PRESS RELEASE: EOS Hackathon London Runner-up and Best UX Design winner ‘Chestnut’ to deploy on Telos

FOR IMMEDIATE RELEASE

Contact: Telos Foundation

Contact Email: hello@telosfoundation.io

December 5th, 2018

Chestnut Smart Account — “A Hard Account To Crack”

The Chestnut account management solution is a highly anticipated blockchain project that meshes the technology advantages of blockchain with the user experience expectations of the banked world. Chestnut features the type of user interface (UI) and user experience (UX) that has been sorely missing from blockchain applications to date. The Telos Blockchain Network is deeply focused on bringing the advantages of blockchain to all types of users. For these reasons, the Telos Launch Group and Chestnut team are thrilled to jointly announce Chestnut will be coming to Telos in 2019, at or near the Chestnut launch on EOS.

A Chestnut Smart Account empowers users to set their own security parameters, including spending limits, white and blacklisted accounts and time-based transaction limits, to name a few. It is a permissioned account that splits the required transaction authorisation between the user and a smart contract, which either approves or denies the request, based on predetermined user preferences.

“Blockchain is only going to be successful if we can work together to make it easy, safe and affordable for people to create accounts and interact with distributed applications,” stated Chestnut Chief Technical Officer, Daniel Liebeskind.

“If we’re going to be effective in nurturing greater adoption of Blockchain technology, users must have experiences that feel familiar to their other everyday interactions online. We can’t expect users to change their expectations or behaviours to engage within our ecosystem — we need to meet them where they are at” from Chestnut Chief Creative Officer, Patricia Parkinson

Chestnut won 2nd place at the EOS London Hackathon and took the Best User Experience (UX) prize, securing themselves a place in the EOS Hackathon Grand Finale currently underway in Cape Town, South Africa. The team’s diverse and well-balanced skill set includes product visioneering, UX and UI design, front and back end development, communications, finance, law, and business development. “The combination of the team’s sheer talent and their chemistry together make it easy to understand why they are one of the teams to beat at the EOS Hackathon Finale underway in Cape Town,” said Justin Giudici, Telos Launch Group representative.

The Chestnut team are huge supporters of EOSIO technology and are one of the first well-known development teams to announce multi-chain support for their decentralized application. “The Chestnut team recognizes that supporting both Telos and EOS requires minimal extra work due to their cross-compatibility for dapp developers,” said Liebeskind. He added, “Telos makes joining the blockchain ecosystem easy and affordable by making accounts free for new users. Chestnut solves the safety side through programmable Smart Accounts where users can set their own limits like number of transactions per day to prevent mistakes and protect themselves from malicious applications.”

As builders themselves, the Chestnut team — composed of Daniel Liebeskind, Danielle Diamond, Anette Wilms, Patricia Parkinson, and Jack DiSalvatore — has shown great appreciation for many of the key improvements that Telos is adding on top of EOSIO and want to make sure both they and their peers deploy applications on the best chain available for their use case, or deploy on multiple chains where possible. Providing the best account management solutions across chains greatly maximizes the speed of development on EOSIO. Some of the key Telos features the Chestnut team is excited about include: IPFS (Inter Planetary File System), inverse-weighted voting and free account creation.

“Telos welcomes Chestnut and applauds their embracing of the multi-chain vision of EOSIO. We commend them for being early movers in announcing their intention to deploy on Telos alongside EOS, stated Telos White Paper Architect, Douglas Horn.

Chestnut brings to Telos the features, user experience and protective measures familiar to a bank account, but at considerably less cost, along with full user control, flexibility, efficiency and transparency all enabled by blockchain technology. Launching Chestnut on Telos and EOS is a logical step given Telos’ cross compatibility with EOS thereby providing support for the thousands of dapps and the hundreds of thousands of users that will have accounts on both chains.

About Team Chestnut:

Chestnut Wins 2nd place and best UX at the EOS global-hackathon in London

www.chestnutaccounts.com

@chestnuteos

t.me/chestnuteos

About the Telos Blockchain Network:

www.telosfoundation.io/