NEW YORK, Sept. 28, 2018 /PRNewswire/ -- Elementus, a next generation blockchain analytics company, released a new report on the state of the ICO market, revealing for the first time the true size and scope of the market for initial coin offerings.

"There is a widely held belief that the market for ICOs has all but disappeared," said Max Galka, CEO of Elementus. "But the data tells a different story."

According to the report, whose figures were derived via the company's blockchain query engine, ICO funding reached nearly $1.5 billion in August of 2018, a month-over-month increase of 44%. At the same time, the percentage of ICOs that successfully raised at least $100k fell to 22%, a lower success rate than any prior month, implying an increasingly competitive field.

"All signs point to a maturing ICO market," Galka continued. "The latest figures suggest more realistic risk assessment by investors."

In addition, pre-product startups, which were dominant in late 2017 and early 2018, took a back seat to established businesses, such as the London Football Exchange, Dfinity and tZero, all of which closed $70m+ offerings last month.

"Disparities in blockchain transaction figures have made it virtually impossible to determine what's going on. The reason for these misleading stats is the inaccessibility of blockchain data, which is stored in a convoluted, nonreadable format that serves functional purposes by being optimized for efficient computation but not human use."

"This has given even the most conscientious journalists no choice but to rely on incomplete and unverified reported figures compiled from the web. Our mission at Elementus is to correct this with a new protocol that gives direct access to 'ground truth' – the actual on-chain data."

He cited two examples of reported ICO statistics that differ substantially from on-chain findings of the Elementus query engine:

• Reported estimates of cumulative ICO fundraising through August range from $14 billion to $21 billion. The amount derived from the blockchain is far higher, $28.4 billion.
• Reported estimates of the number of ICOs that have raised at least $100k range from 682 to 876. Again, the number derived from the blockchain by the Elementus query engine is 1,823.

For further details and supporting charts/graphics, please visit: https://elementus.io/blog/ico-market-august-2018/

For more information about Elementus, please visit: https://elementus.io

SOURCE Elementus

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