When was the Virtuals Protocol (VIRTUAL) coin issued?

The Virtuals Protocol (VIRTUAL) coin was released through an initial coin offering (ICO) on August 29, 2018, raising approximately $26 million.

Dec 03, 2024 at 12:09 am

When Was the Virtuals Protocol (VIRTUAL) Coin Issued?

Background

The Virtuals Protocol (VIRTUAL) is a blockchain-based platform designed to provide secure and efficient digital asset management solutions. Its native cryptocurrency, VIRTUAL, serves as a utility token within the ecosystem.

Coin Issuance

The VIRTUAL coin was first issued through an initial coin offering (ICO) on August 29, 2018. During the ICO, a total of 1 billion VIRTUAL tokens were created, with 60% allocated for sale to the public.

Timeline of Key Events

• 2018, August 29: VIRTUAL ICO commences.
• 2018, September 14: ICO concludes, raising approximately $26 million.
• 2019, February 28: VIRTUAL token listed on major cryptocurrency exchanges.
• 2020, July 22: Virtuals Protocol 2.0 launched, introducing enhanced features and security improvements.

Use Cases and Utility of VIRTUAL Token

The VIRTUAL token has several use cases within the Virtuals Protocol ecosystem, including:

• Transaction fees: VIRTUAL is used to pay transaction fees on the protocol.
• Staking: Users can stake VIRTUAL tokens to earn rewards and support the network's security.
• Governance: VIRTUAL token holders have voting rights on protocol governance proposals.
• DApp access: VIRTUAL is required to access certain decentralized applications (DApps) within the ecosystem.

Market Performance and Factors Affecting Value

The price of VIRTUAL coin has fluctuated over time, influenced by various factors such as:

• Market demand and supply: Supply and demand dynamics play a significant role in determining the price.
• Platform development: Improvements and updates to the Virtuals Protocol can impact token value.
• Market sentiment: Positive or negative sentiment in the cryptocurrency market can affect VIRTUAL's price.

Storing and Managing VIRTUAL Tokens

VIRTUAL tokens can be stored and managed in various ways, including:

• Software wallets: These are software applications that store private keys and allow users to manage their cryptocurrencies.
• Hardware wallets: These are physical devices that provide secure storage for crypto assets.
• Exchanges: Cryptocurrency exchanges may offer storage and trading services for VIRTUAL tokens.