First ICO mandating buyers to ‘use’ tokens is successful, collects $5M

First ICO mandating buyers to ‘use’ tokens is successful, collects $5M

A new way of conducting token sales spearheaded by ConsenSys Codefi achieved its first success, with the planned sale of Skale Network tokens collecting just over $5 million.

As Cointelegraph reported in February, the Skale token sale was the first to be launched on the Activate platform developed by ConsenSys. Its purpose is to bootstrap new projects with an involved community that would perform the functions required of it, for example staking their tokens to secure the network.

To do so, the platform developed the concept of Proof-of-Use. Upon delivery, the tokens can only be “used” on the platform via staking, and they cannot be sold until they are used in such manner for at least 60 days.

According to ConsenSys, the sale accrued over $53 million in purchase intent from 4,533 participants. The final number of participants was nevertheless 3,736 people, for an average contribution of $1,330.

The company said that the purpose of the sale is primarily

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