The startup behind Ethereum infamous DAO has been acquired

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The startup known as Slock.it, a German company founded in 2015 has been acquired by Blockchains.com, which is a blockchain incubation and investment firm. Many people don’t know about Slock.it, but it is the startup which has roots in Ethereum’s infamous DAO. For those who don’t know Decentralized Autonomous Organization or in short DAO? it was an organization created to codify the rules and governance of an organization without a centralized overhead eliminating the need for documents and decision makers. Though it was a brilliant idea, it failed miserably.

Slock. it aimed to extend Blockchain’s benefit such as transparency, security etc to real-world devices. According to an article by Coindesk, Blockchains.com was primarily interested in Slock. It’s incubed project which enables human and machines secure participation in the economy of things through the Ethereum blockchain.  According to a press release by the Blockchains.com, the acquisition will increase Blockchains’ technical capabilities and accelerate the development of Blockchains’ digital asset custody and digital identity solutions, the governance model for its planned distributed collaborative entity, as well as a number of the company’s other projects.

Blockchains.com president David Berns said “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.” Cristoph and Simon Jentzsch who are the founders of Slock. It will become Blockchain’s vice president of technology and director of blockchain development.

Blockchains and slock.it is currently preparing to release a series of open-source tools for the Ethereum developer community over the next several months. Both companies will continue to operate from their respective offices in the United States and Germany. Blockchains owns more than 67000 acres in Northern Nevada which it intends to use as a sandbox for showcasing blockchain and other innovative technologies that simplify fundamental aspects of our daily lives. Slock. It has gained a new lease of life from their acquisition by Blockchains.com, after the DAO incident they had walked out of the spotlight. Slock.it has amazing experience and knowledge in the Ethereum blockchain, which would be pretty useful to Blockchain.com in their future IoT projects. All in all, it’s a win-win situation for both of them. The field of blockchain has many players and all of them are trying to create something new in order to change the game and reap in profits. All we can do is wait and see what benefits the acquisition get for Blockchain.com.

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