Satoshi Nakamoto Blog
Image default
Bitcoin Cash 101 Blockchain Cosmos Investments p2p

Consensus Algorithm Tendermint Raises $9 Mln in Series A Investment Round



Blockchain consensus algorithm and peer-to-peer (P2P) networking protocol Tendermint has raised $9 million in a Series A investment round, according to a blog post published on March 14.

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.



Source link

Related posts

Hyperledger Announces New ‘Cryptography Library’ for DLT Development

satoshi

UNICEF Joins the Blockchain Movement, Set to Fund Various Blockchain Projects in Emerging Economies

satoshi

Northern Belief Corp Broadcasts its Intention to Launch Cryptocurrency Asset Storage Service — Coinzdaily

satoshi

Russian Crypto Bill Draft Pushed Back to First Reading for Significant Edits

satoshi

Negligence of Major Phone Companies Is Crypto’s Biggest Threat

satoshi

Japanese IT Giant Fujitsu Leverages Blockchain, Streamline’s Energy Problems

satoshi