VAEON, a decentralized protocol built on the EOSIO blockchain, announced today that the FinLab EOS VC Fund will be making a seven-figure financial commitment to Instaffo GmbH to develop the autonomous blockchain project, VAEON. With the funds, VAEON will become the first token sale worldwide to receive financial backing from the $1 billion USD EOS VC initiative via one of their selected partners.
The backers behind the FinLab EOS VC Fund are Block.One, developers of blockchain software EOS.IO and founders of the EOS VC, and FinLab AG, a German company builder and investment firm specializing in the fintech sector.
In March, the companies announced a $100M initiative to contribute to projects throughout Europe which utilize EOSIO blockchain software and seek to benefit the EOS ecosystem. The goal is to support and stimulate the development of new technology within the EOS European community.
Theo Woik, Senior Investment Manager at FinLab said,
“We are happy to welcome Instaffo and its protocol VAEON as our first global investment at the new FinLab EOS VC Fund. VAEON Protocol is an important advancement in the ecosystem of EOS that will fuel the development of the EOS-based web 3.0; we are happy to support the VAEON team in building this future.”
VAEON is an independent, open protocol with built-in governance that seeks to redefine how personal data is structured, exchanged or sold. VAEON offers the user three key benefits: data privacy, data monetization, and a single source of truth. The latter means that applications collaborate and enrich the same decentralized database, thus enabling the user to choose any application freely without losing data history or digital identity.
On the other hand, VAEON aims to provide application developers the opportunity to launch new products or services to an existing user base.
Andreas Mikolajewski, CEO of VAEON stated,
“At the moment, smart contract blockchains are like an open canvas; anything can be built there. However, before building dApps, a clear infrastructure of layers, protocols, and libraries is needed. Currently, there are no standards to make data interoperable.”
Pedro Lopez, COO of VAEON added,
“I believe improvements in data interoperability will be the key driver for the innovation enabled by Blockchain technology in the next decade. VAEON builds this fundamental infrastructure for future dApps on the EOS ecosystem.”
Moreover, VAEON has already secured a commitment from Instaffo GmbH, a reverse recruitment start-up, to provide VAEON with 30 million user data sets and access to over 1000 customers. Instaffo represents a functional, first-use case of the VAEON Protocol and is the base for VAEON’s acceleration strategy.
Furthermore, VAEON is currently in discussions with other huge industrial leaders to join the protocol and decentralize their user database.
VAEO, the cryptocurrency used to interact with the VAEON smart contract, serves three main purposes: fraud prevention, medium of exchange and, above all, governance.
VAEON Protocol can be viewed as a DAO (decentralized autonomous organization) whose primary purpose is to evolve the data standards of the future blockchain-driven web 3.0; this is comparable to today’s consortiums (e.g., w3.org) established by industry leaders. The VAEO token makes these processes transparent in a tokenized world.
VAEON token sale is scheduled to take place at the end of the year.