Blockchain technology is now the focal point in technological development as Tel Aviv has now entered the increasingly competitive ring of cryptocurrency world.
Alignment, an investment group consisting of the Singulariteam Technology Group, CoinTree Capital and BlockchainIL, have even stated that they will invest in every Israeli blockchain offer that came their way. These potential start-up companies will have to pay a certain amount for this support though.
Blockchain technology through the cryptocurrency world is flexible enough to be incorporated into many different industries, ranging from banking to health care. However, with so many companies hoping to be the next big thing in this field, it might be tricky to determine if they even have a future in this highly unpredictable industry, and if they have the product that can foster that all-important goal of global integration and adoption.
Erachain, co-founded and run by Dmitrii Ermolaev, seems to be taking steps to ensure just that. This decentralized platform has integrated both European and World-Wide AML laws into its system, which essentially removes the need for traditional banks. In addition, it backs all coins with real-world assets and also minimizes the fees associated with crypto transactions.
However, its big selling point is that it can eliminate anonymous transactions by its verification-upon-registration process, through a Proof of Stake system. This could definitely aid in industries such as government where the anonymity of blockchain is a big drawback for adoption. In addition, most large businesses will need some type of verification platform in the not-too-distant future.
Zen Protocol, founded by Adam Perlow, combines blockchain and Bitcoin in a bid to create a purpose-built protocol to decentralize the financial system through a Proof-of-Work system. By incorporating the financial world onto blockchain, you would be able to link crypto assets with real-world stocks and commodities, without requiring the bank as a trusted third party.
COTI, founded by Nir Gazit, aims to be a truly global currency which will offer users instant and secure transactions, which are also scalable. The Currency of the Internet (COTI) will also offer zero fees, will have anti-fraud mechanisms in place and will be completely reversible, unlike Bitcoin.
With Tel Aviv firmly booking their seat on the blockchain bandwagon, they’re sure to give Switzerland’s crypto valley a run for their virtual money.
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