PLATIN SECURES INVESTMENT FROM EOS GLOBAL’S BLOCK.ONE-BACKED EOS ECOSYSTEM FUND
Company Develops Blockchain-based Protocol for Proof of Location
Tel Aviv, Israel — January 30, 2019 — Platin, the world’s leading decentralized Proof-of-Location (PoL) protocol, today announced that it has secured investment from EOS Global’s EOS ecosystem fund, a partnership fund of Block.one’s EOS VC investment unit.
Platin, which will now build on Block.one’s EOSIO blockchain software, secured the investment after it showcased the capabilities of its innovative PoL protocol during the San Francisco leg of Block.one’s EOS Global Hackathon series. The San Francisco event saw 475 participants from 26 countries competing to build value-driven applications utilizing the EOSIO platform in a 26-hour competition. It was part of a five-event series sponsored by Block.one, which awarded over US$1.5 million in prizes to events’ winners.
The investment is evidence that the Platin’s PoL protocol is gaining traction and has real-world utility and viability. The protocol has use cases in several fields such as humanitarian aid, commercial airdrops, and supply chain, among others.
Platin CTO, Dr. Lionel Wolberger commented, “The investment from EOS Global is an important step for Platin as we seek to integrate our Proof-of-Location technology as a key component of a sustainable and robust EOSIO ecosystem.”
“Proof-of-Location is an important technology and an integral component of the blockchain infrastructure of the future,” said Block.one CTO Dan Larimer. “We are thrilled that Platin and its one-of-a-kind protocol is joining the EOSIO ecosystem.”
The investment will allow Platin to access top ecosystem projects and resources available to EOSIO-related organizations.
“We consider EOSIO a new, powerful smart contract engine, with robust consensus and community governance models based on Dan Larimer’s long experience in the space,” said Platin’s CEO, Allon Mason, “Being part of the EOS VC portfolio of companies will accelerate Platin’s Proof-of-Location integrations with EOSIO-based DAPPs and will also assist our overall business strategy and execution.”
Platin allows anyone to geo-locate a digital asset (cryptocurrencies, documents, images, etc.), anywhere on the map, anywhere in the world, in real time. This is made possible through open, privacy preserving zero knowledge proofs developed as part of the Platin protocol.
With Platin, any digital asset can now have a fixed location in physical space. This incentivizes individuals, organizations and large groups of people to move and interact with digital assets — and each other — in brand new ways.
Platin is powered by a “location-aware” languages such as GEOS and SolidityGEO. These programming languages allow for real-time location visualization of cryptocurrencies or other kinds of digital asset; they also have Zero Knowledge Proofs integrated into the architecture which provides privacy preservation and location binding. Moreover, Platin is designed to be flexible and hardware agnostic; this permits a high level of interoperability since it can seamlessly integrate with pre-existing infrastructure.
The company is run by a team of trusted professionals from a number of fields, including CEO Allon Mason, a seasoned entrepreneur with vast experience in the blockchain space, and co-founder and CTO, Dr. Lionel Wolberger, PhD., a professional software developer and blockchain expert.
Thanks to its unique language and its flexible, collaborative subsystems, the Platin protocol can enable innovative location-based use cases like foot traffic generation for businesses through location-specific commercial airdrops, more efficient humanitarian aid delivery by eliminating waste and unnecessary intermediaries, as well as enhanced supply chain management by increasing data transparency between supply chain stakeholders.
Platin can be used by institutions to incentivize KYC/AML verification processes by providing airdrops tied to the secure verification of physical space. Using the secure Platin’s PoL to complete the KYC/AML process will help bring an end to the problem of spoofing. As cryptocurrencies continue to grow in popularity, governments will begin to create national cryptocurrencies. The Platin protocol can help the appropriate issuing authorities to geo-fence these national cryptocurrencies within the nation’s border and distribute them efficiently through federated user onboarding.
Block.one is a global leader in high-performance blockchain software. In June 2018, Block.one completed the world’s largest token sale to date, and released the EOSIO blockchain protocol software, a major piece of open-source software that allows companies and developers to build blockchain solutions that benefit from levels of scalability and efficiency that have not been previously possible in blockchain.
It is now widely accepted that the EOSIO software represents a major step forward for the blockchain industry: The underlying structure of the code allows for no-fee transactions, and EOSIO works faster than any other blockchain platform, supporting the complex needs of many different types of users, including enterprise solutions, without compromising operability.
Block.one also has committed over US$1 billion to create EOS VC, a venture capital unit that aims to help develop and support the EOSIO ecosystem through venture partnership funds and investments. EOS VC’s fund partners include Derek Rundell of Eric Schmidt’s TomorrowVentures, Michael Novogratz’s Galaxy Digital, Finlab AG, Michael Cao’s EOS Global, and City of London-based SVK Crypto.
Since launch, Block.one has attracted some of the world’s most forward-thinking companies and entrepreneurs as investors, including Peter Thiel, Louis Bacon, Alan Howard and Landsdowne Investment. It has also built out an industry-leading executive team, with recent hires from Citibank, CBA, Credit Suisse, Jefferies, and Clifford Chance.