Spanish blockchain outfit Freeverse has announced it’s building a new layer 1 blockchain called LAOS, which will launch as a parachain on Polkadot in 2024.
The announcement has been made in conjunction with the LAOS Foundation, which is a Swiss non-profit set up to promote the blockchain’s growth in the coming years via its ownership of LAOS tokens.
In terms of what LAOS offers, it’s labelled as “the universal layer 1 for digital assets across all blockchains”, which allows creators to mint NFTs and other digital assets on LAOS but also supporting blockchains such as Ethereum, Polygon and Solana via LAOS’ bridgeless minting architecture. This leverages Polkadot’s cross-consensus messaging system, notably the concept of a Universal Location.
This is enabled because LAOS separates the ownership of an asset and the assets’ attributes. As well as its cross-chain features, this means creators can generate new attributes for assets – including legacy assets – on new blockchains; something it hopes will drive the adoption of UGC and ecosystems.
“Today, we are announcing a vision for an interoperable future for digital assets. Whether it’s for tokenizing real-world assets or creating assets for a game or virtual world, LAOS is positioned to meet the market’s evolving needs,” commented Freeverse’s CEO Alun Evans.
The work on LAOS is an evolution of Freeverse’s previous initiative into dynamic NFTs, which it called its living asset ecosystem. Founded in 2019 and based in Barcelona, to-date it’s raised $13 million in funding, most recently $10 million in May 2022.
LAOS is currently available as K-LAOS on Polkadot’s Kusama ‘canary’ network, with its token launch and main Polkadot launch expected in the spring of 2024.
You can find out more on LAOS website, including its whitepaper.