Blockchain interoperability project Tendermint has raised $9 million in a Series A funding round led by tech-focused VC firm Paradigm.
Tendermint has raised $9 million in a Series A investment round led by cryptocurrency investment company Paradigm.
Tendermint has raised $9 million in the Series A investment round led by cryptocurrency investment company Paradigm, with contribution from Bain Capital and 1confirmation among other investors.
Part of the funds will purportedly be allocated to support of further development of the Cosmos Network and its ecosystem. The company also plans to spend the funds on the building staff and creating a sustainable business model.
The round closing follows the Cosmos Hub mainnet launch — so called “The Internet of Blockchains,” developed by Tendermint — on March 13. The developers believe that Cosmos may contribute to solving blockchain’s scalability and interoperability problems.
Salil Deshpande of Bain Capital reportedly said that “we envision a future where multiple blockchains serve specific use-cases — store of value, privacy, general purpose smart contract platforms, and many others. In this future, interoperability solutions provide a crucial alchemy that could lead to an explosion of blockchain applications, as well as boosting usage on existing chains.”
Cosmos Hub will further pass two more phases, as the recent launch was reportedly the first in a series of proof-of-stake chains developed by Tendermint.
Tendermint reportedly supports leading cryptocurrency exchange Binance’s decentralized digital currency exchange. Binance CEO Changpeng Zhao reportedly said that Binance Chain is based on the Tendermint protocol and runs on a Delegated-Proof-of-Stake (DPoS) consensus algorithm.
Tendermint has launched the Cosmos Network — the first blockchain in a series of proof-of-stake chains aimed to increase interoperability.
Blockchain platform Cosmos, which is set to work as a mediator between different blockchains, has officially launched the first hub of its ecosystem on Wednesday, Mar. 13. The Cosmos initial coin offering (ICO), held in April 2017, raised a little more than $17 million.
The Cosmos Network, which describes itself as “The Internet of Blockchains,” was developed by California-based startup Tendermint Inc — a software development company that was appointed by Swiss non-profit Interchain Foundation to develop the cross-blockchain ecosystem.
The mainnet launch, which was announced on Cosmos Twitter, was also streamed live on Youtube, mimicking the launch of a rocket with Christine C., the community architect at Tendermint, dressed as an astronaut. The first block was mined at 11 p.m. UTC (7 p.m. EST) on March 13.
According to the Cosmos Network website, the company developed the scalable ecosystem, which allows different decentralized applications to interoperate on a single platform, for three years. The developers believe that Cosmos may contribute to solving some of the main problems in blockchain, such as scalability and interoperability.
The recent launch is reportedly the first in a series of proof-of-stake chains developed by Tendermint. As per a recent blog post, Cosmos Hub will further pass two more phases.
As Cointelegraph previously reported, a group of developers at crypto startup TenX in late 2018 successfully tested the use of its cross-blockchain interoperability protocol to transfer ERC20 tokens for Bitcoin (BTC) using the Lightning Network.
More recently, a report to the European Union made recommendations on how to better develop blockchain technology, including the introduction of interoperability and scalability standards. The paper, dubbed “Scalability, Interoperability And Sustainability of Blockchains,” was prepared by blockchain tech firm ConsenSys.
A new proof-of-stake blockchain called the Cosmos Hub has just launched on mainnet.
Several large Ethereum-based projects have come together to create the Ethereum Community Fund (EFC), a vehicle to connect and fund the growth of Ethereum (ETH) infrastructure, according to the EFC website.
Ethereum co-founder Vitalik Buterin, Ethereum Foundation executive director Ayako Miyaguchi, and OmiseGo managing director Vansa Chatikavanij will join the project as advisors, according to Jun Hasegawa’s, the founder of OmiseGO, announcement on Medium.
The beginning basis of the EFC is the Infrastructure Grant program, which the website describes as a
“Permanent financial endowment to support and aid projects in building crucial open-source infrastructure, tooling, and applications.”
Jun Hasegawa tweeted at the participating members of the fund yesterday in celebration:
@jaekwon @julianzawist @heikohees @RuneKek Happy to working with you guys !! 😉 Exciting moment has been started with #ECF (Ethereum Community Fund) . Happy to having @VitalikButerin @mi_ayako @vchatBKK as advisors too 😉
More details following. Inquiry https://t.co/xtg7qxx8aK https://t.co/sYBxfhwLLd
— JUNΞ (@JUN_Omise) February 16, 2018
The EFC is not the first Ethereum-based global initiative created to develop Ethereum infrastructure. The Enterprise Ethereum Alliance (EEA) launched in Feb. 2017 is the world’s largest open-source Blockchain initiative.
It is currently partnered with more than 200 organizations, including big financial institutions like JPMorgan, Santander, and Mastercard, Intel. The non-profit’s aim is to bring privacy, scalability, and security to developing Ether and the Ethereum Blockchain.