Startup Nuco Aims to Create Interoperability Between Blockchains
Blockchain technology is being applied to an ever-increasing number of fintech processes, there are teams of developers and organisations all over the world working to implement blockchain.
Though much technology is open source, and shared, blockchains are built differently and are not necessarily compatible.
This creates a problem of integration. Take the internet, for example. You can choose to use a different device and web browser in order to visit the website of your choice. In the background the technology, and coding, behind the sites you view works seamlessly to integrate your experience.
Can blockchains work in the same way?
Nuco’s ICO, third-generation blockchain network Aion
Nuco was originally founded to build, license, and deploy bespoke blockchain networks for enterprises wanting to implement the new technologies to improve their business processes.
Today they are raising capital with an ICO to launch a blockchain network called Aion-1, which will serve as an intermediary between any two blockchains. The system will allow two dissimilar systems to communicate, making blockchain technology more consumable for the mass market.
“The challenge for core blockchain infrastructure companies is making the technology more consumable. This is our main focus at Nuco, with both our current product line, and with Aion. If we want mainstream developers to adopt blockchain technology in their solutions and designs, we need to make it more user-friendly. This is similar to trends in modern databases and cloud computing.”
– Mathew Spoke (JAXenter interview).
The third-generation blockchain, Aion-1, will work like a computer network that enables different systems to communicate. It will facilitate inter-blockchain communication via a bridging mechanism.
First-generation blockchains were, and are, created for cryptocurrencies and investments. Second-generation blockchains enable digital currencies as an asset class, and tokens for crowdsales, share issue, and voting, they can register ownership.
Third-generation blockchains are utilised for autonomous decision making and contracts, they can be applied to agreements, pricing, and the internet of things, and be used to transmit and store data. Or, in the case of Aion-1, they can form a bridge between blockchains which, due to their build features, cannot communicate with each other.
As a public, purpose built application, Aion-1 is designed to connect other blockchains, manage its own applications, and provide a “crypto-economic system that incentivizes interoperability in the ecosystem.”
Their private sale of AION tokens for institutional and accredited investors has completed and the public sale due to begin. In the public sale any investor wishing to back the technology and acquire AION tokens, or coins, can make their purchase.
It’s important to note, and not unusual, that the backers, partners and advisors of Nuco, differ to the backers, partners and advisors of Nuco’s token offering to fund their development of the AION network.
Is Nuco a Deloitte spin-off?
The three original founders of Nuco, left Deloitte to pursue their launch in 2016, hoping to raise capital backing much faster for their projects than at Deloitte.
Jinius Tu, Kesem Frank, and Nuco CEO Matthew Spoke left Deloitte’s Rubix blockchain division, which works with global financial institutions looking to develop blockchain processes for new efficiencies.
Instead of competing with Deloitte, Nuco are now a partner, building the Ethereum-based network Deloitte applications are built upon. This move leaves Deloitte to focus on blockchain application development for their clients.
Nuco began building compliance tracking tools for firms accountable to the Securities and Exchange Commission (SEC) and federal environmental regulators, as well as developing their own technology stack which would allow customers to build blockchain services customised to their own requirements.
Nuco’s big name connections
In just a year, Nuco have partnered with many big names in fintech and elsewhere, including Deloitte and TMX Group Natural Gas Exchange. They are founding partners of the Blockchain Research Institute (BRI) and founding members of the Enterprise Ethereum Alliance (EEA).
The EEA, launched early this year, saw thirty big banks and technology organisations alongside blockchain enterprises, unite with the goal of building business-ready versions of the software behind Ethereum. The group includes JP Morgan, Microsoft, Intel, BNP Paribas and Credit Suisse.
New funding from Ontario Centres of Excellence (OCE)
The latest award for this high activity enterprise comes this week in the form of funding from Ontario Centres of Excellence (OCE) Small Business Innovation Challenge (SBIC) to work on a solution to improve digital identity verification.
Nuco is developing a blockchain based application to provide multiple government agencies access to the same real time distributed database which will manage identification cards.
The application will solve issues of data protection, authentication and fraud. It will be built taking into account other provinces and countries use of blockchain technology for digital identification, standing with what seems to be Nuco’s overall company ethos of providing interoperable blockchain technologies.
There are many opportunities for high-functioning, adaptable and well connected blockchain startup like Nuco. They have so far won $27 million in backing for their AION ICO, and are one to watch for blockchain successes and new developments.
Image credit: AION
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