when Joey and Jack were thinking of fundraising to continue developing the protocol, a crowdsale of their REP tokens made more sense than going to venture capitalists. A crowdsale would distribute tokens among potential users and raise funds. They also didn’t want a handful of venture funds to control the protocol. On August 17, two weeks after the Ethereum network launched, Augur started the first Ethereum-based crowdsale. It lasted forty-five days and they sold 11 million REP tokens for 60 cents each, or $5.3 million, to about 3,000 digital addresses distributed across the globe, without the
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