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.
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.