Innovation in the Fintech sector continues: A $100 million joint venture was announced between The German fintech incubator FinLab AG and Block.one, developer of the Blockchain software platform EOS.IO. The main aim is to develop projects that would incorporate EOS software.
One of the partner in the joint venture is intending to distribute the EOS.IO platform to other players. The commitment for $1 billion for funding was made in collaboration with other venture capitalists. Hence, Finlab cone contributed a miniscule percentage of the seed capital of EOS.IO.
Basics about EOS.IO
EOS.IO is a blockchain architecture for decentralized applications (DApps) powered by Ethereum’s ERC20 standard tokens. Although the platform was developed by Block one, its open source feature makes it enable to be used by third parties. Being an alternative platform to Ethereum, EOS.IO is part of the third generation of cryptocurrency and block chain innovations that aims to increase scalability of the blockchain architecture.
Claimed of being the most powerful infrastructure for decentralized applications, scalable and decentralized applications can now be built. Through the platform, you can also built and test the applications in public environment. The software provides accounts, authentication, databases, asynchronous communication and the scheduling of applications across multiple CPU cores and/or clusters.
Background on BlockDAG
BlockDAG, an alternative network structure to blockchain, called Phantom was introduced in February this year. This is a revolutionary development. A research paper authored by PhD candidate Yonatan Sompolinsky and Dr. Aviv Zohar of the University of Jerusalem, heralded a new scalable BlockDAG structure.
This technology changes the incumbent blockchain structure to tree, thus improving the security and speed of the transactions.
