Raven Protocol (RAVEN) is getting ready for being listed on Binance DEX and conducting the first Initial Dex Offering (IDO) ever. The trading pair RAVEN/BNB will become available for traders on June 17. Just at the same time, the first IDO will start.
What is Raven Protocol
Raven Protocol is positioned as a decentralized and distributed deep-learning training protocol. The main competitive advantage is its speed and time-efficiency. The team staying behind the project deeply believes that AI and Machine Learning shouldn’t be concentrated in the arms of huge corporations. According to them, it should be decentralized. In this very case, blockchain is believed to transform the entire AI industry.
Being proclaimed as a self-sustaining ecosystem, Raven Protocol has its native token RAVEN. It will facilitate transaction within this ecosystem. It can be used as means of payment for training AI engines as well as a reward for contributors who share computer resources.
Now Raven Protocol has been chosen to be listed on Binance DEX. To get approval to be listed there, a project should pass a community vote. In the case with Raven Protocol, 11 out of 11 Binance Chain validators voted YES for Raven Protocol’s listing.
But it is not the most interesting detail about the project.
The IDO is scheduled just for the same time as the listing on Binance DEX. Nevertheless, in its blog post, Raven Protocol highlights that the IDO has nothing in common with the initiatives of Binance, Binance Chain, or Binance DEX. The IDO is introduced by the Raven Protocol team.
The team warns its supporters and enthusiasts that not all of them will get a possibility to participate in this event due to some geographical criteria and limitations. Though this IDO is just the first one and some problematic issues can be revealed, it’s an important experiment. It may set new standards for young startups to get funding for their development.
The IDO will start on June 17. The session will last for 24 hours. Nevertheless, if the hard cap is reached earlier, the session will be stopped. The hard cap is $500,000 (15,000 BNB). While the total token supply is 10,000,000,000 RAVEN, 3% of this amount (300,000,000 RAVEN) is allocated for the IDO. It will be possible to buy RAVEN tokens at the price 0.00005 BNB for 1 RAVEN token.