Startup Responsible for Ethereum’s Infamous DAO Acquired
By Tyler Smith – Crypto Broker
Recently, it was announced that Blockchains.com, an investment and incubation firm, had acquired German company slock.it. This is a big deal because this startup company was originally involved in the development of Ethereum. We could potentially see more application to buy Ethereum and use within the ecosystem.
Initially, Blockchains took an interest in slock.it’s Incubed project, in which both people and machines can acquire participation in the economy through the Ethereum network. This partnership enables both companies to utilize their resources and expertise to work out the interoperability and security issues with current IoT systems.
Slock.it co-founder, Christoph Jentzsch, said in a statement:
“We have the same passion for creating a sharing economy powered by blockchain, and for creating a safe and secure entry point to the third-generation World Wide Web.” Many users are sceptical to buy Ethereum and other crypto assets due to uncertainty which stops many from making their first purchase.
Slock.it was founded in 2015 and hopes to expand the many essential benefits of blockchain, such as transparency, auditability and security features to real-world devices. This company was also behind the now-defunct Decentralized Autonomous Organization (DAO), which aimed to have the governance and rules of an organization codified without the need for a centralized overhead, doing away with decision makers and documents. This meant a company buying and selling Bitcoin using the system, could focus on business relations and development.
Over the next couple of months, the company is also planning to release a bunch of open-source tools for Ethereum developers. Blockchains has also acquired over 67,000 acres in northern Nevada for the use as a sandbox to demonstrate blockchain technology and innovative concepts and projects.
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