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Blockchain

The German Startup Behind Ethereum’s DAO Project Got Acquired By Blockchains

Blockchains LLC, an incubator and investment company of blockchain based in the USA has acquired Germany based startup behind dev team of Ethereum, Slock.it. The report surfaced through a press release on 3rd June.

The included project of Slock.it enabled secure interaction of human and machine on the blockchain of Ethereum. This has attracted Blockchains to acquire them.  Through this merger, both the companies can share institutional knowledge and resources and work on the interoperability and security issues of the IoT system.

Slock.it has earned its fame because of its DAO project. The co-creators of Slock.it, Christoph and Jentzsch Simon will work with Blockchains as vice chief of technical knowledge and executive of the blockchain advancement project.

On the amalgamation, the co-creator of the German startup Simon Jentzsch has said they also have the same desire for generating and distributing economy driven by blockchain, and creating a secure and protected entry point for the WWW for the third generation.

The German startup was established in 2015. The company has the vision to extend the fundamental benefits of blockchain to real-world services. Within the first few months of acquisition, the company is looking forward to shipping a collection of open source tools for the developers of Ethereum.

Both the companies will work together for their existing project like “Incubed” project of Slock.it, which has the target to link IoT with Ethereum blockchain and digital assets custody project of Blockchains. Although after the acquisition, both the companies will stay in their previous office, i.e., Germany and the US.

David Berns, the president of Blockchains, has told Slock.it has a team of three dozen experienced professionals that will significantly help them to enhance the product roadmap.

However, Slock.it has a bitter experience of project failure in the past. In the past, they had deployed DAO project on property sharing, but the code had flaws in it and had got hacked. Although after the hack the Ethereum platform has planned to relaunch their website in May to undermine the lost confidence.

Blockchains has a property of 67,000 acres in northern Nevada that they will be using for their Sandbox to showcase blockchain and other advanced technologies.

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Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.
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