IEOs are essential for raising funds for new crypto projects, says co-founder of harmonyprotocol

Back in 2017, when Bitcoin raised its value up to to $20,000 due to the massive surge, ICOs were majorly trending as it garnered the interest of all traders and investors. Altcoins were booming as the cryptocurrency ecosystem received enormous attention.

The virtual asset industry currently witnessed another major hike even as the crypto space finally stepped out of the long crypto winter of 2018; in a similar fashion to 2017, IEOs have been replicating the hype of ICOs from 2017.

Recently harmonyprotocol’s ONE IEO was launched on Binance and the token witnessed a decent amount of success following the launch. However, many crypto enthusiasts and investors are skeptical about the concept of IEOs after witnessing the fail of ICOs back in 2017.

Nick White, Co-founder of harmonyprotocol, recently shed light on the whole scenario encapsulating IEOs and indicated that IEOs can be both a ‘black box or a golden goose’.

White suggested that the concept behind IEOs was considerable and it was an evolution of ICOs which was substantially important in terms of raising capital for crypto projects and endeavors, but White admittedly said that “it was not a perfect system.”

He indicated that a little centralization was essential in this case since IEOs were prominently centralized around the exchanges. White also emphasized on the fact that for an IEO, the traction of users and track record of the exchange made the overall impact. He said that Binance was the best exchange in that regard.

Last White said,

” And with cz_binance’s leadership, who knows, we may see binance decentralize itself in the future. Imagine if they were able to decentralize the IEO process too. Unstoppable crowd fundraising to build the future we all envision.”

Recently, Stephen Tse, the Founder of Harmony, announced that the ONE token accounted for 99.19% of the total volume on Binance DEX, making it the largest token being traded on the largest decentralized exchange in the world.

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