The Proof of Trust movement started by a few influencers on crypto Twitter is no longer limited to social media. It is now taking the shape of an event in London. Proof of Trust Ltd., a firm that claims to be developing an “anti-collusion algorithm” designed to enable more effective and trustworthy use of blockchain technology and smart contracts has announced that its planning to float its shares on the Main Market of the London Stock Exchange. This may be a first for the firm.
Use of arbitration for dispute resolution isn’t entirely innovative, however using this to validate transactions on the blockchain is as exciting as it gets. The preparation for this project is being handled by the Swedish crypto exchange BTCX, and the project has raised $1.5 million before 2020.
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This firm may be listed as the first blockchain assurance firm on LSE main market. Its “anti-collusion algorithm” is sure to enable smart contracts on the platform. The company owns the worldwide patent to a protocol that it says will allow “clear dispute resolution based upon smart contracts”.
While digital agreements between parties can be executed through smart contracts on a blockchain platform, with Proof of Trust, the process is more public and transparent.
If you’re wondering what smart contracts are, they are digitally encoded agreements that are decentralized in that they are executed automatically without the involvement of a third-party. When there is no need for intermediaries, it makes transactions cheaper for the involved parties.
In order to prove its authenticity, the firm uses the algorithm. The firm is not alone in these efforts and it is in partnership with computing giant IBM. The idea has been passed around in circles of government and private entrepreneurs.
Why is it important for firms like Proof of Trust to be listed on the London Stock Exchange?
Currently cryptocurrencies have a reputation that walks ahead of the project even before its introduced to investors. Listing on LSE will ensure that the project gets an air of respectability and in traditional financial circles, the lack of regulation has always nipped the progress in the bud.
Owing to this, more cryptocurrency firms are looking forward to get listed and IPOs on major stock exchanges are complete game changers. In a way, it’s like an IEO on Binance Launchpad or OK Jumpstart. Since Proof of trust is the first firm to do so, there are some pretty high expectations but the project is currently doing well for the timeline. We’ll share updates on the project as we learn more about the IPO.
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