The results of the preliminary funding round for the new blockchain-project Chainweb, Kadena startup managed to raise 2.25 million dollars. According to representatives of the startup, closed a round of financing, the company participated Metastable, Kilowatt Capital, and Coinfund Multicoin Capital.
The funding aims to support the project Chainweb focused on solving problems of scale and security of the block chain. According to one of the founders of the project, Stuart Popjoy (Stuart Popejoy), the proposal is planned to be implemented through the use of transaction processing of a combination of several peer-to-peer decentralized blockchains instead of a single blockchain.
Using multiple blockchains, users will be able to avoid the problems that are currently faced other public baccani, in particular Bitcoin and Ethereum. Former developer JP Morgan Chase says:
«Application, similar to Cryptokitties, can operate in five or six blockchains, while larger application can act in a different blockchain network, and they will not slow down each other. And even if you will experience a congestion, you will be able to form a new blackany».
Different blackany integrate common roots Merkle. Because of this, functioning as a separate and unique baccani, they at the same time can share information and create consensus registers.
Unlike other proposals of scale in processing large number of transactions, the model of parallel networks Chainweb maintains security by not using side channels or using only part of the blockchain. Popjoy said that the tests Kadena demonstrated an extremely high level of security proposals, whose ultimate goal is the interaction of thousands of different blockchains.
Additionally, each blockchain will produce tokens Kadena, although the exact number and timing of their production is not yet defined. The Chainweb Protocol guarantees the impossibility of the simultaneous existence of the same coin in two different blockchains.
«When you want to move coins from one blockchain to another, (…) coins will be destroyed in one blockchain and created in another,» said Popjoy.
Initially, the project was planned as a way to develop superior language of smart contracts to users. It was integrated with the decision of the Pact service smart contracts already provided by Kadena for corporate clients. However, according to Pobjoy, the project Chainweb will go on and will eventually develop into a public network.
According to a press release of the project, using the model of parallel networks Chainweb Kadena company hopes to increase the volume of transactions to be processed up to 10,000 per second, at the same time maintaining a low fee.