May 22, 2019

These are the Startups Building on Pantheon – ioBuilders

We’ve talked a lot lately about the features of our Enterprise Ethereum client, Pantheon. Aside from permissioning and our innovative consensus algorithm, IBFT 2.0,  the latest release of Pantheon 1.1 also includes new privacy features. With that comprehensive suite of offerings, PegaSys has an open-source, Java-based private transaction management solution that allows for the propagation of secure, private transactions between Ethereum nodes.  

While the features of Pantheon are important, we want to showcase who is BUIDL-ing on top!  Pantheon is just a blockchain with one use case – sending Ethereum transactions. For more use cases, we need (d)apps, and we’re excited to start sharing more about the ecosystem being built on top of Pantheon. Already, a number of large financial institutions have developed PoCs for apps using Pantheon, but we’re starting to see full-blown products pop up as well. We’re kicking off our newest blog series by doing just that – showcasing the startups that are building on Pantheon.

If you’re already building with Pantheon and would like to be part of this series, or are building applications on Ethereum and would like to switch over, please get in touch!

About ioBuilders

ioBuilders has been one of our earliest partners building blockchain use cases with Pantheon. They are most known for being core members of LacChain and helping to deliver Alastria , the national blockchain consortium in Spain. They are also working with some large companies in Europe on a number of financial services use cases. With their deep knowledge of Ethereum and Quorum, and history of working with the major innovators in the financial services and blockchain space, they have been the perfect partner for building some of our first apps, and having been giving us great feedback on protocol features and innovative approaches to creating the next-generation of Enterprise Ethereum.  

ioCash

ioCash, ioBuilder’s first full-fledged Ethereum blockchain product, has a simple and straightforward mission: make fiat money work with blockchain technology, and make it easy for businesses to build financial applications. The B2B platform allows users to associate an IBAN number with their Ethereum address and, after a regulatory identification process, fund their wallets and operate with their fiat money directly through their Ethereum accounts.

ioCash uses smart contracts on a private Ethereum network with the IBFT consensus protocol. The smart contracts have been built by enhancing the ERC-20 token standard, grouping all the extra functionalities in a new e-money and payment standard proposal called Em-Token (soon to be open-sourced), which includes advanced features such as amount hold capability, token holder fund requests, payout orders,  and governance and compliance verification systems. The ioCash APIs query and interact with the ledger.

ioCash is a hybrid architecture, having centralized components that enable blockchain with the banking world, with a decentralized piece that works directly with smart contracts. That said, clients can directly integrate the ioCash API into their applications, adding capabilities for instant, frictionless payments using the power of Ethereum! Moreover, users will be able to access their funds via MetaMask or any other Ethereum wallet manager, and any movements will be reflected in the real banking system.

High level architecture of the integration of ioCash API and smart contracts to client app

ioCash operates under a regulated Electronic Money Licence, and follows the KYC (Know Your Customer) and AML (Anti Money Laundering) European regulations for users to assess and mitigate potential risks. Therefore, ioCash ensures all of its clients are able to make use of all of the benefits of the technology while ensuring operations are fully compliant with regulation.

Client wallet app using ioCash


How ioCash is using Pantheon

ioCash has been able to take advantage of several of Pantheon’s features. First, the new permissioning systems in Pantheon allow for a properly secured system and the flexibility to add and remove members to the consortium using ioCash. This is important for banks that have been unable to harness the public blockchain which requires connections with unknown parties.

ioCash also takes advantage of IBFT 2.0. This is our version of the consensus algorithm which should allow for faster transactions with finality.

Lastly, as ioCash uses the Solidity features of Pantheon with all the capabilities of any Ethereum client. ioCash uses an enhanced  ERC-20 contract, which includes advanced features such as governance and compliance verification systems and the mentioned Em-token features.  ioCash is working with Pantheon and AZTEC to bring confidentiality to the token ADN platform by hiding balances, transaction data and more.

We are actively looking for customers and system integrators across industries to use Pantheon. If you want to discuss working with us, send us an email at pegasysinfo@consensys.net

PegaSys is a thought leader in the Enterprise Ethereum space. Want to join the team? Check out our list of open roles.

Want to stay in the loop for all future PegaSys updates? Join our mailing list.