THELOGICALINDIAN - The aboriginal certificate timestamping account for the Bitcoin blockchain Proof of Existence has been acquired by Bitcoin ASIC mining accouterments architect Canaan The aggregation has additionally retained the architect of Proof of Existence Manuel Aroz as an adviser on approaching artefact development
Also read: Veriphant Helps Enable Legal Proofs in the Bitcoin Blockchain
The Acquisition by Canaan
Founded in 2013 and headquartered in Beijing, Canaan Creative Co. Ltd (Canaan) produces Bitcoin mining rigs, designs ASIC microprocessors and operates abstracts centers.
On Sunday, May 21, the company’s Hong Kong-based subsidiary, Canaan.io, announced that it had acquired Proof of Existence from architect Manuel Aráoz. “The blockchain amplitude offers us opportunities on the accouterments ancillary and on the casework side,” said Xiangfu Liu, Canaan co-founder, abacus that:
Early this month, the aggregation additionally announced that it had aloft RMB300 actor (approximately US$43 million) in a alternation A allotment round. Its investors accommodate Chinese auberge abettor Jin Jiang International Group Co. Ltd, Chinese advance firms Baopu Asset Management Co. Ltd., and Tunlan Investment.
The allotment will abutment Canaan’s “upcoming 7nm designs and to access the AI [Artificial Intelligence] bazaar with its aboriginal Knowledge Processing Unit (KPU),” the aggregation appear on Sunday. Its articles can be activated in AI fields including acute home appliance, free driving, articulation alternation and angel recognition.
Avalon Mining Family
Canaan is the aggregation abaft the Avalon mining ancestors of accouterments which produces ASIC mining chips and rigs. The band of accouterments was launched in backward 2012 and was the aboriginal to auspiciously pre-sell commercially accessible ASICs. Avalon mining rigs were awash and delivered afore any added brands of ASIC bitcoin miners, alike pre-dating the abominable Butterfly Labs brand, authoritative it the oldest cast of Bitcoin mining accessories still in assembly today.
When Avalon aboriginal debuted their then-powerful, 65 gigahash mining rigs on Ebay for $1,500, the acknowledgment was so overwhelming that the aftermost assemblage awash for over $20,000. Today, their 7.3 TH/s Avalonminer 741 sells for $715, as apparent on Canaan’s website.
Proof of Existence
Proof of Existence was addition celebrated admission for Bitcoin. Launched on May 21, 2013, it was the aboriginal blockchain-based account to acquiesce users “to about prove that you accept assertive advice after absolute the abstracts or yourself, with a decentralized acceptance based on the bitcoin network,” its website describes. According to Sunday’s announcement:
The account offers certificate proofs that are stored on Bitcoin’s blockchain, after autumn the certificate itself. The aboriginal of abounding similar services and protocols to do the task, Aráoz’s website uses a appropriate bitcoin transaction that contains the assortment in Bitcoin’s OP_RETURN script, embedding it into the bitcoin blockchain. It additionally lets users appear aback and verify their abstracts later.
Manuel Aráoz’s Other Projects
As allotment of the accretion agreement, Canaan has retained Aráoz as an adviser on approaching artefact development and added blockchain accompanying services. “Aráoz has agreed to abide on and admonish the aggregation on improvements to the artefact as able-bodied as added software services,” the aggregation wrote. “The acceding ensures that there will be no interruptions in casework and no changes in the API.” Commenting on the acquisition, Aráoz said:
Aráoz, who lives in Buenos Aires, has been complex in abounding projects surrounding and acknowledging the Bitcoin ecosystem. Proof of Existence was his first, which led to him alive for Bitpay in 2014, area he helped advance the accepted Javascript Bitcoin library, Bitcore.
That activity led to the conception of Multipaper, the aboriginal multi-signature abode cardboard wallet, which uses Bitcore. Then in May 2015, he created Streamium, a video livestreaming appliance like Periscope or Meerkat. Streamium was the actual aboriginal appliance to use Nakamoto payment channels for micropayments while alive alive P2P video. Today Aráoz is alive on Decentraland, a blockchain-based virtual absoluteness project.
What do you anticipate of Canaan accepting Proof of Existence? Let us apperceive in the comments area below.
Images address of Shutterstock, Bitcore, and Canaan
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