Home / Capital & Crypto / Bitcoin Mining Developer Bitmain Invests in Blockchain Startup ChainLab

Bitcoin Mining Developer Bitmain Invests in Blockchain Startup ChainLab

Last Updated March 4, 2021 4:48 PM
Samburaj Das
Last Updated March 4, 2021 4:48 PM

Leading bitcoin hardware mining producer Bitmain technology has invested an undisclosed sum as a part of a seed investment in ChainLab, an Israeli blockchain startup.

Tel Aviv-based blockchain startup ChainLab has announced a seed investment from Bitmain Technology. The funds from the investment will be used directly to aid in the development of ChainLab’s Wings platform.

Wings is a multi-blockchain, smart contract-based platform and a decentralized network that enables participation, management and creation of Decentralized Autonomous Organizations (DAO).

DAO Management via a Smartphone

The idea behind Wings is to simplify DAO management. Anyone with a smartphone will be able to partake in DAOs, insists ChainLab. The accessibility and ease-of-use will be key, as ChainLab claims to enable anyone to become a participant, even those lacking knowledge of coding.

ChainLab states:

Wings enables this by hiding all the complexity within a conversational user experience of decentralized artificial intelligence chat bots that interact with DAO creators.

For DAO members, on-the-go DAO participation and management is realized through the use of the same chat bot interface in popular messaging applications.

Notably, the Wings platform is integrated across a multitude of platforms including the Ethereum smart contracts network; a Bitcoin Virtual Machine (RVM) developed by P2P blockchain-based blockchain developer Rootstock; the P2P hypermedia distribution protocol InterPlanetary File System (IPFS); and other 3rd party chat and instant messaging networks.

In a press release , Bitmain Co-Founder Jihan Wu stated:

Bitmain invested because we see a great team and we look forward to seeing Wings grow into a successful platform for launching DAOs over Rootstock and Ethereum, being an accelerator for the innovation on the public blockchain.

ChainLab is currently developing a public proof-of-concept variant of Wings to exhibit what it claims as an intuitive and convenient process to handle the creation, participation and management of DAOs.

Featured image from Shutterstock.