Avalanche Raises $12M in Private Token Sale !
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Avalanche is a platform that is open-sourced and is generated to launch decentralized financed (DeFi) apps and deployment of enterprise blockchain in a single extremely scalable, interoperable ecosystem. It is very easy for developers that create on Avalanche to manufacture very powerful, secure, and reliable applications and personalized blockchain networks that are made up of complex rulesets or create upon already existing public or private subnets.
It has been revealed by the high-class team begin the highly scalable, open-source Avalanche platform that the platform created to launch decentralized finance applications has gotten the participation of Galaxy Digital, initialized Capital, Bitmain, Dragonfly Capital, NGC, and various other individuals in a $12M private token sale made in the 24th of June. The closing of the sale was accompanied by the success of the Avalanche Denali Testnet, which got more than 1000 entire block producing nodes that actively participated and staked in the consensus protocol.
The president of the AVA Labs commented that they have deliberately and with purpose, made sure that the entire structure, project and token distribution for a fair and open access delivery to the Avalanche network. He also stated that the team is glad to have the participation of private sales reps that have the commitment to support Avalanche, and create an Internet of finance that is driven for and its community.
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In a comment made by the founding partner of NGC ventures, Roger Lim, he stated that, in order for decentralized finance to attain its potentials, there has to be a significant improvement in both the velocity and the volume of the activities that are been processed by the network. Both are been achieved by Avalanche through the innovative approach to deep understanding and consensus on how to come up with a network that performs brilliantly. In another statement made by the managing partner at Dragonfly Capital, Haseeb Qureshi, Avalanche is committed to solving the biggest challenges in blockchain technology and it is geared towards launching a resilient system that is secure, efficient, and fast.
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There is a foundation behind the Avalanche Network known as the Avalanche Foundation Limited, the affiliate of this foundation would be carrying out a pursuant on public sale on Reg. D Rule 506© of the securities Act of 1933, this would be as part of an exempt offering and also a movement for the safe harbor of Regulation S of the Securities Act. All the investors involved must either be accredited investors according to Rule 501 of Regulation D or they should not be a U.S person as stated in Regulation S under the Securities Act to meet standards of sustainability. Investors that are accredited will, therefore, be required to check and verify the status of their accreditation in accordance with Rule 506©. For individuals that are not U.S citizens, there may be limits on participation to only qualified investors or any other designation that is similar to that, as expected from the investors' region or country.
We will cover up all the details to the upcoming token sale on 8th of July, so stay tuned! In the meantime, here are some useful links:
Website: https://www.avalabs.org
Community platform: https://community.ava.network
AVA Grants: https://www.avalabs.org/ava-x/explore-open-grants
Twitter: https://twitter.com/avalabsofficial
Telegram: https://t.me/avacoin_official
Reddit: https://www.reddit.com/r/ava/
Discord: https://discord.com/invite/Ja3CSs7
Medium: https://medium.com/@avalabs
Facebook: https://www.facebook.com/AvaLabsOfficial
Youtube: https://www.youtube.com/c/AVAofficial
Linkedin: https://www.linkedin.com/company/avalabs/
Documentation: https://docs.ava.network/v1.0/en/quickstart/ava-getting-started/
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In a token sale, smart contracts are used to issue and sell cryptogra- phic tokens in exchange for existing tokens entirely P2P. As opposed to native blockchain tokens that are issued upon successful mining of a block (“Proof-of-Work”), for individual contributions to the net- work to keep it safe, token sales introduced a static mechanism for issuing tokens against a direct nancial fee, before the project was operational.