Bancor Network ICO – More Bancor Controversy
As we had mentioned in a previous post there was a lot of concerns related to the Bancor ICO as they started with a one hour uncapped round and the Bancor Controversy was born. Many were concerned about the motivation of this structure.
The Company explained to the community that the reason that they were doing the ICO this way so that all can contribute and we wouldn’t see something like the Brave ICO where it closed out in 30 seconds with whales taking the vast majority of the token immediately. The one-hour open period would stop that from happening.
There were many predictions as to how much Bancor would raise under this structure with participants in the forums saying over 100 million dollars. Although this was possible, was it really achievable? Well, they were not far off, as the ICO raised over $150,000,000. As the sheer volume of transactions affected the whole network and there were many errors, Bancor extended to a three hour uncapped time period. Bancor made this statement:
“Due to overwhelming demand and traffic, and massive malicious attacks (details coming soon), many have not been able to get their transactions through, including us,” wrote Bancor on its blog. “We have decided to extend the minimum time to THREE HOURS in order to allow the Ethereum network to process all PENDING transactions and allow everyone who’s transactions have failed to RETRY. Our intention remains to include all early contributors.”
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