so starting from June 26, 2017, Block.one has sold about 900 million tokens via daily auctions. The company said it would build EOS to host web apps, but it does not intend to develop the technology after launching it. It expects others to handle this task. Moreover, the startup said it would not run any public network on top of EOS, promising to invest over $1 billion in companies interested to build on EOS. Hence, the public doesn’t know how Block.one plans to spend the rest of the funds.
On Tuesday, Chinese Internet security firm 360 reported that it had found several high-risk security vulnerabilities in the EOS platform. The loop in the system may result in cyber attacks, the company concluded.
This article appeared first on Cryptovest
