Malta-based YAO Network is launching an open blockchain infrastructure platform based on BaaS 3.0 (blockchain-as-a-service) design concept, hoping to provide an ecosystem for enterprises and developers to design, build, and deploy their own blockchain applications in a cloud environment, according to a press statement.
“Our goal is to build an open blockchain infrastructure platform from which tech communities and developers can better serve commercial applications,” says Walter Komarek, Co-founder of YAO Network. “The approach creates triple-win outcomes,” Mr Komarek adds.
As the company sees it, the demand from different blockchain players continues to grow, yet certain weaknesses pertaining to the performance of fundamental technology, commercial applications, and supporting infrastructure for communities still exist. YAO Network is convinced that current issues with performance, scalability, security, and privacy hinder the development of blockchain technology.
“The scarcity of development toolkits and learning platforms prevent wider and deeper penetration of the tech. Moreover, developers often lack knowledge of traditional industries. These create challenges in exporting a community’s technology and building a functional ecosystem,” the press statement says.
The BaaS technology enables clients to use cloud infrastructure to create, host, and utilise own blockchain solutions, as well as enables organisations to deploy supplier services to create and access decentralised applications (dApps).
YAO Network is based on the design concept of BaaS 3.0. Through a “blameless governance system” and “incentive mechanism”, the network aims to continuously nurture new blockchain projects, as well as, build a platform of multiple blockchain networks that integrate cloud and decentralised computing, according to the developers of the network.
“YAO Network is a next-generation public infrastructure platform. It works as an ecosystem entry, computation hub, and service market for blockchain communities,” says Mr Komarek. “YAO will connect enterprises, developers, communities, and industry upstream and downstream participants to provide a full range of blockchain services,” he adds.
YAO Network was founded in January 2019 by a team of developers and technologists. The Malta-based venture is led by Co-founder Walter Komarek, the CEO of Angel Investment, and former founder of Forbestelecom.
The firm’s institutional partners include Amazon Web Services, Ethereum, Huobi, George Mason University, and Columbia University, among others.