Interoperability platform Polkadot is looking to freshly raise $60 million through a second token sale, and thereby increase the total value of the company’s tokens to $1.2 billion, including those not in circulation.
Previously, the company raised $145 million through its first token sale in 2017 with backers that included Polychain Capital, Pantera Capital, and Boost VC. Unfortunately, a bug in Parity wallets soon after caused $98 million of Polkadot’s Ether tokens to be frozen and unable to be retrieved. However, Coindesk noted Polkadot reassuring back then that its ability to build as planned, and to the original timetable, “has not been affected.”
Polkadot describes its platform as a “heterogeneous multi-chain technology”, a protocol allowing independent blockchains to exchange information with each other. It is developed by Ethereum’s co-founder Gavin Wood, and overseen by Parity Technologies and Switzerland’s Web3 Foundation.
Polkadot protocol was initially tested in May 2018. Ryan Zurrer, a director at Web3 Foundation, stats that this project will “allow cross-chain messaging” and “bring blockchain out the siloed era.” It also facilitates automated upgrades without hard forks or system-wide upgrades.