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Covee uses blockchain to allow experts from around the world to collaborate

Solving complex data problems requires a lot of teamwork. But, of course, team work is usually limited to companies where everyone works under the same roof. While distributed teams have become commonplace in tech start-ups, it's virtually impossible to move on to the next step by connecting disparate groups of people all working on the same problem (but not in the same company) . However, in theory, you could use a blockchain to do such a thing, where the generated work was constantly taken into account in the chain.

It's in theory. In practice, there is now a startup that claims to have invented this model. And it's increased funding.

Covee, a Berlin start-up, raised 1.35 million euros in a tour led by LocalGlobe in London, with Atlantic Labs in Berlin and a selection of angels. Prior to that, the company was initiated by CEO Dr. Marcel Dietsch, who left his job in a London-based hedge fund, and his long-time friend, Dr. Raphael Schoettler, COO, who had previously worked for Deutsche Bank . They are joined by Dr. Jochen Krause, CTO, a former blockchain investor and a bitcoin miner, and former quantitative and scientific data developer, respectively, at Scalable Capital and Valora.

For what kind of things could this platform be used? Well, it could be used to bring people together to use machine learning algorithms to improve cancer diagnosis through tumor detection, or perhaps develop a crypto trading algorithm.

There are obvious benefits to the work of scientists. They could work more flexibly, access a wider range of projects, select teammates, and have their work evaluated by their peers.

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The platform also means that you could be rewarded fairly for your contribution.

The advantage for companies is that they can use distributed workers where there is no platform of intermediaries to pay and no management consulting fees, and access a pool of talent (data engineers, statisticians). closed.

Now, there are others who do this, including Aragon (decentralized governance for everything), Colony (team work for everything) and Upwork (platform for independent jobs for the details). All are different and have their limits, of course.

Covee plans to make money by asking users to pay transaction fees to use the network infrastructure. They plan to make it a fully open-source decentralized network, with this transaction fee attached. But Covee will also offer this service if customers prefer not to deal with blockchain chips and the platform directly.

Dietsch states: "Covee was founded in the first half of 2017 in Berlin and moved to Zurich, Switzerland, at the end of 2017, where we created Covee Network. Traveling to Switzerland was important to us as it has one of the oldest and most solid blockchain ecosystems in the world and an excellent pool of talent from institutions such as ETH Zurich and the University of Zurich. The favorable position for country encryption means that it has all the necessary infrastructure as well as clear regulations for symbolic economies. "