Last Spring, the executive branch of the European Union announced that it would be creating a blockchain observatory. It has been a long time coming, but today, the European Commission officially rolled out this project. The Commission has named the project the Blockchain Observatory and Forum. Essentially, the observatory will be used to expand the Commission’s understanding on blockchain technology. Pretty cool, right?
Adding to the excitement is that ConsenSys will be working with the Commission on the observatory. In fact, this partnership between the two groups might actually be more exciting and significant than the actual rolling out of the blockchain observatory. Why? Well, for starters ConsenSys is a major player in the blockchain community. Founded in 2014 by Joseph Lubin, ConsenSys is a blockchain software technology company, but The New York City-based company is also one of the most renowned startups in the world of Ethereum.
According to the European Commission, ConsenSys will be bringing a number of connections to the table to help it further its knowledge of both blockchain and distributed ledger technologies. It will be interesting to see what these two groups accomplish by working together.
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As for the actual blockchain observatory, the European Commission stated that one of the main goals of creating the Blockchain Observatory and Forum is to make sure that all of their projects that already exist can work across borders. For those who don’t know, the European Commission was founded in 1958, and it acts as an institution of the EU. It is responsible for a number of things, such as proposing legislation and upholding the European Union treaties.
As for Ethereum, this might be the altcoin investors might want to watch as we move into the future. There were a number of cryptocurrencies that suffered yesterday, but Ethereum remained the strongest out of the group.
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