Oraclize – “That’s one small step for a man, one giant leap for Bitcoin”

With each passing day, Bitcoin continues to gain a stronger foothold on the world’s economy. The most recent one came in the form of Oraclize Srl. Oraclize is the first company in the world to be registered as a legal entity using bitcoin. Oraclize was incorporated on March 24, 2015 in Italy by Thomas Bertani by depositing the required minimum capital amount in the form of bitcoins.

A Capital Paid in Assets — Still Counts

In order to form a private limited company under the Italian Civil Code, the company must have a minimum capital amount of 10,000 euros contributed by the owner(s) of the company. The total contribution from the owner(s) should not be less than the prescribed total capital. Owners can furnish the required capital in the form of assets whose value upon economic assessment meets the criteria. Thomas Bertani used the aforementioned article from the Civil Code to pay the capital contribution in the form of 45 Bitcoins.

Bertani transferred the Bitcoins to a Bitcoin address he created for the purpose of incorporation and handed over the private key to the appointed director. By doing so, he ensured transparency and traceability of the whole transaction.

What Business is Oraclize in?

Even the business of Oraclize revolves around Bitcoin where it aims to trigger Bitcoin transactions based on some real life event. These things serve as proof that in spite of Btcoin price plummeting in recent days, there is still strong hopes of the Bitcoin price rising to reclaim its position at the top.

Retrofitting Bitcoin into Existing Systems

Many nations across the world don’t have any regulations regarding Bitcoin in place yet. Until they do, we would have to try retrofitting Bitcoin into existing regulations to find new ways of getting it into mainstream.