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   1249

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. 

Binance to Join Forces With IdentityMind

IdentityMind provides exchanges with ability to comply with KYC\AML worldwide
26 March 2019   79

Binance announced an agreement with IdentityMind, which will help it ensure compliance with regulatory requirements and improve data security.

IdentityMind provides cryptocurrency exchanges with access to the platform, thanks to which they can monitor compliance with customer identification and anti-money laundering requirements in real time. This includes connecting new customers, managing their profiles and monitoring transactions.

The partnership between Binance and IdentityMind further strengthens our compliance capabilities and our commitment to re-invest in the blockchain ecosystem and grow it. We continue to evolve and enhance security systems while adhering to regulatory mandates in the countries we operate in. The goal is to foster greater trust among financial institutions worldwide.

Samuel Lim

Chief Compliance Officer, Binance

Last year, Bloomberg wrote about the Binance user identification system as the least strict in the entire industry, and linked the “level of anonymity” provided by the exchange with the risks of money laundering and market manipulation.

In October, Binance entered into an agreement with a supplier of transaction analysis software on the blockchains Chainalysis, and in November with Refinitiv, which developed an automated solution for client verification.

Whether the ordinary users of the platform will feel the impact of the integration of IdentityMind tools on themselves, the exchange does not specify.