July 25, 2017
Initial Coin Offerings (ICOs) appeared on the horizon in the blockchain world with the first ever such issuance by a company called Mastercoin in 2013. The name has been changed to Omni since 2015. It’s built on the Bitcoin blockchain with a focus on developing a decentralized exchange, smart property implementation and savings wallets. This project involved a month long fundraising activity where investors would flip (read as send) their Bitcoins to a predefined special address termed as Exodus address. The anticipation by investors was that as the Omni platform was being developed, the Omni tokens will increase in their value and they could be sold to realize a return. Over 500 people traded 5000 Bitcoins (amounting to USD 500,000) in exchange of Omni tokens even after a warning that this could just be a scam. Later, Factom and Maidsafe collectively raised USD 1.25 million through the sale of Omni tokens. Today, Omni tokens command a market capitalization of USD 21.8 million with 560,000 tokens in circulation.