Altcoin News: ETH Co-founder to Release New Project

Security token platform Polymath will team up with Charles Hoskinson, the Ethereum co-founder, on a new project called Polymesh.

Polymath, together with Hoskinson will produce another blockchain for regulation-compliant tokens. The company released a blog post last May 13 confirming the said project.

The Ethereum co-founder became prominent for successive cryptocurrency projects IOHK and Cardano (ADA). And Polymath contributed to more than 100 security tokens’ launching.

In the blog post, the co-founder stated, “There are quadrillions of dollars of financial securities, and building a blockchain to secure them is an incredibly exciting task.”

In addition to that, the security token platform will assemble the basis for developers to launch security tokens which they will make to fit market needs. And it will be fully compliant with local regulatory requirements.

As stated in the blog post, “Polymesh is being built from the ground up with these considerations to become the underlying infrastructure for the world’s capital markets.”

Then a couple of months before the big announcement, Polymath worked with funding platform SeriesOne to increase the range of possibilities available to security token developers.

While last April, Hoskinson seemed to criticize Ethereum’s current purported stand-alone development trajectory.

German State’s Launching of Blockchain

Meanwhile, the government of the German state North Rhine-Westphalia (NRW) issued a press release on May 13. It revealed their plans to establish the European Blockchain Institute to research blockchain technology.

And later this year, the European Blockchain Institute will set up in the city of Dortmund. And it will be within the Fraunhofer Institute for Material Flow and Logistics (IML).

On the other hand, the critics of blockchain showed interest over the amount of energy devoured by mining bitcoin (BTC). And Pinkwart approaches these concerns and admired the blockchain tech’s benefits. He stated, “This technology can be safe, decentralized, affordable, and, when used properly, not too energy-intensive.”

Moreover, Europe needs to catch up with the United States’ blockchain advancement. And NRW aims to lead the way in reaching this goal.