What actually happened to Slock.it?
The crypto scene is also known for its fast pace – new blockchain projects are springing up like mushrooms, other stars in the crypto sky are burning up just as fast as they have risen. In our series “What has become of …?” we want to deal with projects at regular intervals that have become a bit quieter recently. We want to find out what the current status is like and whether we will hear more about the topic again in the future.
In the current issue we dedicate ourselves to the news spy
The idea behind the business model of the German blockchain start-up Slock.it is as simple as it is innovative. Locks with programmable interfaces should be linked to the news spy via these interfaces. The locks should then be able to be opened and closed again via smart contracts that run on the news spy. As the name Slock (Smart Lock) suggests, it is hoped that this will revolutionise the use of locks. In the last few years we have followed the start-up, including two interviews, over and over again. It’s high time we looked at it again and brought ourselves up to date.
Slock.it, Ethereum and the Bitcoin secret
Until the beginning of 2016, Slock.it was just a small start-up of the two brothers Christoph and Simon Jentzsch from the small German town of Mittweida. Until then, the only big idea was behind the Bitcoin secret project – intelligent door locks (https://www.forexaktuell.com/en/bitcoin-secret-scam/) that can be paid for, opened and locked using Smart Contracts via the Blockchain. However, when it came to finding a sustainable financing method for the growth of their company, the brothers had an idea that would change not only their company but also the cryptoscene itself forever.
Of course, we are talking about the DAO – the Decentralized Autonomous Organization. In general, this term describes an organizational form that functions completely independently of individuals on the basis of Smart Contracts. Specifically, it is about the showcase project of the Venture Capital Fund, which was built by the Jentzsch brothers on the Ethereum Blockchain. This idea was initially so successful that in the first month it generated an equivalent value of more than 150 million US dollars. Stateless and independent, the investors of the DAO were entitled to manage their deposits themselves. Nevertheless, the financing of Slock.it was also a motivation behind the project.
Slock.it after the DAO
The end of the DAO’s history is well known and has been intensively researched by us (among others in the first part of this series). After the hack Christoph and Simon Jentzsch and their start-up Slock.it went on. They continued to specialize in expanding the basic idea of the intelligent, self-administering lock. A first application would be self-let apartments – a kind of Airbnb without the people behind it. The same concept can also be applied to cars or other rentable objects. Depending on technological progress, an autonomously driving, self-renting car could be imagined as a modern taxi – controlled via Smart Contracts on Ethereum.
The Slock.it project is now supported by the Innogy Innovation Lab and Siemens. The cooperation with Innogy is based on the concept previously developed with RWE. In one seed, the company secured a funding of two million US dollars to secure the financing of its projects even after the DAO burst.