Token Sale

for Internet Browser Brave Sells Out
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Brave, the upstart web browser founded by Mozilla co-founder Brendan Eich, completed an initial coin offering (ICO) today that is likely to be distinguished for its speed and earnings.

Overall, the sale for Brave's ethereum-based Basic Attention Token (BAT) generated about $35m and was sold out within blocks, or under 30 seconds. One buyer went so far as to purchase 20,000 ETH (or about $4.7m) worth of tokens – designed to monetize online attention and create a new revenue source for publishers.

Another buyer paid more than $6,000 in ethereum mining fees to almost guarantee their place at the top of the line.

Still, that speed has apparently come with trade-offs.

Only around 130 people were able to buy the tokens today, with five buyers scooping up about half of the supply(does that sound familiar?). The top 20 addresses in the token sale control more than two-thirds of all BAT, according to Joseph Lee, founder Magnr bitcoin exchange, who conducted a post-sale analysis.

The fast nature of the ICO has drawn some ire online from users that were hoping to buy into the token but were quickly shut out. However, the company has so far sought to portray the sale as a success.

Eich told CoinDesk:

• "We are pleased with the sale, and we're looking forward to disrupting digital advertising and building a user-centric platform for supporting the Web."
  
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