German FINTECH incubator FinLab AG and Block.one, software developer at blockchain platform, EOS, has announced the establishment of a joint venture Fund worth $100 million to develop projects on EOS.
Funded by FinLab Fund aims for further expansion of EOS platform-driven registered in the Cayman Islands Block.one. The company and other venture capitalists plan to provide for the development of the project $1 billion. Thus, the Fund is only a small part of the initial capital of EOS, the blockchain architecture for decentralized applications (DApps) on the basis of the Ethereum Protocol ERC20.
Although EOS was developed by Block.one, the platform open source will be implemented by third parties. The company identificeret yourself first as a technical provider that intends to offer an alternative platform — a competitor to Ethereum.
EOS is part of the third period of cryptocurrency and blockchain innovation projects that focus on improved scalability and free transactions using a new architecture.
In February, the developers have presented the project to BlockDAG – alternative blockchain network-entity called PHANTOM, designed to solve the scaling problem.