Coinsilium, an accelerator that finances and manages the development of early-stage blockchain technology companies today announced a partnership with blockchain infrastructure company Lition Technology AG for its USD $25 million token sale.
Lition is developing a new blockchain infrastructure designed for business use. It is the first scalable public-private blockchain with ‘deletable’ data features and which allows businesses to bring blockchain applications from their currently predominant proof-of-concept stage into commercial products with mass-market adoption, in compliance with GDPR and wider data privacy regulations.
Under the terms of the agreement Coinsilium will be supporting Lition throughout the preparation and execution of their forthcoming Token Generation Event (TGE), allowing Lition to create the new blockchain infrastructure.
To achieve this, Lition works closely with SAP, a leader of enterprise software with more than 10,000 developers and more than 400,000 corporate clients globally. Dr. Jürgen Müller, SAP Chief Innovation Officer, is Lition’s technology advisor.
To ensure adoption and obtain first-hand experience, Lition has developed and rolled out a decentralised application (dApp) for peer-to-peer energy trading, with revenue and customers from more than 10 cities at this time. This is the world’s first use-case of a blockchain-powered decentralised application to be made available to a mass market of over 41 million households.
Lition will run the public mainnet and the Lition tokens will be used for transaction execution, staking and sidechain creation. The Lition token sale has now commenced its first phase, targeting institutional buyers by invitation only. The total funding target for the project is $25m with the majority of token sale proceeds to be reinvested in engineering R&D and testing, as well as building partnerships for further real-world use-cases.
“We are very proud to be collaborating with such a talented technical team as Lition’s. The founders of the project have a wealth of business experience to draw upon and their advisory board, which I am delighted to join, will provide vital guidance, drawn from a range of business and technological disciplines. Blockchain and cryptocurrency payments are ideally suited when it comes to developing the next generation blockchain infrastructure. Lition’s solution has gained significant traction in a short time period and the outlook is strengthened by their close relationship with enterprise software global leader SAP.”