Blockchain LLC to Acquire Slock.it, The DAO Creators

Due critical vulnerability in a smart contract, a significant share of the funds raised during $165M worth DAO ICO was stolen
04 June 2019   298

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.
 

David Bern

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.

Algorand to Raise $60M in 4 Hour Tokensale

The project was founded by a MIT professor and a Turing Award winner Silvio Micali and is designed to solve the problems of scalability and consensus in the DLT
20 June 2019   797

The blockchain-project Algorand, aimed at creating an “borderless economy ”, announced the successful completion of the  ALGO tokensale, during which it raised over $ 60 million, CoinDesk reports.

The campaign was held on the CoinList platform and was conducted in the format of the so-called “Dutch auction”, in which the highest price is first announced, after which it gradually decreases.

Simultaneously with the completion of the tokensale, it was announced the launch of the main network of the Algorand. The platform processes 1000 transactions per second with a delay time of less than 5 seconds, which, as noted, puts it on par with such major payment networks as Visa and Mastercard.

In his work entitled The Monetary Experiment: Algorand A Thesis For Algo Currency Markets, the head of Arrington XRP Capital, Michael Arrington writes that Algorand is a project where macroeconomics meets cryptocurrencies. He also notes that Algorand, as a blockchain-resistant Proc-of-Stake algorithm, is distinguished by a combination of advanced cryptography and a smart economic model.

The Algorand project was founded by a professor at the Massachusetts Institute of Technology and a Turing Award winner Silvio Micali. The main task of Algorand is to solve the problems of scalability and consensus in the blockchain.

As noted, the exact number of buyers who participated in the auction remains unknown, but because of high demand, the campaign lasted less than four hours. In total, 25 million ALGO tokens were distributed with a starting price of $ 10 and a closing price of $ 2.40.

Representatives of the project also stated that since tokens are distributed to customers' wallets and are not available on stock exchanges, there is no need to talk about any value of Algorand market capitalization.

Algos are being dispersed to wallet right now (for successful bids).  Therefore – there are non on exchanges. [Therefore, no market capitalization is available for Algorand, though some have speculated it sits around $6 billion.] Which is still a top 10.
 

Algorand Team

Earlier, the project announced plans to auction 600 million ALGO tokens per year, and in the first five years it is planned to release 10 billion tokens.

Also note that over the last year, Algorand raised $ 66 million in venture capital from investors such as Union Square Ventures and Pillar Venture Capital.