A new Ethereum-based startup called String Labs is trying to amp up autonomous financing by funding projects based on Open Chains. The team says they are only committed to helping “open blockchain finance systems and DAOs” and the funds are meant to unleash the power of “true disintermediation.”
String Labs believes private or federated chains only give legacy institutions an edge with open chain solutions this helps everyone in the world. The company is headquartered in California and its mission states it is dedicated to “autonomous finance.” String Labs has announced an Open Chain grant platform that aims to advance innovation within the distributed ledger technology environment. The startup will offer rewards between $2,000-10,000 so initiatives can have initial capital to get the project rolling forward. String Labs states its primary goals on the firm’s website saying:
“We are developing “open chain” decentralized financial systems. Our focus is mass market. Projects include systems supporting decentralized lending, savings accounts with interest, stable currency and synthetic mirrors of common assets.”
Projects applying must have their source code under MIT or another type of license. Everything must be interoperable with the Ethereum blockchain and have clear objectives for the next six to twelve months. Some example mentioned include exchange clients, mobile wallets, DApp store, and protocols aimed at innovating finance in general. String Labs says it also has office space in Mountain View and encourages projects to utilize the space and work with other teams.
String Labs was founded last year and is backed by FBS Capital, IDG Capital, Zhen Fund, and Amino Capital. The project is not to be confused with the DAO Hub initiated by the Slock.it developers that have raised over 11 million Ether worth $157.89 Mln USD so far. Both projects, however, are aimed at broadening the Ethereum landscape with blockchain solutions.
Projects working with the Ethereum blockchain seem to be increasing and with the help of funding from the DAO, the Ethereum Foundation, String Labs and they should grow more prosperous. Ethereum is doing quite well in value over the past two weeks. At press time, the market capitalization is just under 1 billion USD and roughly $12.50 per ETH according to CoinMarketCap.com. By funding startups using the Ethereum protocol developers and investors may get more bang for their buck with active development continuously progressing.
Source: String Labs