Bitcoin Mining Manufacturer Canaan Acquires Proof of Existence – Bitcoin News

The very first document timestamping service for the Bitcoin blockchain, Proof of Existence, has bot acquired by Bitcoin ASIC mining hardware manufacturer Canaan. The company has also retained the founder of Proof of Existence, Manuel Araoz, spil an advisor on future product development.

The Acquisition by Canaan

Founded te 2013 and headquartered te Beijing, Canaan Creative Co. Ltd (Canaan) produces Bitcoin mining equipments, designs ASIC microprocessors and operates gegevens centers.

On Sunday, May 21, the company’s Hong Kong-based subsidiary, Canaan.io, announced that it had acquired Proof of Existence from founder Manuel Araoz. “The blockchain space offers us opportunities on the hardware side and on the services side,” said Xiangfu Liu, Canaan co-founder, adding that:

Wij make the hardware that secures the blockchain, and now with the acquisition of Proof of Existence, wij will also build services on top of the tamper proof features of the blockchain.

Early this month, the company also announced that it had raised RMB300 million (approximately US$43 million) te a series A funding round. Its investors include Chinese hotel technicus Jin Jiang International Group Co. Ltd, Chinese investment firms Baopu Asset Management Co. Ltd., and Tunlan Investment.

The funding will support Canaan’s “upcoming 7nm designs and to inject the AI [Artificial Intelligence] market with its very first Skill Processing Unit (KPU),” the company exposed on Sunday. Its products can be applied te AI fields including wise huis appliance, autonomous driving, voice interaction and pic recognition.

Avalon Mining Family

Canaan is the company behind the Avalon mining family of hardware which produces ASIC mining chips and equipments. The line of hardware wasgoed launched te late 2012 and wasgoed the very first to successfully pre-sell commercially available ASICs. Avalon mining equipments were sold and delivered before any other brands of ASIC bitcoin miners, even pre-dating the infamous Butterfly Labs brand, making it the oldest brand of Bitcoin mining equipment still ter production today.

When Avalon very first debuted their then-powerful, 65 gigahash mining equipments on Ebay for $1,500, the response wasgoed so breathtaking that the last unit sold for overheen $20,000. Today, their 7.Trio TH/s Avalonminer 741 sells for $715, spil shown on Canaan’s webstek.

Proof of Existence

Proof of Existence wasgoed another historic debut for Bitcoin. Launched on May 21, 2013, it wasgoed the very first blockchain-based service to permit users “to publicly prove that you have certain information without exposing the gegevens or yourself, with a decentralized certification based on the bitcoin network,” its webstek describes. According to Sunday’s announcement:

It [Proof of Existence] has processed thousands of documents supplying customers with immutable proof of existence for their assets.

The service offers document proofs that are stored on Bitcoin’s blockchain, without storing the document itself. The very first of many similar services and protocols to do the task, Araoz’s webstek uses a special bitcoin transaction that contains the hash ter Bitcoin’s OP_RETURN script, embedding it into the bitcoin blockchain. It also lets users come back and verify their documents zometeen.

Manuel Araoz’s Other Projects

Spil part of the acquisition agreement, Canaan has retained Araoz spil an advisor on future product development and other blockchain related services. “Araoz has agreed to proceed on and advise the company on improvements to the product spil well spil other software services,” the company wrote. “The agreement ensures that there will be no interruptions ter services and no switches ter the API.” Commenting on the acquisition, Araoz said:

I’m indeed blessed to close this overeenkomst with Canaan.[…] I’m looking forward to enhancing the product, and exploring other blockchain services.

Araoz, who lives te Buenos Aires, has bot involved te many projects surrounding and supporting the Bitcoin ecosystem. Proof of Existence wasgoed his very first, which led to him working for Bitpay te 2014, where he helped develop the popular Javascript Bitcoin library, Bitcore.

That project led to the creation of Multipaper, the very first multi-signature address paper wallet, which uses Bitcore. Then te May 2015, he created Streamium, a movie livestreaming application like Periscope or Meerkat. Streamium wasgoed the very very first application to use Nakamoto payment channels for micropayments while streaming live P2P movie. Today Araoz is working on Decentraland, a blockchain-based virtual reality project.

What do you think of Canaan acquiring Proof of Existence? Let us know ter the comments section below.

Photos courtesy of Shutterstock, Bitcore, and Canaan

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Related movie: How To Create A Bitcoin Paper Wallet


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