Founders of Counterparty, Robby Dermody, Adam Krellenstein, and Evan Wagner, have joined forces with MathMoney f(x) and its founder Mark Smith to build the next generation financial markets platform, Symbiont.io.
Symbiont.io will be based on the blockchain technology, the technology behind Bitcoin, and Counterparty. Counterparty is the most advanced Bitcoin 2.0 project and an open source platform for free financial tools on the Bitcoin network. The platform will aim to address the sticky, structural problems associated with the multi-trillion dollar securities market.
“After studying the intricacies of the blockchain over the last few years and working with Counterparty on a separate project it became clear that blockchains in general, and Counterparty specifically, could solve long standing, previously intractable problems that exist in modern financial market,” said Mark Smith, CEO of Symbiont io.
The company has already raised significant funding for the project, which will later be followed by formal rounds of fund raising.
As the Symbiont platform will be based around Counterparty, Symbiont’s team will work to upgrade Counterparty’s port of pyethereum, Ethereum’s Python-based virtual machine and Turing-Complete programming language to the latest proof-of-concept. The team will have access to enhanced resources now, which will be used to drastically improve the quality assurance and test coverage around the software, apart from making the core software more mature. Since its inception a year back, Counterparty has made remarkable strides. The software has recorded 180,000 transactions, often constituting a considerable fraction of daily Bitcoin transactions.
The next generation platform will power modern finance, and increase transparency, liquidity, and also accentuate the overall functioning of the markets.
The complete official announcement can be read on Counterparty’s official website, www.counterparty.io