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Blockchain

Consensus Algorithm Tendermint Generates 9 Million Dollar in Series A Investment Round Led by Paradigm

Peer-to-peer network protocol and a Blockchain based consensus algorithm, Tendermint has managed to generate 9 million dollars through a Series A investment round, the blog post posted on March 14 stated.

The Series A investment round was headed by a cryptocurrency investment company named Paradigm along with the Bain Capital and 1confirmation. They are the names of a few of other investors who have contributed in the Series A investment round.

Part of the money generated through the Series A investment round will be used to support the development of the Cosmos Network and its ecosystem. The Tendermint Company also intends to use the funds to build staff and to create a stable business model.

The closing round succeeds the launch of Cosmos Hub Mainnet which is commonly called as ‘The Internet of Blockchains.’ The Mainnet has been designed by Tendermint on March 13. The developers of Mainnet hopes that the Cosmos might help in solving the problems related to blockchain’s scalability and interoperation issues.

Bain Capital’s Salil Deshpande apparently stated,

“The Company visualizes a future wherein numerous blockchains are serving unique use cases to store value, privacy, general purpose smart contract platforms and several others. The interoperability solutions in the future will offer the essential progress which might direct to an explosion of blockchain applications and also might increase the usage over the existing platforms.”

There are two extra levels that must be passed by Cosmos Hub and in the days to come it will be passing the levels. The latest launch was the first of its kind in a series of proof-of stake chains which was developed by Tendermint.

Most leading cryptocurrency exchanges have been supported by Tendermint and decentralized digital currency exchange, Binance remains one that has been backed by Tendermint. The CEO of Binance, Changpeng Zhao reported that Binance Chain is entirely rested on the protocol of Tendermint and it is executed on a Delegated Proof-of-Stake (DPoS) consensus algorithm.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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