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Does Blockstack Really Have 1 Million Verified Users?

Blockstack PBC announced on Jan. 29 the completion of its “Milestone II” that unlocked $6.8 million from its 2017 initial coin offering. The project claims to have on-boarded one million verified users, an achievement that some in the community did not believe. Cointelegraph conducted an analysis of blockchain data to see if this claim could be confirmed.

The Blockstack initial coin offering (ICO) was conducted in November 2017 through the CoinList platform. It was notable for being “SEC-qualified,” meaning that it had stronger reporting obligations to the regulators and implied that it was not at risk from getting prosecuted by the Securities and Exchange Commission. It was offered to both accredited and retail investors.

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