Award-Winning I/O Digital Creates Foundation For Blockchain Work And Charities
I/O Digital, the creator of I/O Coin and its proof-of-stake blockchain network, has won the European FinTech awards and is launching a foundation called the I/O Digital Foundation to support blockchain projects as well as charity donations.
I/O Digital won the public award at the European FinTech Awards in the blockchain category. I/O Digital now goes to the finals in the Bending FinTech awards. These honors provide I/O Digital more visibility and investor interest.
A Focus On Blockchain
With operations in Amsterdam and Miami, Fla., I/O Coin continues to focus on blockchain development. The company began in 2014 and launched its “data on the blockchain” (DIONS) project.
Where most digital currencies focus on coin functionalities, public adoption and new wallets, I/O Digital has focused on blockchain development. The team has worked to deliver a secure and rapid blockchain that can support data. The storing of data on the blockchain creates numerous opportunities.
Blockchain technology allows the storing of copyrights in a decentralized network. It can also create arbitrary services that utilize the network. This is why banks, corporations and institutions are investigating and investing in blockchain technology.
Open Source Blockchain
The blockchain software that I/O Digital is developing is open source and usable by everyone.
I/O Digital believes companies can use blockchain technology to secure synergy between services, operate with less cost, add new services, and gain a competitive advantage.
Storing all data in a single blockchain – even a blockchain that is optimized for data storage – is not practical. Hence, the I/O Digital team created a framework to provide an infrastructure to scale to accommodate all the services the blockchain will support. The framework is called “Chameleon.”
Chameleon will enable the creation of unique and interoperable I/O sidechains. These private, auxiliary blockchains will have unique properties suited to the applications and services they support.
“This network of blockchains or ‘superchain,’ will afford unparalleled flexibility to users, allowing any number of configurations to be seamlessly adopted depending on the use case,” said Joel Bosh, CEO of I/O Digital.
Also read: I/O Digital to release world’s first decentralized identity sidechain for bitcoin
A Need For A Foundation
Venture capitalists, private entities, community members and investors have reached out to I/O Digital to lend support to its efforts. To accommodate this interest, the company created a foundation, I/O Digital Foundation, for open source developments of I/O Coin and its blockchain.
“During many of our meetings with companies and VCs, we quickly learned that we needed to have a more robust structure,” said Richard Groen, chief operating officer. “We also had to have in place the means for the future securing of the private keys. With setting up the foundation, it will make it all possible. It also ensures that the I/O Coin blockchain will stay in the hands of our non-profit organization.”
The foundation will continue I/O’s support for charities. Over the last 20 months, I/O Digital has donated more than $10,000 to charities. Ten percent of every donation to the foundation will go to charity. The community will participate in deciding which charity a donation will support.
Featured image from Shutterstock.
