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The project was launched in August 2017, and raised over $200 million within 30 minutes via an initial coin offering. [8] [10]In 2020, the project set up the Filecoin Foundation under the leadership of founding officer Megan Klimen to support the development of the protocol, and the Filecoin Foundation for the Decentralized Web to support other projects contributing to the ecosystem of the ...
IPFS was released in January 2015, [4] and Filecoin launched in 2017. [5] [6] Other projects developed by Protocol Labs include libp2p, a network stack for peer-to-peer apps and systems, which is used as the networking layer for IPFS; IPLD, a data model for interoperable protocols; [7] and the SAFT, a legal framework for token fundraising.
The first token sale (also known as an ICO) was held by Mastercoin in July 2013. Ethereum raised money with a token sale in 2014, raising around 31,000 BTC in July, equal to approximately $18.3 million at the time. [10] ICOs and token sales became popular in 2017. [11] There were at least 18 websites tracking ICOs before mid-year. [12]
Unlike security tokens, utility tokens are for exchange and securing the liquidity and value of the company. Utility tokens are an in-ecosystem currency. [ 10 ] For example, with a token named Smooth Love Potion (SLP) in the game Axie Infinity , players can use it to breed desired spirits.
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Metal token coins are used in lieu of cash in some coin-operated arcade games and casino slot machines. Money is exchanged for the token coins or chips in a casino where they may be interchangeable with money. In many jurisdictions, casinos are not permitted to use currency in slot machines, necessitating tokens for smaller denominations.