Chainweb Raised $2.7M in pre-A Financing Round

Chainweb in focused on scaling and security issues and realized through the combination of multiple peer blockchains to process transactions
31 January 2018   939

Based on the results of the preliminary round of financing for the new blockchain project Chainweb, the Kadena start-up managed to raise 2.25 million dollars. According to representatives of the start-up, in the closed round of financing participated companies Metastable, Kilowatt Capital, Coinfund and Multicoin Capital.

The funding is aimed to support the Chainweb project, which is aimed at solving the problems of scaling and security of blockchains. According to one of the founders of the project, Stuart Popejoy, the proposal is planned to be implemented through the use of a combination of several peer-to-peer blockchains for transaction processing instead of one decentralized blockchain.

Using several blockchains, users will be able to avoid the problems that are currently experienced by other public blockchains, in particular, Bitcoin and the Ethereum.

A Cryptokitties-like application can run on five or six chains of its own, while a massive [initial coin offering] can happen on another chain in the network and they won't slow each other down. And even if you run into an issue where you have congestion, you can provision chains to make up for the load.

JP Morgan Chase ex-developer

Unlike the other scaling suggestions, when processing a large number of transactions, the parallel network model of Chainweb maintains security without using side channels or using only a part of the blockchain. Popejoy says that Kadena tests have demonstrated an extremely high level of security of supply, the ultimate goal of which is the interaction of thousands of different blockchains.

Additionally, each block will produce Kadena tokens, although the exact number and timing of their production have not yet been determined. In this case, the protocol Chainweb guarantees the impossibility of the simultaneous existence of the same coin in two different blockchains.

It is a single currency, when you want to move coins from one chain to the next it's a [Simple Payment Verification] so coins are deleted on one chain before being created on the other.

Stuart Popejoy

Initially, the project was planned as a way to develop an improved language for smart contracts for users. It was integrated with the Pact solution - service of smart contracts, already provided by Kadena for corporate clients. However, according to Popejoy, the Chainweb project will go further and eventually develop into a public network. 

Bakkt to be Launched in December

It is also reported that Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure
19 October 2018   39

The expected launch of the Bakkt will take place on December 12 of this year. It is reported by The Block, citing informed sources.

Also, the material states that the investment bank Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure. At the same time, the bank is considering the possibility of trading futures on a new platform.

In a recent Fortune interview with Bakkt, Kelly Lofler said that the cryptocurrency market is on the verge of a revolution comparable in size to the one that occurred on the energy market in the early 2000s.

Greater institutional participation in the digital asset markets requires secure and regulated custody solutions. We are impressed by BitGo’s product, unique services, and the management team. We view our investment in BitGo as an exciting opportunity to contribute to the evolution of this critical market infrastructure.

Rana Yared

Managing director, Goldman Sachs’ Principal Strategic Investments group

Bakkt is a cryptocurrency unit of the Intercontinental Exchange (ICE), which is the operator of the New York Stock Exchange. Giants such as Microsoft and Starbucks are taking part in creating of the new project, which is positioned as an “ecosystem for digital assets”.

The new platform will offer deliverable bitcoin futures to the market (unlike the settlement contracts for CBOE and CME, these are based on the underlying asset). The platform will support multiple fiat currencies.