DGAP-News: First round of financing for the peaq project has closed

First round of financing for the peaq project has closed

The issuer is solely responsible for the content of this announcement.
Advanced Blockchain AG (ISIN DE000A093MV6) are happy to announce that the peaq project has successfully closed the first funding round after raising a 7 digit figure from well-known national and international contributors. Valuation of the project is in the significant double-digit millions.
With the help of these international investors and strategic partners, Advanced Blockchain AG's focus will now turn to research and testing on the peaq project.
The peaq project originally began as a project aimed at building smart-contract capabilities onto an existing Directed-Acyclic-Graph (DAG) based Distributed Ledger Technology (DLT), IOTA's Tangle Network. DAGs are an alternative, arguably more advanced, DLT architecture to the better known blockchain.  
The reason for choosing a DAG over a blockchain is typically to avoid blockchain's infamous issues with scalability and fees. However, DAGs have generally come with their own problems in achieving decentralized consensus. This is an aspect Advanced Blockchain AG are working on overcoming through peaq.
Advanced Blockchain AG are also pleased to announce that the peaq project now has its own functional DAG framework.  
Having a working DAG means Advanced Blockchain AG and peaq no longer need to rely on external partners for their base-layer architecture. Rather, they are in complete control of how the protocol functions and can tweak it when and where needed. The goal of peaq is now to build smart-contract capabilities on Advanced Blockchain AG's own DAG.
The funds collected from peaq's first funding round will be used to continue research and development until the end of this year. The peaq team will focus on simulations and testing on consensus mechanisms for the peaq protocol. This will be the all-important foundational layer for smart-contract capabilities in the future.
Advanced Blockchain AG have also recently partnered and invested in COTI (Currency of the Internet) with peaq research in mind. COTI are one of a handful of projects experimenting with DAGs and are a valuable partner as research and testing on peaq continues.  
The end goal of peaq is to have a functional and efficient base-layer protocol capable of overcoming the main drawbacks seen in traditional blockchain systems and consensus problems currently found in DAGs. Once completed, the protocol could be used by Advanced Blockchain AG for a variety of real-world projects in industries such as the IoT, as well as the automotive, financial and mechanical engineering industries, among others.
If you're an investor or are interested in Advanced Blockchain AG, you may find our recent investors letter here:https://www.advancedblockchain.com/investors.html
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13.07.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de

Language:
English
Company:
Advanced Blockchain AG

Chausseestraße 86

10115 Berlin

Germany
Phone:
030403669510
Fax:
030403669511
E-mail:
info@advancedblockchain.com
Internet:
www.advancedblockchain.com
ISIN:
DE000A0M93V6
WKN:
A0M93V
Listed:
Regulated Unofficial Market in Dusseldorf

End of News
DGAP News Service

704323  13.07.2018