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USD 4 million investment for Atlas City's new Catalyst decentralised network


Atlas City Global today announced it has secured a total of USD 4 million in private investments to support the final-stage development of its new Catalyst Network. Catalyst will be made available to the developer community in the third quarter of 2019, and will provide the framework for decentralised applications (dApps) for use in sectors including energy, supply chain, plastics recycling, logistics and food provenance, among others.



Solving the main issues that have limited enterprise adoption

The Catalyst Network is a full stack of technologies enabling secure public as well as private decentralised computing and data storage, the basis for the new Web 3.0 world and connecting to the IoT devices that will define Industry 4.0. Designed as an open source, fast, light, secure and scalable network, Catalyst is accessible to .Net developers – one of the largest developer community in the world. Catalyst works in real world applications and rewards all its participants fairly. The lightweight architecture makes it possible to run a node on a range of IoT devices, delivering speed at scale without compromising security while solving issues that plague earlier blockchains such as unstainable energy consumption and variable pricing.

Darren Olivero-Priestnall, Atlas City CEO, said, “We are delighted to have someone of Sir Mark Weinberg’s calibre heading our Board as we move into this crucial phase of Catalyst’s development, and also to have secured this level of financing, which will further support our efforts to create a decentralised, stable and secure network that delivers in the real world. Unlike the more common approach to fundraising through token generation events, which raise money first and then often fail to go on to deliver technology, Atlas City is developing the technology first and launching a viable network with real products and services running before inviting the public to buy tokens. We are fully funding development to ensure users experience the benefits of the network, launching a fully viable mainnet on Day Zero. Once fully operational in 2020, we are committed to handing over governance to the broader community to amplify adoption and development of the network.”

Sir Mark Weinberg, Atlas City Chairman, said, “It is widely recognised that developments in technology – particularly Blockchain and Distributed Ledger Technology – will have a profound effect on the growth and profitability of a wide range of businesses. Having launched and developed a number of successful new businesses during my career, I am very pleased as Chairman of the Board to be guiding the Atlas City team in achieving their exciting vision.”

Funding development of an active network

While Atlas City is funding the development of the Catalyst network from seed investments, it will hold a Token Generation Event in the second half of 2019 to coincide with the opening of the network to the development community. This unique Day Zero approach will allow users to experience the fully viable mainnet, before the end of the token sale. This differs from the usual model where users buy the promise of future utility. Instead, users will be buying decentralised compute and file storage on an already established and validated network making rapid development of the network possible.

A fundamentally democratic network

Over the course of 2020, Catalyst will be further developed and strengthened to ensure maximum stability and functionality. Once this is achieved, Atlas City will transfer the open source code base for the core protocol along with an ongoing license for IP held by Atlas City to a newly established Swiss foundation together with an endowment to support its growth across the entire developer ecosystem.

USD 4 million seed investment

Atlas City Global secured the seed investment from Robert A. Heffner III and other HNW individuals. Robert A. Hefner III is the founder and owner of The Hefner Group (THG), see below for bio.
About Atlas City (http://atlascity.io/)

Atlas City’s mission is to enable a decentralised web owned and run by the community to enable the next wave of business models. To that end, they are building a distributed computing solution that works in the real world. The Catalyst Network is a new distributed ledger protocol, a full suite of integrated technologies, not forked, but written from scratch based on the lessons learned from previous generations of blockchains. In addition to being light-weight and eco-friendly, it has an innovative, efficient consensus mechanism, which allows for fair compensation for participation and a file storage system allowing the network and consensus to integrate and work with all types of files. Atlas City will be launching the Catalyst Network as an open source project in the second half of 2019, and will support the growth of the ecosystem by providing software development tools, distributed application development and private instances for industry-specific applications to enterprises. Atlas City is currently running a number of proof-of-concepts and pilot projects on the Catalyst Network in the fields of supply chain, utilities, food provenance, plastics recycling, and the energy sector.

Solving the energy consumption issue

Blockchain technology has been suggested as the next generation of solutions for a wide range of applications but has been criticised severely for the prohibitive energy consumption required by legacy protocols such as Bitcoin and Ethereum. It has been calculated that legacy blockchain’s energy consumption approached 62.3 terawatt-hours over the course of 2018— more energy than used by the entire country of Switzerland. This is not sustainable, especially as none of these networks are capable of supporting enterprise applications. However, the Catalyst Network’s collaborative consensus mechanism consumes very little power, with nodes being able to easily run on devices as light as household IoT devices, wifi routers, and mobile phones.

Proof of concept example

In a plastics recycling deposit return program being developed with partners, Atlas City’s Catalyst Network will track the life cycle of plastic drinks bottles from production to return to NFC IoT-enabled low-cost recycling bins and then return the deposit value into consumers’ digital wallet app. Catalyst was chosen because of its ability to scale and track millions of plastic bottles and provide the consumer-facing application to produce a full circular-economy benefit by encouraging positive consumer behaviour, reducing plastic waste and the environmental impact of plastic.

Sir Mark Weinberg- Chairman of Atlas City Board of Directors

In 1961, Sir Mark founded Abbey Life Assurance Companyin London, which was one of the first companies to develop unit-linked assurance and where he formed one of the UK’s first retail property funds.
In 1971 he went on to found Hambro Life Assurance, subsequently called Allied Dunbar, where he was managing director until 1983 (it is now part of Zurich Financial Services). There he formed the first retail managed fund and originated the concept of the variable premium whole life policy. He was knighted in the 1987 New Year's Honours List. With Mike Wilson and Lord Rothschild he co-founded J. Rothschild Assurance, which became St. James’s Place Wealth Management, and was the second fastest company to join the FTSE 100.

Additional roles of note have included:
· Chairman of the Pension Insurance Corporation
· Deputy chairman of the principal UK regulatory body, the Securities and Investment Board
· Co-founder of the Per Cent Club, a grouping of top companies committed to increasing companies’ charitable and community contributions
· Deputy chairman of Business in the Community
· Honorary treasurer of the National Society for the Prevention of Cruelty to Children
· Trustee of the Tate Gallery

About Robert A. Hefner III
Robert A. Hefner III is founder and owner of The Hefner Group (THG). THG specializes in technology investments and has focused recently on biotech and blockchain. THG invests in gas and oil through its wholly owned GHK Company (www.ghkco.com).
Hefner’s GHK pioneered the exploitation of ultra-deep natural gas and led the development of the technologies necessary to drill and produce the world’s deepest and highest-pressure natural gas wells setting multiple world records. GHK was the first to bring real-time drilling data across phone lines in the late 1960s. In the 1970s, Hefner was the lone proponent to accurately forecast America’s natural gas abundance, and a leader in the efforts to deregulate natural gas prices. He holds a geology degree from the University of Oklahoma, is a member of the International Council at Harvard’s Belfer Center, a Fellow of the Royal Geographical Society of London, a member of the Explorers Club and was inducted into the Oklahoma Hall of Fame in 2010. He is author of The Grand Energy Transition, published in 2009, that tells the past, present and future story of energy use within civilization (www.The-Get.com).

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Wednesday, June 26th 2019
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