Binance

Blockstack, a project building a browser for decentralized applications on top of the Stacks blockchain, has unlocked approximately $25 million in funding from its December 2017 token offering after successfully launching its network.

According to the announcement,¬†Blockstack plans to use the additional capital —¬†40% of the token sale — to continue engineering efforts, cover operational expenses and fuel its developer¬†program.

As of Oct 22nd, the Stacks blockchain was launched, marking the production deployment of the network. We monitored the network for several weeks and the independent Advisory Board met on Nov 14th. The board unanimously determined that Blockstack PBC successfully accomplished Milestone 1, unlocking the corresponding capital.

Last May, Blockstack launched a $1 million initiative to support blockchain developers to create truly decentralized social network alternatives. Blockstack, which is notably backed by the Winklevoss Twins, is investing in projects as long as they have a unique approach to building decentralized applications that preserve digital rights, privacy and user choice.

More recently, Blockstack partnered with¬†Product Hunt,¬†a Y Combinator-backed website that lets users share and discover new products, to bring Product Hunt’s proprietary ranking system to¬†Blockstack’s¬†App Mining¬†algorithm.

All eyes are now on the second milestone, which is tied to reaching 1 million users on the network.

ūüöÄ  Overstock CEO Sells 10% of His Stock to Invest in Blockchain Projects
More: Blockstack Unlocks ~$25 Million in Funding
Related: Product Hunt Partners With Blockstack to Promote Dapp Development

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

Voyager

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