Blockstack

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Blockstack
Blockstack logo.png
Founded 2013
Headquarters New York, New York
Key People Muneeb Ali and Ryan Shea, Founders
Employees 11-50
Products Decentralized computer network that hosts independent applications
Twitter @blockstack
LinkedIn Profile
Facebook blockstack
Website Blockstack Homepage

Blockstack is a U.S.-based decentralized application platform designed to host open source software applications.

Background

Blockstack went through multiple rounds of funding in its early days. In November 2014, a year after it was founded, the company announced a seed round of funding led by Naval Ravikant, CEO of AngelList. Blockstack raised $1,330,000. In 2017, it raised an unknown amount of money through a venture funding round in which the only investor was Rising Tide, a Silicon Valley VC firm. It closed its Series A round, led by Union Square Ventures, in 2017 with $4 million raised. The company also launched an initial coin offering (ICO) in 2017, for which it raised almost $53 million. Investors for this ICO included Union Square Ventures, Naval Ravikant, and Winklevoss Capital.[1][2]

SEC-approved ICO

The U.S. Securities and Exchange Commission (SEC) approved Blockstack's 2019 offering of $28 million worth of "Stacks Tokens" (STKs) to the public in conformance with the SEC's Regulation A+, which provides an alternative approach to traditional initial public offerings (IPOs). Unlike most IPOs, Stacks Tokens do not provide an equity stake in the issuer, Blockstack. According to co-founder Muneeb Ali, the token had to be built "from scratch," and designed specifically to fit Reg A+ standards.[3] The ICO launched July 11, 2019.[4]

Products and services

Blockstack is an online platform for developing decentralized applications, or dApps. Blockstack also created Stacks Tokens, with which the company received approval from the SEC to launch a regulated initial coin offering.

Utility tokens

Stacks Tokens, offered through their own website, are utility tokens to be used by developers and their customers.[5] According to Blockstack, Stacks Tokens provide the "fuel" for registering transactions on the Blockstack blockchain. Blockstack says that its blockchain will contain very little developer logic, avoids smart-contract design and encourages decentralization of data storage. At the time of the SEC's Stacks Token approval, more than 165 applications had already been built on Blockstack.[6]

Key People

  • Muneeb Ali, Founder
  • Ryan Shea, Founder

References