The developer of EOS cryptocurrency, Block.one is set to end its year-long ICO tomorrow, with the project having raised roughly $4 billion from investors and looks to serve as the main competition to the Ethereum network.

EOS ICO Sales the Biggest In History

The coin offering of EOS has shattered all before it and will now hold the record as the largest ICO ever in the industry. The project which is based in the Cayman Islands is led by 31-year-old Hong Kong-based CEO Brendan Blumer. The total amount garnered by this project is more than twice the amount raised by former record holder Tron ($1.7 billion) earlier this year.

The development team was able to raise this amount by selling 2 million EOS tokens every 23 hours to an accepted high bid, with a total of 900 million tokens auctioned off since the ICO kicked off June 26, 2017.

ICOs have been a cause of concern for governments across the world due to the unregulated nature of the industry but they have still been able to draw massive amounts of investor money since the industry experienced massive rise last year. Reports by The Wall Street Journal have indicated that over $7.15 billion has been raised via ICOs, excluding that of Block.one. The development team still hasn’t disclosed what it intends to do with this huge influx of funds.

The team has revealed that they intend to create a platform for hosting decentralized web applications by next month, similar to what the Ethereum network does. They, however, plan to leave their software as an open source to enable developers to build out the platform through upgrades on the public chain and dApps. So far, Block.one has invested a fortune into some joint ventures with some private investors and Finlab AG in an attempt to fast-track the development of the EOSIO network. They also revealed that they intend to invest over a billion dollars in startups that will be building on the EOS network.

What they intend to do with the remaining $3 billion is still unknown. The EOS official website revealed that the team is looking for eight new engineers, while also announcing that they have brought on former Bank of New York Mellon lawyer Lee Schneider as their general counsel. The former CFO of Commonwealth Bank of Australia, Rob Jesudason has also been hired as the company’s new CFO.

While addressing The Wall Street Journal about the EOS Blockchain, 30-year-old founder of EOS Asia, Dafeng Guo stated that;

I believe the (block.one) team has the technical capability of carrying this project out. I believe in EOS.

360 Discovers Major Security Flaw

Security Company 360 has discovered a major security flaw on the EOS network just days before its main-net launch. The security firm revealed that the flaw could leave private data on the network vulnerable to a super-node attack. This discovery affected the price of EOS which plunged by 7% in less than an hour after the discovery was made public, with the currency now trading at $12.37 per coin.