Ireland Blockchain-based Company ‘Logos’ raises $3 million in funds!
Logos, an Ireland company working to improve payments within the blockchain platform has announced that it raised $3 million as seed fund for the project.
The company ventured into the fast-growing blockchain space when the year began and has since been working on developing the network. As expected, Logos is still a bit behind in comparison to well-known altcoins like ETH but that’s beside the point. The company’s aim is to create a platform which can handle both micro and large (B2B) transactions efficiently.
ZhenFund, a popular name within the Chinese investment arena is among the players that contributed the $3 million. Other major stake holders that have financed the Logos blockchain project include INBlockchain, Blockwater Capital and USA Digital Currency Group to mention a few.
Just like most altcoins, Logos idea has been inspired by Satoshi’s BTC but mainly focusing on scalability, efficiency and maintenance of security levels.
Michael Zochowski, the company’s CEO is well equipped with experience from the financial markets having worked in a hedge fund before. The fellow who worked for Ellington Management ventured into cryptocurrency in 2017 with Logos as the pioneer blockchain project. Zochowski believes that Logos network has secured a competitive edge against Bitcoin by having a ‘novel architecture’
“We're similar to bitcoin [but] a little bit more robust, cheaper and massively more scalable. We're very much focused on our core payments functionality rather than a general purpose network.”
Therefore, Logos is combining existing protocols like the DPoS and sharding to improve its blockchain network. The aim of this approach is to develop a platform whose first layer can handle thousands of transactions within a second.
As it stands, the company has developed a test network to be assessed internally. The test net is already operating with the intended core protocol and infrastructure although a public testnet will be released gradually in Q3 or Q4 this year.
Zochowski has further noted that the team will focus more in engaging its community once the public testnet is released for a smooth transition to the mainnet expected in early 2019.
The $3 million raised as seed fund is expected to cover the project’s development needs fairly. This means that some will be allocated to network development while other spending areas will include P2P transaction applications.
The team lead by Zochowski has signaled that their intention is to develop both the customer-oriented and business aspects of the project. However, building the network remains as the pressing milestone for the company.
Logos plans to undertake similar development strictness to that of NASA in its building and testing phase. In his concluding remarks, Zochoswki emphasized on this,
“It's one thing to have a white paper and it's quite another thing to prove that everything works. Right now what we're trying to achieve is some rigorous benchmarking and then taking a step back and making sure that what we bring to market is truly high integrity code that people can build upon.”