Blockchain technology has presented a host of new opportunities for venues across the financial services industry and beyond. Lamden, a Switzerland-based blockchain startup, has become the latest group to implement an initial coin offering (ICO) to fund the development of its new enterprise blockchain solution.
The token crowdsale funding from Lamden’s ICO will spur the continued development and implementation of blockchain technologies. Lamden will facilitate the deployment of blockchain solutions, pursuing a targeted and tailored approach for specific business needs.
At present, blockchain application development is a complex, expensive, and labor intensive pursuit. For these reasons, it is difficult for companies who are exploring potential blockchain-based solutions for their businesses to fully develop these solutions unimpeded.
— Lamden (@LamdenTau) October 16, 2017
Furthermore, the flow of information between different blockchain networks and migration of data to new systems can present several logistical challenges. This lack of inter-operability often puts blockchain development out of reach for many of today’s businesses. Lamden is aiming to help streamline this flow via its new enterprise solution.
Focus on enterprise solutions
The development of native enterprise-ready blockchain solutions is hardly a new construct. However, the adoption of this development via cost effective means would represent a game changer for the industry.
To accomplish this, the Lamden Project is presently engineering a suite of blockchain development tools that will facilitate the rapid creation and deployment of private blockchain networks that replicate the modern development processes featured in tech stacks such as Python and Node.js.
This will allow companies to build customized blockchain solutions within weeks instead of months or years and at a much lower cost than if they were to build their own blockchains from the ground up.
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One of the main differences between Lamden and other enterprise blockchain solutions such as Hyperledger or Lisk is that Lamden allows companies to quickly set up their own out-of-the-box, enterprise-ready blockchains with a range of smart contract functions. These can subsequently and seamlessly communicate with other blockchain networks.
Saffron, Flora, and Clove
Lamden will provide three blockchain development tools for businesses, called Saffron, Flora, and Clove. Saffron represents a project generator tool that streamlines the development, modification, and interaction between blockchains in development.
The utility will also provide fully customizable APIs and block explorers, among other tools for developers. Using Saffron, for example, a company will be able to create its own Ethereum-based blockchain within 30 seconds.
Flora is a community smart contracts repository hosted on IPFS. Flora allows users to pick and choose from different available smart contracts, share new code, and connect details of private and community blockchains. By using Flora, a wholesale company could utilize pre-made smart contracts to track shipments of goods on their own private blockchain for example.
Finally, Clove is a distributed blockchain router that will enable trustless chain-to-chain transactions of any type through the utilization of high throughput payment channel networks. One of the primary values of Clove is that it comes with zero transaction fees when transacting internally and between blockchains.
For example, using Clove, a wholesale company’s blockchain will be able to communicate with its supplier’s blockchain network to create a more efficient and transparent business relationship between the two.
Lamden token sale
The Lamden ecosystem will also be home to its own proprietary cryptocurrency called the Tau token. The Tau token will be used for exchange of value and for communication between previously inoperable blockchains. In other words, Lamden’s Tau token is a digital token that every blockchain can interact with so that users will have the ability to use one chain agnostic token to interact with any blockchain on the network.
To kickstart the development of its platform, Lamden has already received $150,000 in seed funding – to fulfill its mission however, the group is aiming to raise further $50 million through the sale of Tau tokens during its upcoming ICO.
Lamden’s token sale will commence in mid-November. The exact date of the crowdsale will be announced 24 hours before its launch to prevent phishing attempts, which have unfortunately become commonplace for ICOs.
Prior to its official token sale, Lamden is holding a token presale that started back on October 11 and will last until November 1, where the company is offering $5 million worth of Tau tokens for a price of 3196.81 TAU per ether (ETH). During the presale period, tokens will be sold with a 15 percent discount to incentivize contributors to join the project early.
Lamden is looking to raise $50 million during its crowdsale – this includes $5 million during its presale and $45 million during its official token sale. The price of one Tau token will be 1966.1 per ether (ETH) during the official token sale period and the total supply of Tau tokens will be 500 million. Any unsold Tau tokens left over at the end of the crowdsale will be burned. Individuals interested in the Tau token sale can view the group’s whitepaper.