Newly perceived KWH Coin received an onslaught of investors in December when their pre-sale offering sold all 15 million tokens allotted in less than 24 hours.
Why the sudden interest? For one, it's a very unique idea that offers some actual utility to the world other than another team trying to be another bitcoin.
Second, John McAfee. On Thursday the week before Christmas, John McAfee mentioned an asset called KWHCoin. His tweet regarding the pre-sale was plain and simple:[info title="Editors Note" icon="info-circle"]Note this tweet happened prior to the "McAfee Hack" which was disclosed several days ago by McAfee himself.[/info]
The KWH Coin. One of my brainchilds. ICO starts today:https://t.co/dWewaS8yk0— John McAfee (@officialmcafee) December 21, 2017
By the time the pre-sale began roughly 2 or 3 hours later the website was being bombarded to the point it didn't have the bandwidth to support the load with as many as 600 or more concurrent users at all time for the next 24 hours that followed.
Before they were able to stabilize things the traffic all but shutdown the website to the point the only way they were able to provide any further details was by way of a Slack channel which was also overcrowded with hundreds of people asking more questions than the support team could answer.
Which is certainly goes in the "nice problem to have" category.
We reached out to CEO Girard Newkirk who had this to say regarding the initial response:
"We are thrilled about the tremendous support for our project to connect the 1.2 billion globally to our renewable energy network and become a global leader in developing microgrid and off grid technologies for its social impact lowering the barriers so that everyone need only the phone and internet to access clean energy." - Girard Newkirk, CEO KWHCoin
The buy-in itself was via Ether on the Ethereum blockchain via a smart-contract developed by KWHCoin and KWH tokens were issued shortly thereafter. That process was a bit cloudy to begin with given the website outages but things evenully smoothed over and the 15 million tokens allotted for the pre-sale schedule over the course of 7 days were completely gone in less than 24 hours.
How much that ended up in USD is hard to say given Ether's volatile price and what may have been spent, however, at last count they had raised approximately 1269 Ether tokens worth around $1,000,000 USD in less than a day.
There's very few assets out there who can make that claim and this was done through an unknown pre-sale without much, if any, marketing.
Initial Coin Offering?
It really makes you wonder what the ICO is going to do and where this coin is going. If you missed the pre-sale which most people likely did (in fact nobody we spoke to had heard of it or the sale) you still have an opportunity since the ICO hasn't been made public yet. It was only a pre-sale. The actual ICO begins next month towards the end of January.
You can view both the whitepaper and watch for the January public ICO on their website.
It's likely McAfee and others will be promoting the ICO and we'll certainly be making a note of it here (something dinbits.com has not done since ZCash and something we rarely do) as well in January, so it may well turn out to be a very interesting endeavor for those able to participate.
What is KWHCoin
KWHCoin is aimed at using blockchain technology to distribute renewable energy resources. Given the amount of funding they were able to raise in just a single day, it's likely they'll be able to bring the offering to market in record time.
Pre-sales certainly can't dictate the success of any offering but when they fail to raise even a portion of their target, it's likely the funding they need to get to market is unavailable or can decrease substantially unless there is another source of funding behind them.
One of the entire points of ICO offering are for doing exactly that, funding a concept to the point of market entry.
Having John McAfee on your side doesn't hurt either. His involvement, isn't completely clear but an agreement between KWHCoin and McAfee happened back in September of 2017 and his promotion of the pre-sale and upcoming ICO and support of the concept was likely a factor in the incredible 24 hour pre-sale performance.
Why are we interested?
We just report interesting things and we find this concept ... interesting.
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