Author – Sam Reeds, UK
Ethereum over time has gained a platinum status in ICO token sales, recording the highest raised amounts in Token sales. Recently, the platform raised millions of dollars in ICO token sales for Tezos, Filecoin and the list continues. But, why did Mobius Network co-founder and CEO David Gobaud opt for Stellar Lumen platform over Ethereum’s token sales blockchain?
Well, he said, “We look at Ethereum like AOL or Myspace.” He used the phrase to explain the company’s choice of Stella Lumens platform. They managed to raise a record a record of $39 million and went further to only accept payment via Stellar’s native currency, Lumens (XLM) in exchange for Mobi (the networks’ token).
The company reported that they managed to raise the amount in just two hours, equivalent to 35 percent of the total 888 million Mobi tokens. Main participants were mostly Chinese capital ventures with Chain Capital, Nirvana Capital and WaltonChain venture capital on the list. Mobius Network CEO David Gobaud further stated that the network launched the ICO together with their decentralized app store (DApps) to prove the validity and credibility of the project.
Ethereum problems
The main issue wasn’t the amount raised, but the blockchain of choice. The Ethereum network has been under a lot of pressure due to challenges resulting in transaction backlogs and pendulum-like swings in fees. The Network had initially begun the project on Ethereum network but later switched to the Stellar platform. The Stellar Lumens platform protocol was created by Ripple co-founder Jed McCaleb to create a decentralized version of Ripple frictionless payments.
Ethereum scaling issues seem to run deep, as Kik announced December last year that they will be moving their token sale off the Ethereum platform. Kik, did not specify where they will be moving their ICO to, but that was another blow to Ethereum.
The Stellar network has its own shortcomings, Gobaud acknowledged, but appeared to prefer the network over Ethereum.
The white paper
The Mobius white paper explains lots of uses and features, but the easiest to explain is the payment element. The company banks on the idea that people will eventually realize the value of using cryptocurrencies to run online transactions. The company hopes to make accepting digital coins payments a matter creating and adding some lines of code. This will help make accepting crypto payments more simple like adding a credit card or PayPal.
It further seems the network is trying to create a proof-of-stake oracle system, where mainstream data can build up and create reliable data sources over time. This will act as an archive where companies will earn revenue based on the data they sell over time. The data will be anything based on the company providing it and the authenticity will be verified since firms will have to prove it owns a certain amount of tokens.
