The rumors that ProtonMail - one of the most popular privacy-oriented encrypted email services - may soon be launching an initial coin offering (ICO) have been confirmed.
CTO Bart Butler took to Twitter and made it official that the company was exploring the ICO option.
https://twitter.com/BartCButler/status/1021457380901629954
The tweet itself was in reply to a user who threatened to delete his ProtonMail account after hearing that the project might start issuing tokens. Butler insisted the company was not looking to cash out through the token sale.
Judging by ProtonMail’s stated intentions, the venture is planning to sell a token called ProtonCoin.
Our earlier report on this subject suggested that ProtonMail may indeed choose to initiate a token sale due to the sheer number of crypto community members who use its services.
A look at the domain information for the ICO website, protoncoin.com, shows it was registered at the beginning of 2017. This is peculiar since the job offer that sparked the speculation about a potential ICO was only revealed yesterday.
The website content indicates that ProtonMail is considering an ICO because it wants to use blockchain technology to expand its level of service.
As for the token itself, the company plans to make it part of its ecosystem to decentralize the service and thus boost its resilience against any attempts to interfere with its operations.
“ProtonCoin is the building blocks [sic] for what may be the world’s first decentralized organization that distributes the participation rights of Proton widely so that no single entity can exert complete control over the ecosystem that we are developing,” the company says on its site.
Since there is no white paper on the matter nor any smart contract code to examine, the information available at present offers only a vague message about the company’s intentions and a confirmation that the ICO plan exists.
This article appeared first on Cryptovest
