Toronto-based Equibit Development Corporation (EDC) is a blockchain-based securities register startup that just announced IT security expert John McAfee as an advisor. McAfee will be a senior advisor to the company’s security committee.
Cryptographically-Secure Routing System on Multiple Blockchains
Decentralized OTC securities platform company EDC uses blockchain technology to manage OTC equity, warrants, and more. The company stated that Equibit is a cryptographically-secure routing system that can expand upon multiple blockchains. Moreover, the startup claims Equibit issuers can update shareholder registers, distribute earnings, and collect votes in real time. With McAfee’s help, the company says it aims to bring heightened security to the EDC environment.
“I advise multiple boards of directors for companies in the cyber security field. I do this because the world’s cyber defense systems lag far behind existing weaponized software and if we do not all pull together then I fear that mankind’s future is uncertain at best,” explained McAfee.
Equibit Development Corporation has positioned itself to become a major player in the blockchain development field focused on the financial sector. With my guidance and advice I anticipate the company to experience stellar growth and achievements.
Pushing Security Boundaries
EDC says the startup has recently completed its first supernode which manages “private key generation, encryption, decryption and digital signatures in hardware.” It aims to build a full web platform on top of the supernode protocol. Institutions the firm says will also have access to the supernode through an API.
The startup said its Equibit network is secured through the Federal Information Processing Standard (FIPS). The platform will enable censorship resistant OTC trading, market data, streamlined messaging, and unforgeable equities. CEO Chris Horlacher is positive McAfee will bring vast knowledge to the firm with his experience as a billion dollar security tycoon.
“We’re honoured and thrilled to be working with John McAfee. With his input and ongoing guidance, EDC will continue to set the security standard for blockchain services,” said Horlacher. “We share his unwavering commitment to IT security and, with his help, will continue to push the boundaries of what’s possible in this industry.”
Reinventing the Securities Industry
EDC will conduct a crowdsale in January of 2017 to scale its service. The company says it has also closed an angel round with a $3 million valuation with a UK investor funding the startup with $150,000 USD. The company said its application will combine Bitcoin with Bitmessage protocols built on the firm’s custom blockchain “specifically for creating and tracking company shares.”
“Blockchain technology has the potential to reinvent the securities industry,” Horlacher said. “With Equibit, issuers can securely communicate with their shareholders, collect votes, distribute earnings, and update their shareholder registers in real-time, at little to no cost.”
What do you think about John McAfee advising the Equibit Development Corporation? Let us know in the comments below.
Images courtesy of Shutterstock, Pixabay, and EDC websites.
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