More and more often, I am being asked the same questions re RedFOX Labs. So I decided to sit down and give everyone some context on what exactly RedFOX Labs is and what it does.
What is RedFOX Labs?
Currently, blockchain is too hard for the average end user to pick up and run with. If you are able to get your head around the benefits it provides, there are very few end user products and dApps, ready to replace what we already use and that freely display the possibilities this groundbreaking tech offers. The industry faces issues relating to security, scalability, adaptability and interoperability and each of these contribute to the slow adoption of the technology.
RedFOX Labs is a build out incubator focused on ‘Accelerating blockchain adoption through innovation and integration’. RedFOX Labs will build out and complete a number of slick end-user dApps and products that utilise the already existing Komodo technology. These dApps and products will include a wide variety of working products aimed at a simplified journey to blockchain adoption for the end user. Instead of following a traditional model of finding projects that are worthy of investment, RedFOX takes readily available technology and builds out with the end-user in mind.
Strategically based in Vietnam, RedFOX Labs sees the South East Asian market as a veritable hotbed for blockchain adoption with more than 104 million residents aged between 25 and 34 years old. With a thirst for new technology and rapidly rising GDP, South East Asia looks set to lead the charge for wide scale adoption.
Why build on Komodo technology?
Komodo is the only end-to-end platform provider that offers focus on the 4 large scale problems that face blockchain technology today.
Security – Built on C and C++ Komodo offers some of the most robust code offerings available in todays market. The introduction of dPoW has meant that PoW and PoS chains are now offered protection against 51% attacks, which have plagued the industry for some time now. The dedication that Komodo has to security is unquestionable.
Scalability – Komodo offers platforms to build their own independent platforms, yet still avail the benefits of an opensource ecosystem. Soon, along with its partner AWS, Komodo will seek to scale to an official capacity of 1 Million transactions per second. This is done by combing the throughput of multiple chains and allows projects the ability to leverage from a larger network of federated chains without having to be bound by one chains limitations.
It is also particularly useful not to be bound by the network charges or transaction costs dictated by a host chain. These can be crippling to a business, especially if there is no ability to forecast potential costs. Komodo has dealt with this issue by providing independent blockchains.
Interoperability – As has been the case in all technology movements of significance, there is an immediate challenge of interoperability within the blockchain space. Komodo chose to build on C and C++ for many reasons, but these are lower level languages capable of integrating with higher level language bindings. With a technology movement as fast moving as this, a project needs to remain agile and must have the ability to be able to integrate any new technology that becomes available. Being modular is a massive advantage we see with the Komodo platform.
Adaptability – This is also an extremely important facet of emerging technology and is particularly conducive to the Interoperability. Each project must be able to take on partnerships, extend its offerings, lend itself to integration to other platforms and most importantly remain modular. For instance, a PoW chain not built on Komodo technology can still have dPoW integrated for its own safety and protection. No individual offering can be non-complaint with other readily available technologies, regardless of which technology platform they are created on.
How does RedFOX Labs work with Komodo?
RedFOX Labs is independent, legally incorporated and able to take on business relationships and partnerships that utilise Komodo technology. RedFOX Labs can actually provide support and compliance that some business partners may require.
RedFOX Labs will employ its own technical team, however will remain a contributor to the opensource ecosystem that is Komodo. RedFOX Labs will allow Komodo to develop its technology faster by producing end user products and dApps to highlight its technical offerings therefore attracting more builders and creators to its ecosystem.
How is RedFOX Labs funded?
As stated, RedFOX Labs is an independent project and therefore is self funded and funded through an equity raise that is beginning now. It will be owned by the investors. The project is not owned by Komodo, yet some Komodo community members may take a position in the project.
Komodo has built an amazing platform with feature rich technical offerings. RedFOX Labs will focus much more intently on the UI and UX. RedFOX Labs believes there is enough finished tech to be able to build a range of end user products and dApps to not only help accelerate blockchain adoption, but to also bring in a number of new community members and developers to the Komodo ecosystem. 2019 looks set to be a very promising year for the projects with a strong tech focus and we believe that RedFOX Labs can put Komodo into the hands of a large percentage of new and existing blockchain users and enthusiasts.
How do I follow RedFOX Labs?