Block.one, the blockchain startup based in Hong Kong that made global news in June after raising over $ 4 billion through a token sale, is now running "the most used and best performing blockchain".
This is because, according to Block.one's developer relations manager, Serg Metelin, the company's EOS protocol quickly became "the first blockchain that solved the scalability challenge".
"For a long time this was the biggest challenge, the blockchains were not scalable," Metelin told Asia Times. This was, says Metelin, until Block.one co-founder and software developer Dan Larimer "built some applications where blockchains were very chiseled for a particular idea … He realized that there are many developers all over the world who want to build real applications, not just proof-of-concept that does not scale, real applications need a platform and EOSIO is the platform.
"Most of the others [industry] players are still trying to understand this aspect of scalability, "added Metelin," but now let's move on to the next big challenges, which are adopting blockchain and usability. "
The other founder of Block.one is the American colleague Brendan Blumer. Forbes reported that Blumer started his first business when he was 14 and moved to Hong Kong from the United States to work as a software developer when he was still a teenager. Blumer has therefore created a successful web-based real estate agency in Hong Kong. Then Blumer and Larimer, still in the early 1930s, came out and collected $ 4 billion.
Block.one's block block EOS protocol has only been published for three months, but is already attracting something of an enigmatic aura. And this is partly due to all the money, of course, but also to the story behind it.
Although not exactly hungry for advertising, Block.one did not even hesitate to propose grandiose and daring visions. His one-year fund-raising process, according to the Financial Times, raised $ 4.55 billion, which would make the largest ICO (initial coin offering) yet.
The company, with typical audacity, is committed to putting at least a billion of this amount into its venture capital arm that will be allocated to help technology entrepreneurs build projects – of course on the EOS platform – which in turn will help to develop and grow this nascent industry.
Metelin spoke to Asia Times at the edge of the blockchain.live event in London at the end of September and the effects of this VC investment are all around him. Block.one is the main sponsor of the industry event, which attracts investors, politicians, developers, startups and entrepreneurs from around the world and the "village" of Block.one – which occupied the widest part of the cavernous Olympia exhibition hall in London – was a showcase for projects that already use the EOS platform.
One of these projects, Emanate from the United States, is an "autonomous music ecosystem" that pays songwriters in real time while their songs are downloaded. Another, Eva of Canada, is "a cooperative application of sharing the path" a bit like Uber but based on blockchain. A third, IDPass from Thailand, is an "identity creation service" for underdeveloped countries where verified IDs can be issued on the basis of a retina scan.
The IDPass project was the winner of the first "EOS Global Hackathon Series" held in Hong Kong in July and as such received US $ 100,000 from Block.one's VC arm. These global "hackathons" that challenge developers around the world to write software applications for the EOS platform that have the "potential for massive user adoption" have been held in Hong Kong, Sydney and now before the blockchain. live event, even in London.
Serg Metelin states that the London hackathon event had "468 people involved in 44 countries that have worked on 90 different projects". It was, he added, "a meeting for the developer community … We realized that it is important to bring people around the world who have ideas but need a kind of forward push, an educational component for to start.
"So there's an element of this kind with the hackathons where we're teaching people how to code for blockchain, we also provide suggestions from an investment project to help if they want to bring their project over. the prospect of cash prizes, a prize of $ 100,000 at each event and $ 500,000 as the main prize in the grand finale of December ".
The participants in each hackathon are a different challenge and in London this was security and privacy. The winner, says Metelin, was called EOShield and "is a young British duo with some very innovative ideas on data technology, a project that is very much driven by the community".
Metelin calculates that there are already "a couple of hundred projects" under development, but he says, with emphasis, that "we must remember that it is very early in the journey." There are many new challenges ahead of us. "
The most pressing of these, Metelin concluded, was increasing "awareness among developers." We believe that the more applications there are, the more the general network will benefit. "We are employing a lot of talent from both the technology world and large corporate organizations. to increase the size and bring this to the next level ".
After only three months of activity it will be interesting to see how far this "level" will go.