The Nevada-based incubation and investment firm Blockchains announced the purchase of German blockchain-startup Slock.it, which was at the very beginning of Ethereum, and was also involved in the infamous project The DAO.
This is an exciting acquisition for Blockchains. Slock.it’s team of nearly three dozen experienced developers and professionals will allow Blockchains to significantly fast-track its product roadmap and enhance its collaboration efforts.
President, Blockchains LLC
In a statement, Blockchains said that the company was primarily interested in the Incubed project being developed by Slock.it, which aims to ensure the joint participation of people and machines on the Internet of things through the Ethereum blockchain.
As a result of the transaction, companies will combine resources and knowledge, which they hope will help them solve problems in existing IoT systems.
Slock.it’s co-founders, Christophe and Simon Yentch, will take the Blockchains chairs as vice president of technology and director of blockchain development, respectively.
Also in the coming months, the company plans to release a set of tools for developers of Ethereum.
In March 2016, Slock.it announced the launch of its own decentralized autonomous organization (DAO) as a new model of corporate finance and management. The project was named The DAO and raised about $ 165 million through a crowdsale, but as a result of a critical vulnerability in a smart contract, a significant share of the funds was stolen.
The developers of Ethereum subsequently made a controversial decision to hold a hard forks network, after which the Ethereum Classic appeared.