The developer of EOS (EOS) cryptocurrency, Block.one, is on the verge of raising over $4 billion in an Initial Coin Offering which has been running since June 26, 2017. The ICO will conclude on June 1 2018. The Initial Coin Offering by Block.one which is based in Cayman Islands is the biggest ever so far. Another equally successful ICO was held by encrypted messaging platform Telegram earlier in the year where $1.7 billion was raised.

Though 2017 was widely expected to be a record year for Initial Coin Offerings, this year is set to be even bigger with regards to these kinds of fundraising techniques. Last year approximately $6.6 billion was raised in Initial Coin Offerings. This year even before reaching the half-year mark around $7.15 billion has already been raised per Token Report, a research firm. The figure is not inclusive of the amount that has been raised by Block.one.

But even as startups manage to successfully raise huge amounts some Initial Coin Offerings have turned out to be scams. There are also others from firms which may never get to develop a service or product. Part of the reason for this is that there are few or no regulations governing Initial Coin Offerings. Their allure is driven in part by the fact that many see them as a vehicle of striking it rich in the same way that venture capitalists have been doing for decades.

The projects which have received the highest amount of attention with regards to Initial Coin Offerings are the platforms which are viewed as having the potential of redefining the internet with their decentralized applications. This is the category that the EOS token and Block.one fall in.

In its ICO more than 900 million EOS digital tokens were sold by Block.one and this was conducted through daily auctions where every 23 hours two million tokens were auctioned off and the highest bid being accepted as the block’s set price. Proceeds from the ICO were received in ETH. In order to avoid running into regulatory problems in China and the United States, investors from those two countries were blocked.

This comes in the wake of vulnerabilities being discovered in the source code of EOS igniting fears that the software will not be shipped on time. However the EOS team has allayed these fears saying that most of the vulnerabilities have been fixed by the developers and remaining ones will soon be fixed preventing delays.