From an English teacher to a Bitcoin mogul
The crowdfunding campaign Press.One (a decentralized content distribution platform based on the EOS blockchain) raised $ 82 million and set a new fundraising record for startups in China. In total, 5 853 BTC, 106 757 ETH and 30 430 519 EOS from 14 104 participants were collected for the ICO.
Although these figures are impressive, but this amount is only part of the plan. $ 200 million - this is the goal set by the owner of the company, a Chinese businessman Lee. In part, the ICO did not receive the above amount due to recent events in the cryptocurrency market.
Since the start of the campaign, prices for bitcoin, ether and EOS have fallen by 18%, 26% and 46%, respectively, which led to a decrease in the total market value of the project by approximately $ 52 million.
What is the meaning of ICO?
However, the issue may be not only in lowering cryptocurrency prices. ICO skeptics have publicly stated that the project is too ambiguous and ambitious. Some argue that the startup lacks technical documentation and information about the development team.
Users of social platforms, including 8BTC, Weibo, WeChat, and Steemit, have also expressed concern about the legality and management of ICOs.
Based on the Press.One website, the goal of ICO is to create a public blockchain scheme based on EOS. In addition to traditional media, potential Press.One competitors work with the Steemit content distribution site, which helps content creators earn rewards for their work. The project is based on similar technology for EOS.
In addition to Lee, who is the CEO, Li Lu takes part in the project as the chief technology specialist. They previously worked together on the e-commerce project Knewone.
Another unusual feature of Press.one is the distribution of 10 billion tokens called PRS, which will be sent out to participants 6 months after the end of the ICO. Tokens are scheduled for sale on July 12, 2018.
How did a teacher turn into a tycoon?
Li was born was born in the 1970s, he began his career as a salesman, then became a famous English teacher in China. Before Bitcoin, Lee already made a name for himself by publishing two best-selling books on time management and methods of learning English.
In 2011, he became a miner. By 2014, Lee made a fortune of 100,000 BTC, making him one of the largest investors in the world of cryptocurrencies.
After setting up the Bitfund venture company in 2013, Lee also created Yunbi, the largest cryptocurrency exchange in China. According to Coinmarketcap, it is the seventh most traded company in the world. Currently, Yunbi is trading ICO tokens and cryptocurrencies, including some supported by Lee, such as EOS, Qtum, Siacoin.