SEOUL, South Korea, June 13, 2018 /PRNewswire/ -- Yggdrash (http://yggdrash.io, CEO: Dong-wook Seo) announced that it completed initial coin offering (ICO) with a know your customer (KYC) / anti-money laundering (AML) process enacted for all its participants. Yggdrash raised $40 million, reaching the hard cap within the first 20 hours of its ICO held from March 12, 2018.
Yggdrash (Token name: YEED) is truly a global blockchain project supported by citizens around the world. The blockchain mainnet development project is devoted to making people experience the benefits of blockchains in everyday life by solving technical speed and capacity issues and enabling all available Internet services to be constructed on the blockchain.
Yggdrash's public ICO entirely relied on the participation of its community without utilizing any paid advertisement. The number of telegram members was over a total of 10,000 members while 6,903 members actually bought the tokens. Out of all participants, Koreans account for 4.7% and the rest are foreign nationals. The investors are from 128 different countries - Russia 14.9%, Thailand 10%, U.K 8.3%, Australia 5.2%, Netherlands 4.7%, South Korea 4.7%, India 3.9%, Canada 3.6%, and Germany 3.4%.
Yggdrash was founded with the goal of developing the 3rd general blockchain by overcoming the technical limitations inherent in Ethereum. To address the data capacity issues in play for smart contracts, it uses a multi-dimensional blockchain to ensure interoperability as well as independence, processing performance and capacity of the blockchain. Yggdrash plans to drastically improve the processing performance by sharding the blockchain network so that each blockchain (DApp) has its own blockchain network, governance, data, coin and service without depending on any upper-level chain. The main advantage of Yggdrash is that more efficient and convenient applications of blockchain services are possible through improved nod sync speed using the BRA (Block Reassembling Algorithm), improved data storage with file sharing on a P2P network, and Blockchain Starter & Smart Kit.
For example, it links a schedule management app, a ride app and a payment app on the blockchain and uses smart contracts to distribute profits. According to a schedule, a user gets a ride for a meeting and processes the payment at the destination. Simultaneously, the profit is distributed to the token holders on the ride app. The smart contract links reputation with token. So, if the ride doesn't show up on time or the service doesn't go smoothly, there are disadvantages, while seamless service increases the reputation as well as the value of token and service. Yggdrash allows easy transition of daily Internet services to blockchain, supporting more convenient and trusted services and distributing the profit to the investors instantly and fairly.
"For the Yggdrash project, veteran developers in the blockchain field got together to overcome the limitation of Bitcoin and Ethereum and create the 3rd generation blockchain," said Dong-wook Seo, CEO and founder of Yggdrash. "Yggdrash will allow more companies to apply blockchain in their business and more users to experience it in their daily lives."
Yggdrash is a word formed by combining Yggdrasil and Hash. Yggdrasil is a mythical tree that connects the human world, Heaven, and the underworld serving as the path in Norse cosmology. It represents a tree of life, a world tree or a divine tree. Yggdrash means the first blockchain mainnet project that connects the blockchain and the real world.