Spanish blockchain outfit Freeverse has introduced it’s constructing a brand new layer 1 blockchain known as LAOS, which can launch as a parachain on Polkadot in 2024.
The announcement has been made at the side of the LAOS Foundation, which is a Swiss non-profit set as much as promote the blockchain’s development within the coming years through its possession of LAOS tokens.
By way of what LAOS presents, it’s labelled as “the common layer 1 for digital property throughout all blockchains”, which permits creators to mint NFTs and different digital property on LAOS but in addition supporting blockchains akin to Ethereum, Polygon and Solana through LAOS’ bridgeless minting structure. This leverages Polkadot’s cross-consensus messaging system, notably the idea of a Common Location.
That is enabled as a result of LAOS separates the possession of an asset and the property’ attributes. In addition to its cross-chain options, this implies creators can generate new attributes for property – together with legacy property – on new blockchains; one thing it hopes will drive the adoption of UGC and ecosystems.
“At present, we’re saying a imaginative and prescient for an interoperable future for digital property. Whether or not it’s for tokenizing real-world property or creating property for a recreation or digital world, LAOS is positioned to fulfill the market’s evolving wants,” commented Freeverse’s CEO Alun Evans.
The work on LAOS is an evolution of Freeverse’s earlier initiative into dynamic NFTs, which it known as its dwelling asset ecosystem. Based in 2019 and primarily based in Barcelona, to-date it’s raised $13 million in funding, most lately $10 million in May 2022.
LAOS is presently accessible as Ok-LAOS on Polkadot’s Kusama ‘canary’ community, with its token launch and important Polkadot launch anticipated within the spring of 2024.