Key Takeaways:
The BlockDAG network has successfully conducted a presale for its native BDAG cryptocurrency, raising $64 million in capital by selling 12.5 billion tokens to early investors and stakeholders. The network also announced its team, consisting of some of the most brilliant minds in blockchain and fintech.
BlockDAG Announces New Core Team And DAO During BDAG Token Presale
BlockDAG is an innovative blockchain that utilizes a Directed Acyclic Graph (DAG), enabling multiple blocks on the network to process transactions simultaneously rather than sequentially like traditional blockchains. This unique design allows faster transactions, enhanced security, and high scalability for BlockDAG.
The blockchain is well-suited for use cases that require high transaction throughput, such as supply chain management systems and high-frequency trading of digital assets. BlockDAG’s robust infrastructure aims to support the next generation of decentralized applications (DApps).
BlockDAG has made significant strides under the leadership of CEO Antony Turner. The project’s presale hit $64 million, spurred by a $1 million increase over the past 24 hours after the full team was revealed.
CEO Says BlockDAG Will Overcome The Limitations Of Existing Blockchains To Set A New Industry Standard
In an interview with media outlets, Turner shared valuable insights into the blockchain’s innovative features and the strategic direction the team will be taking, underscoring its potential.
The CEO said that the team’s vision is to create a blockchain that overcomes the limitations of existing chains in terms of speed, decentralization, and efficiency, thereby setting a new standard for the industry.
BlockDAG is focused on enhancing the Proof-of-Work (PoW) consensus by addressing its current limitations while leveraging its strengths. Turner highlighted that the team’s strategy centers on energy efficiency, decentralization, fairness, scalability, adaptive difficulty, and a hybrid consensus model that adopts the best of both worlds from PoW and proof-of-stake (PoS) consensus mechanisms.
He also noted that this comprehensive approach will help create a more resilient and versatile blockchain.
BlockDAG Is Establishing A Foundation That Will Be Based In Switzerland
BlockDAG is also preparing to establish the BlockDAG Foundation which will act as the decentralized autonomous organization (DAO) governing the network. The DAO will manage the funds raised during the BDAG presale and ensure they are used for the community’s benefits and the project’s long-term growth.
The foundation is structured to provide transparency and accountability while fostering an active developer community and supporting innovative projects that will be deployed on the BlockDAG network.
Turner said the team has begun the process of setting up the BlockDAG Foundation and is currently communicating with lawyers to determine the best location and structure for the DAO. Reports suggest that the Foundation will likely be registered in Switzerland.
BlockDAG Sells 12.5 Billion BDAG At $0.017 Apiece, Raising $64 Million
BlockDAG raised $64 million across 21 batches that saw 12.5 billion BDAG tokens sold at $0.017 apiece. Following the team reveal, the cryptocurrency experienced a 40% increase in value on top of the change in regular batch price. The presale was a huge success for the project, with a token seeing a staggering 1,600% increase.
Experts are already predicting that BDAG has the potential to reach a $1 valuation in the coming years, further fueling the project’s prospects. According to reports, 50 billion BDAG tokens have been distributed to BlockDAG’s various stakeholders.
BDAG will have a maximum supply of 150 billion tokens and is expected to be listed on all major cryptocurrency exchanges when it is officially launched.
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