lab10 collective – Austria’s First Blockchain Cooperative Launched

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The Austrian cooperative lab10 collective has evolved from BlockchainHub Graz. 21 co-founders are dedicated to realizing ambitious blockchain projects.

Austria’s dedication to becoming one of Europe’s major startup hotspots has reached another peak: the introduction of the country’s first Blockchain cooperative, lab10 collective. Blockchain has been positioned in the “Digital Roadmap Austria” (Ed., a governmental paper regarding Austria’s digital future) as a strategical technology to establish Austria as the “Web 3.0” location, states Commerce Secretary Harald Mahrer.

Graz, Austria’s Blockchain Hotspot

Blockchain has been called the “reinvention of the Internet” due to its capability to build decentralized applications and the secure transmission of values (“Internet of Values”). In combination with automation and the Internet of Things (IoT) blockchain shows an immense potential to disrupt many industries. Unsurprisingly, blockchain is heavily used in the financial services industry, however, the energy, mobility, and logistics sector are not falling behind. Both startups and corporates active in these branches are intensively working on practical applications. Open platforms like Ethereum and “Smart Contracts” made it possible to automate a range of business models, which, until now, needed a central intermediary.

Graz (Styria, Austria), has become the epicenter of Austria’s blockchain ecosystem in the past few months and with the introduction of BlockchainHub Graz and the associated Blockchain Startup Contest early 2016 the scene has become even more dynamic. While other BlockchainHubs exist in Berlin, Sofia, Oslo, and Brussels the Hub in Graz has developed its operations.

lab10 collective - Austria's First Blockchain Competence Centrum Launched

lab10 collective’s 21 co-founders

Decentralized Founders, Governing Body

21 software developers and blockchain enthusiasts have formed lab10 collective – a cooperative exclusively dedicated to blockchain technology. Thomas Zeinzinger, initiator and chairman, explains why the collective has opted for a cooperative: “To us, it was important to win over the most talented software developers to realize ambitious blockchain projects. They are the frontrunners of the blockchain, aiming to make the world a trifle better”. The decentralized structure of the startup simplifies the inclusion of new members who “work independently and are paid based on their performance”, Wolfgang Bergthaler, one of the co-founders, adds. lab10 considers itself a place for revolutionary blockchain ideas and the cooperative already formed multiple teams working on project and product ideas for the startup itself but also for external industry partners, some of which include solar-energy, privacy and a platform for crypto currencies.

Financing Through ICO In 2018

To implement internal product and startup ideas lab10 collective is mapping out ways to finance the projects. Apart from Business Angels, the cooperative is opting for an Initial Coin Offering in 2018, which has been successfully demonstrated by Austrian-Singaporean startup TenX who collected $80 million.

The Austrian government is further supporting blockchain technology as companies are said to be given the opportunity to implement and experiment with new business models based on blockchain under regulated oversight. This is to invite industrial players and startups to act now instead of waiting for the legal framework to be set.

 

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