P2P Blockchain Networking Protocol Tendermint Secures $9 Millionin Funding Led by Paradigm
Swiss non-profit foundation, The Interchain Foundation recently announced the launch of the Cosmos Network, which is a decentralized network of independent, scalable, and interoperable blockchains.
It was launched after a tenure of austere R&D called Game of Stakes. The network focuses on scalability and usability and enables developers to quickly and easily build reliable, efficient, and interoperable blockchain applications.
This new network is led by Tendermint, who just announced about a $9M Series A investment round led by Paradigm. Tendermint Inc state that their Series A backers include the prominent USD$400 million blockchain fund Paradigm, Bain Capital and 1confirmation.
Tendermint Founder & CEO and The Interchain Foundation President Jae Kwon commented:
“The launch of the Cosmos Network is the first major milestone in the development of this network and represents the culmination of 40 years of computer science research, with a Byzantine Fault Tolerant (BFT) Proof of Stake (PoS) consensus mechanism being deployed live for the first time. Now we’re encouraging developers to develop applications that take full advantage of the promises of this powerful ecosystem.”
Developers have the liberty to use the Cosmos Software Development Kit (SDK) to build applications on the Cosmos Network.
Application-specific blockchains that are built using the Cosmos SDK will have the functionality of interoperability, aiming to end the current siloed nature of blockchains.
By enabling blockchains to transact with one another, the Cosmos Network hopes to create an ecosystem in which blockchains can maintain sovereignty, process transactions quickly, communicate and have fast finality, making the Network ideal for a number of use cases, including financial, gaming, and social networking applications.
Paradigm Founders Matt Huang and Charlie Noyes said:
“We are excited to support Cosmos’s vision for an ecosystem of interoperable blockchains. The team, led by Jae Kwon, has shown years of dedication and a keen understanding for trade-offs in decentralized system design. We are particularly excited with the team’s progress in building the first production-ready Proof of Stake BFT system, and we look forward to seeing what new decentralized applications that enable.”
Additionally, the Cosmos Network has partnered with Binance to launch their DEX. It is based on the Tendermint protocol and it uses a delegated proof of stake consensus algorithm. The idea is to have “a couple thousand” transactions per second while Ethereum only makes about 15 of them.