Privatix Limited has announced an initial coin offering (ICO) for its blockchain-based Privatix Network platform, which will allow users to sell or buy spare bandwidth for cryptocurrency.
The announcement follows the sucessful completion of a highly successful pre-ICO which saw 99% of contributions sent from early-bird contributors even before the pre-ICO started.
The autonomous, decentralized Privatix Network will be a peer-to-peer VPN based on the blockchain distributed ledger technology. Network users will be able to share internet bandwidth with other users and be paid in cryptocurrency, or buy other users' bandwidth for their own use.
Privatix Network channels are encrypted and payments are made in cryptocurrency to leave the network resilient against hacking attempts.
The company plans to introduce the new capabilities in stages, starting with the launch Privatix.Agent – a cross-platform application for buying and selling internet bandwidth capacity – by the end of the year.
Privatix will follow this off with the launch of a decentralized VPN service to allow the sale of proxies via API in 2018 and the introduction of Privatix.Monetize - a set of APIs for mobile app developers - in 2019. The launch of the Privatix Network platform itself is planned for Q1 2019.