Decentralized identity startup Civic has already raised most of its $33 million ICO target after the sale was inundated with investors.
Soon after a slightly delayed start on Tuesday, organizers opted to ration available tokens to ensure what CEO Vinny Lingham described as a “very wide distribution.”
Like I said, expect the unexpected. We never intended to sell out in 30 seconds...and distribution will be very wide! https://t.co/Y1jGdE3hfg
— Vinny Lingham (@VinnyLingham) June 21, 2017
Ethereum network congestion was responsible for several pauses in sales, as transactions struggled to get through in the time window provided to each investor via Civic’s queuing system.
As of press time Wednesday, almost 45,000 had reserved a place in the queue, with just two mln of the original 11 mln tokens reserved for the ICO already sold.
Meanwhile, those hoping to get an early piece of the action took issue with Lingham’s model: the queuing system assigned a random number to participants regardless of the order in which they logged into the waiting list.
It was randomized before it opened.
— Vinny Lingham (@VinnyLingham) June 21, 2017
Nonetheless, at $0.10 per token, Civic’s coin is likely to gain considerable interest when it moves to the trading phase.
Only 33 percent of the overall one bln tokens appeared in the ICO, with 33 percent retained by Civic and another 33 percent allocated for various incentivization requirements. The remaining one percent “covered costs” associated with the token sale itself.