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).
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.
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.
Last modified: March 4, 2021 4:48 PM