Blockstack Public Benefit Corp has announced the SEC has approved the upcoming Public Token Offering from the non-profit firm under Regulation A+. The firm is planning to raise $28 million through the offering.
Blockstack is a decentralized computing network that provides a platform for the development and execution of Decentralized Applications. Currently, 165 applications are running on the system. The most popular decentralized applications build on it are,
Dmail, a secure, encrypted email solution with no corporate intermediariesBitPatron, a censorship-resistant membership platform; and Graphite Docs, a decentralized document management service protecting freedom of speech and privacy for jeopardized groups, like reporters.
To incentivize the space with talent and adoption, Blockstack has also designed a Mining Program. It essentially pays the network participants who contribute time and monetary value for the growth of the space. The press release noted,
As part of the offering, an additional $12 million in tokens will be allocated to Blockstack’s App Mining Program, which rewards the developers who create the top-ranked applications within the Blockstack ecosystem.
The Blockstack Decentralized computing network was initially launched in 2017, starting only with accredited investors. The team has worked hard in making the project compliant with the regulations, most importantly, in the US, where the regulations are stringent than others. The public offering will now be available to people worldwide with some exceptions, however.
The native token, Stacks (STX) is used to register digital assets like domain names, write and enact smart contracts, and process transaction fees on the network. The general price offering of the Stacks token is $0.3.