Bitcoin Mining Developer Bitmain Invests in Blockchain Startup ChainLab

Leading bitcoin hardware mining producer Bitmain technology has invested an undisclosed sum as a part of a seed investment in…

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.

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Samburaj Das @sambdas

Samburaj is the Editor for CCN, among the earliest and foremost publications covering blockchain, cryptocurrency and financial technology news. He has authored over 1,500 articles for CCN and is invested in Bitcoin. Email him samburaj(@)ccn.com or find him barely tweeting @sambdas

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