DEUTSCHE TELEKOM’S HAVE CREATED A UNIT AT CRYPTO CUSTODY PROVIDER FIONA FOR BUILDING A PoS NETWORK
Six months after leaving the European telecommunications giant, Andreas Dittrich and Daniel Schrader - two of the former Deutsche Telekom blockchain team - helped build a unit for cryptocurrency storage provider Finoa to build infrastructure to support authentication networks (PoS).
Finoa, controlled by BaFin Germany, will work with PoS StakeWise experts, the companies announced Monday. The new company Finoa Consensus Services will provide liquid staking.
As Ethereum, the second largest public blockchain, makes its transition from proof-of-service (PoW) mines to PoS, participants using validator node transactions are required to encrypt ether (ETH) tokens in a network, during a staking harvest. we can. can be found later. To give participants a way to get their cake and eat it, liquid staking platforms provide users with IOU tokens representing networked assets for verification and authentication purposes, unlocking the ability to use those liquid tokens in financial protocols (DeFi), for example. .
Finoa has been remanded in custody for several years. It will use validators in the Ethereum network and be the StakeWise operator for both Gnosis and Ethereum, explains Dittrich, executive director of the new phase.
"In our view, the liquid injection will be on every existing PoS network within a year or two," Dittrich said in an interview. “Right now, this could be a new thing, but it will be more and more common in the future. You can't do without liquid staking. "
There is a well-trodden path that leads developers away from legitimate businesses to nimble startups, a steady stream that flows from banks and blue-chip companies to indigenous crypto firms.
"It's great to work for Deutsche Telekom, with this amazing power behind you and to be able to direct it once," Dittrich said. "But really, the speed with which you can deliver things to a company like Finoa is huge and fully crypto native. The thing that has always been very troubling at Deutsche Telekom was supposed to make people believe, 'do we want to do that blockchain thing?'"
However, the recent collapse of Terra UST stablecoin and its affiliate LUNA, may have contributed to the perceptions of regulators and the public about the complex processes used to achieve the next generation blockchains.
“We expect the law to reach this point. Perhaps part of the pure stake infrastructure may remain as a technical or IT service. But when you talk about liquid staking that is very close to being a financial service. We need to be ready for our institutional clients who want to actively support the evidence of stock networks but also want to do more with their assets. We are therefore preparing for the crypto space for future control. "