Tendermint, which is a blockchain interoperability project, has managed to raise at least $9 million in its Series A funding round. The latter was led by none other Paradigm, the technology-focused venture capital company.
Introducing Cosmos Network
The aforementioned project revealed the news and claimed that other participants in the funding round included 1confirmation and Ben Capital. The investment, in particular, is expected to support the company’s continued development of the Cosmos Network. At the same time, it will help in its team expansion and make its very own business model highly “sustainable.”
Just a day prior to the announcement of the funding, Tendermint unveiled Cosmos Hub, which is basically a blockchain specifically designed to enhance interoperability between any number of other blockchains. It is believed to be a big move from the firm, especially since it has been working on it for nearly three years. Also, it is the company’s very first when it comes to a series of proof-of-stake (PoS) blockchains.
According to Jae Kwon, who is not only the CEO of Tendermint but also a contributor to the said project named Jae Kwon, blockchain technology is a very promising innovation. Unfortunately, the existence of a series of limitations has made it possible for the technology to really show its potential. These issues include, but not limited to, lack of usability, scalability problems, and a handful of government and environmental issues.
Internet of Blockchains
Kwon added that Cosmos’ vision is to overcome all of these “limitations” and, more importantly, remove barriers to innovation. By doing all of these, he believes that it would create an “Internet of Blockchains.” Basically, he describes it as a decentralized network of scalable, independent, and interoperable blockchains.
Tendermint first revealed to the public its plans to bring forth a public blockchain platform back in 2014. During that time, however, it was only revealed via a white paper.
Recently, the project has been successful in releasing a myriad of other developer-focused products. This includes the likes of SDK (software development kit) and the Tendermint Core. The former, in particular, is reportedly being used by crypto exchange Binance. Meanwhile, Tendermint Core is all about being a blockchain networking and consensus mechanism.
A partner at Bain Capital named Salil Deshpande is confident that the company would be able to present a future where blockchains are able to provide specific use-cases. He further stated that this future could include interoperability solutions, all of which have the ability to provide “a crucial alchemy” that could help in the explosion of blockchains.