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   606

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. 

Texas to host BitBlockBoom conference

Bitcoin, blockchain and cryptocurrency conference BitBlockBoom will be held on July 14 - 15 to discuss the disruptive technology
19 May 2018   46

Bitcoin, blockchain and cryptocurrency professionals are going to convene in Irving, TX on July 14 through July 15. Brightest minds in crypto will be talking about the true meaning of Bitcoin, the promise of a distributed ledgers, and the potential of decentralization. First wave of speakers are as follows:

The conference will be held at the Study USA. Here is what the event says about itself:

Invest in yourself. Learning about cryptocurrency today is like learning HTML in the 1990s. With the proper training you can have a career spanning decades. With the proper knowledge you can avoid scams and discover opportunities to prosper in this new industry.

The event is sponsored by Crypto Unicorn Money. To learn more about the event, you can visit the official page here.