ConsenSys invests in Blockchain Startup founded by Rival's Ex Rival


Ethereum co-founder (ETH), Joe Lubin, made an investment of $ 6.5 million to secure a minority stake in the start-up of a DLG (Drummer Technologies) company, reportedly from Forbes on October 1st.

Lubin's investment takes place through its start-up blockchain ConsenSys, and is noteworthy given that DrumG Technologies is headed by senior executives of the seemingly rival Block3 consortium of the R3. Apparently, Lubin will join as an external member of the DrumG board of directors and, each other, DrumG will have a "significant presence" within the ConsenSys ecosystem.

As Forbes notes, DrumG was founded in response to potential tension in the nascent blockchain space, as the open-block blockchain protocol developers face the task of convincing companies to adopt technology that is fundamentally disruptive to existing business models. .

Reportedly, DrumG attempts to address this potential "conflict of interest" and aims to make the adoption of multiple interconnected distributed registers a reality in the corporate world. Lubin is quoted by Forbes in saying that:

"The future of the decentralized web – the 3.0 web, which connects corporations to public blockchains – is definitely an interlaced future, and will be hundreds of thousands of decentralized protocols for reliable transactions and automated agreements."

Forbes also reports that Lubin's connections to DrumG go back to his meeting with Tim Grant while he was still CEO of the R3 Lab and Research Center. The formal incorporation of DrumG into the blockchain-sized Bermuda island in August 2017 thus accelerated discussions about a serious partnership between the two.

Speaking of the partnership with Lubin, Grant told Tobes that the future of the blockchain lies in not replacing one centralized proprietary system with another; he outlined a progressive vision of "convergence" in which "tribalism will dissipate".

As reported, R3 announced this summer the release of a "version" of its Corda blockchain platform aimed specifically at businesses, which represents a step beyond the banking sector – the main customer base for the original Corda platform.

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