Module has updated its MODL token sale’s hard cap from $30M to $18M after business development progress exceeded expectations.
Module, the Hong Kong-based blockchain data and DApps platform, has just announced that they will reduce their MODL token sale hard cap from $30 million to $18 million, as they head toward the launch of their public ICO on August 1, 2018.
The announcement indicates that the company has been able to finetune their roadmap targets and are on track to deliver a streamlined product by early 2019, with some of the platform services be rolled out as early as this fall.
Module already created a bit of buzz early last month when their private token presale reached $2 million, exceeding their initial expectations and setting them on track to meet their $5 million soft cap. The company has also enjoyed greater success than expected on their business development end, hence their decision to revise their initial budget projections.
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Module aims to open up the blockchain community to everyone by making crypto mining and cloud sharing easy and accessible. The project takes advantage of unused digital storage space available on the millions of mobile and IoT devices used around the globe, and puts it to work mining cryptocurrency and offering a P2P cloud data storage service.
The ecosystem is driven by their MODL tokens, which are also awarded to users based on the amount of space they share, the length of time the space is used, and the number of transactions checked.
Their system does away with environmentally unfriendly (Proof of Work) PoW algorithms that require specific hardware and upkeep and replaces them with Module’s proprietary Proof of Space, Time, and Transaction (PoSTT) algorithm.
The platform will also offer an innovative new type of cloud-based data storage featuring client-side encryption known as “secret sharing.” This enhanced fraud protection is possible within the ecosystem because sensitive information is encrypted and divided into fragmentary pieces of information that are then stored in a multitude of separate places on mobile devices.
The truly decentralized nature of Module means we could even see the platform disrupt popular blockchain players like Ethereum, EOS and Stellar.
The company is creating a truly democratized system in which virtually anyone in the world with a mobile device will be able to participate in. It will allow users to build their own DApps (decentralized apps), while also offering a two-pronged solution for market professionals who need to create smart contracts while being able to organize a data warehouse for a fraction of the cost of traditional cloud storage.
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