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The DAO Co-founders Christoph and Simon Jentzsch join Blockchains as part of acquisition

The DAO Co founders Christoph and Simon Jentzsch join Blockchains as part of acquisition

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According to the latest press bulletin an acquisition has been made by Blockchains, LLC, the blockchains that develop and incubates blockchain-powered products and companies. The leading German Ethereum ‘dev team’ slock.it has been purchased by Blockchains.

The blockchain company Slock.it, famous for its now infamous project DAO, which is currently inoperative. The DAO was a digital decentralized autonomous organization and a form of investor-directed project that collected about one hundred and fifty million dollars ($150) via crowdfunding, but due to deficiency and weaknesses in the DAO’s code, hackers were able to exploit and transferred a whopping fifty million dollars ($50million) in ether (ETH).

This whole detrimental development took its toll and consequently damaged confidence on both the DAO’s concept and the Ethereum network as a host platform moving forward.

According to the blockchain company’s website, there are thirty-one employees currently and are continually increasing. Moreover, the Co-founders of the company: Christoph Jentzsch and Simon Jentzsch will be joining the new blockchain firms as VP of technology and Director of the blockchain development, respectively.

The report added, the acquisition agreement of the organizations stats that teams will undertake the existing projects, including Blockchains’ asset custody product and “Incubbed” project of the slock.it.

Lastly, these newly-interconnected organizations would be shipping a line of open-source tools for the Ethereum developers during the initial period, and these organizations will continue to work from the same offices in Germany and the USA.

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Ahmad Asghar

A first generation gamer at heart and tech buff by nature, have been involved in the tech sector for better part of a decade. With that insight and knowledge, he now covers blockchain, cryptocurrency and everything fintech so others can make sense of the industry.

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