After one week, Razormind claims that the crowdsale for its Blockchain powered DeOS (Decentralized Operating System) raised 2,947 BTC (US $1,936,031) in exchange for DEOS tokens, the platform’s provisioning currency.
Minimum threshold for development already fulfilled
DeOS is a global public Blockchain service, which will allow users to securely register their assets, identities, auditable records and data and run smart contracts without the pay-as-you-go 'gas' model as with Ethereum.
Nearly 3 million of 10 million DEOS tokens were sold in the first seven days involving over 290 participants.
The amount raised fulfills the minimum threshold needed for development of the platform according to Razormind’s published timetable.
“It is far more than we had expected at this point so I am in equal measure grateful and conscious of the responsibility this places on us,” said Jawad Yaqub, CEO of Razormind and creator of DeOS.
DeOS blocks are richer than Bitcoin blocks
DeOS works by using Blockchain technology as a register for a decentralized network of computing resources, utilizing seed nodes to verify network transactions and to create blocks.
“DeOS blocks,” explained Yaqub, “are much richer than current Bitcoin blocks; they hold monetary transactions, yes, but also data, documents, smart contracts, smart assets and audit information. We wanted something useful day-to-day.”
The system, while original, isn't new. It was featured two years ago and was followed up with a month-long proof of concept process, during which extensive feedback was gathered to improve the overall product.
After a month the platform had acquired 27,000 active users, mostly those using the DeOS Desktop and DeOS Office systems, while another segment of users had already begun to develop smart contracts and to write programs ready to be compiled into DeOS bytecode.
This led to the development of mobile DeOS nodes and mature DeOS cellular applications.
The company says it will be gifting its existing codebase to the DeOS Foundation to open source the data, along with one million DeOS to test and finalize the development of the platform.
“Razormind will not own any DeOS after the sale,” said Jawad.
The DeOS crowdsale will be open until August 26.
The price of DEOS will be 1,000 per one Bitcoin (BTC) until Friday July 29, after which it will be 500 DEOS per BTC until the final valuation change of 250 DeOS per BTC on Aug. 12.