In a few hours, at 09:00 AM (UTC), Raven will be listed on the Binance DEX and immediately afterwards the first IDO (Initial DEX Offering) will be launched.
Born in 2017, Raven is a decentralised and distributed protocol for deep-learning training, structured in such a way as to speed up the learning process. Raven can manage a database of 1 million images that are processed in a time between 2 and 3 hours, compared to the 2-3 weeks taken by AWS (Amazon Web Services).
To participate in the launch of the IDO, users must follow the usual KYC (Know Your Customer) procedure. Several countries are excluded from the IDO due to the ban on the Binance platform: USA, Albania, Belarus, Bosnia, Burma, Central African Republic, Democratic Republic of Congo, Democratic People’s Republic of Korea, Ivory Coast, Crimea, Croatia, Cuba, Herzegovina, Iran, Iraq, Kosovo, Lebanon, Liberia, Libya, Macedonia, Moldova, Serbia, Somalia, Sudan, South Sudan, Syria, Venezuela, Yemen, Zimbabwe, People’s Republic of China, Eritrea, Ethiopia, Pakistan, Sri Lanka, Trinidad and Tobago, Tunisia.
These are some of the details of Raven’s IDO on Binance DEX:
- Hard Cap: $500,000 (15,000 BNB);
- Total supply; RAVEN 10 billion;
- Total tokens allocated for IDO: RAVEN 300 million (3% of total supply);
- Price per token for the IDO: 1 RAVEN = 0.00005 BNB;
- IDO format: FCFS/FIFO (First come, first served / First in, first out);
- Individual cap: 100 BNB (2 million RAVEN).
As Raven’s team explains, this is the first IDO in history and therefore it is not excluded that there might be complications.
“This is all a work in progress. We know it won’t be perfect and we know some people will be upset because they couldn’t get it. Please bear with us. This experiment could lead to setting the gold standard for how young projects can get the resources they need to stay heads down and build”.
The listing operation will also be supervised by Binance’s CEO, Changpeng Zhao, as stated in a tweet:
— CZ Binance (@cz_binance) June 14, 2019