By Andrei Skvarsky.
Tolar, a one-year-old blockchain and cryptocurrency developer group based in ex-Yugoslav states, has signed a deal licencing the Bahraini government to use an advanced technology based on its flagship blockchain project.
Bahrain’s purchase of the technology, which is part of the Tolar HashNET project, aims is to make government in the Gulf country more efficient, according to a statement from Tolar.
The project, based on a platform called HashNET, represents an energy-saving facility that today can perform up to 150,000 transactions per second, but Tolars expect to bring its capacity to 200,000 TPS.
One part of Tolar HashNET is a scheme to create what the Tolar website calls an “open-source, community-governed” cryptocurrency, to be named Tolar.
The group plans an initial coin offering (ICO) for next month with a hard cap of 1bn Tolar (TOL) tokens, which is expected to raise a total of 45,000 ether (ETH), a sum roughly equivalent to $12.5m. The ICO is due to start on September 15 and end on September 20.
The group has already reached a soft cap of 20,000 ETH ($5.7m) during a current presale that ends on August 31.
Tolar, which is legally run by entities domiciled in Slovenia, Croatia and the British Virgin Islands and has a marketing team in Belgrade, did not disclose how much its contract with Bahrain’s Information and eGovernment Authority was worth.
A Tolar spokeswoman told EmergingMarkets.me in an email that this was confidential information.
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