The USA based blockchain firm called Blockchains has acquired slock.it, which is a German company as per the details of the press release on June 3. This is a major development in the world of cryptocurrency. Slock.it is very popular for its now-defunct DAO project. The CEO of this firm will join Blockchains as their VP. They will also help in the development of technology and intend to come up with something innovative which could change the future of digital payments.
- New technology for Ethereum development.
- Open source tools for Ethereum blockchain.
During the initial phase of acquisition, their main focus will be on open source tools for Ethereum developers. This is a good initiative and is going to help people who make use of Ethereum. As per the agreement, both the organization will work on the development of new technology supporting Ethereum blockchain based on certain agreement. Theses organizations will still function in their separate offices in the U.S and Germany. DAO project was in the development of something similar to Airbnb and raised even $50 million with the help of crowdfunding. In the initial phase, there were some major flaws in the DAO project and they were made use of by lots of hackers, which went against it.
This project needed development to grow quickly. This partnership is the right step in this direction and will boost up the confidence in Ethereum network. This is aimed at providing and promoting the development of Ethereum with lots of new resources.