freeverse-and-laos-foundation-launch-new-blockchain-for-interoperable-digital-assets

Freeverse And LAOS Foundation Launch New Blockchain For Interoperable Digital Assets

Freeverse is teaming up with the Laos Foundation

Image Credit: LAOS Foundation

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Freeverse and the LAOS Foundation are unveiling LAOS, a new universal Layer-1 blockchain dedicated to interoperable digital assets.

In a groundbreaking collaboration, Barcelona, Spain-based Freeverse, a Web3 technology startup, and the foundation have introduced LAOS to revolutionize digital asset ownership and tokenization across various blockchains.

Positioned as a solution to surmount persistent challenges such as high gas fees, limited throughput, and congestion peaks in prominent blockchains, LAOS emerges as a transformative platform for enhanced usability and interoperability in the digital asset landscape.

The current blockchain environment grapples with scalability issues, impacting users and developers, and forcing them away from established ecosystems. LAOS emerges as a potential resolution to these hurdles, offering bridgeless connectivity. This feature allows users and developers to operate within their preferred mature ecosystems while decentralizing asset properties within the LAOS framework.

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The LAOS blockchain is dedicated to interoperable digital assets.

Addressing the limitations of existing solutions, Alun Evans, CEO at Freeverse, highlighted LAOS’ capability to handle up to one million transactions per second within Polkadot, maintaining full Ethereum Virtual Machine (EVM) compatibility and decentralization. The platform’s design assures users and developers of scalability without sacrificing decentralization.

“Today, we are announcing a vision for an interoperable future for digital assets,” said Evans, in a statement. “Whether it’s for tokenizing real-world assets or creating assets for a game or virtual world, LAOS is positioned to meet the market’s evolving needs.”

LAOS’ potential extends beyond scalability; it aligns with the burgeoning demand for real-world asset (RWA) tokenization and gaming. The platform’s architecture enables the dynamic representation of RWAs on-chain, ensuring accuracy and timeliness of data.

Additionally, in gaming, LAOS empowers millions of assets to be minted, traded across blockchains, and customized by gamers, promising asset value based on utility rather than speculative nature.

While the official launch of LAOS on Polkadot is scheduled for spring 2024, a beta version is currently operational in Polkadot’s ‘canary’ environment, Kusama. Users can immediately mint assets at marginal costs on Ethereum or Polygon.

Freeverse was founded by Toni Mateos, co-creator of the technology behind Dolby Atmos. The company’s investors include earlybird venture capital and Target Global, along with prominent figures like international footballer Mario Götze and Travelperk CEO Avi Meir.

Established in Zug, Switzerland, in August 2023, the LAOS Foundation is a non-profit organization driving decentralized ecosystems and fostering leading-edge technologies in the realm of digital ownership. It aims to spearhead an era where digital assets seamlessly integrate into mainstream use, ensuring compliance with legislation and robust evolution across various blockchains.

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