Provide support to the cross chain project Cosmos Network, “Tendermint Inc” for $9 million A round of financing

In March 14th, the blockchain consensus algorithm and P2P network protocol, Tendermint Inc announced a $9 million A round of financing, lead investor Paradigm fund, Bain Capital, 1confirmation investment fund with investment.

The official said that the financing opportunity just perfect Cosmos network on line on the occasion, at the end of the financing. The same day Beijing time as early as 7, with the first official Hub start, Cosmos main line. This part will be used for financing to support the continued development of Cosmos Network and its ecological system; also be used to expand the Tendermint size of the team, and strive to achieve a sustainable business model.

It is reported that the Fund led by Coinbase co-founder Paradigm Fred, Ehrsam Matt Huang, a former partner of Sequoia Capital, Pantera Capital Charles Noyes co founded former employees, has raised $400 million, the direction of investment include: encryption currency (ICO), early project chain and trading areas; Bain Capital is an international private equity investment fund management, more than $65 billion, the blockchain investment projects including stable currency Basis and currency exchange CX, Seed encryption to the center of the investment bank CoinAlpha 1confirmation for encryption; capital investment funds, investment has stable Maker and Dao Basis, currency exchange and exchange decentralized protocol dYdX, Vest, OpenSea and Harbor.

According to Tendermint Inc’s official blog reports, the main business for the distributed application (DApp) construction and maintenance of infrastructure, such as Tendermint Core and Cosmos SDK open source tools. The main building at the same time Tendermint Inc Cosmos Network is the cross chain project, Cosmos Network is an independent, decentralized network extensible and interoperable blockchain.

  • Tendermint Core

In the Cosmos scenario, the block chain is divided into application layer, network layer and Tendermint Core layer and consensus, as a solution, the block chain network layer and layer packaged into a general consensus engine that allows developers to focus on the underlying protocol application layer rather than complex.

In the network layer, Tendermint Core using the gossip protocol, the protocol is the core technology of P2P network, Bitcoin used to spread information and trading block is the use of the Gossip protocol; Tendermint Core consensus layer using Byzantine BFT + POS. The BFT algorithm requires verification of network nodes in a round of broadcast and voting, reach a consistency of the whole network, in order to offset the node offline, network communication delay, malicious nodes and other issues. Node Byzantine algorithm requires at least 2/3 of honest nodes, in Tendermint Core, as is the POS mechanism, verification node selection criteria for token equity pledge (number of nodes) before 2/3.

Cosmos believes that the advantages of Tendermint Core is that public or private chain chain can be deployed on the Tendermint; Tendermint can handle tens of thousands of transactions per second; once the block is created, the user can rest assured to confirm the block to reach a consensus, more than 1/3 of the verification device is honest (Bai Zhanting), will never create a branch in addition, Tendermint bifurcation; accountability system by identifying a cause in the chain of malicious fork of the people, to confirm the verifier’s responsibility.

  • Cosmos SDK

Cosmos SDK’s goal is to create a module ecosystem, each function allows developers to write applications without starting from scratch, but you can create a new module from the definition of its application. These modules cover most of the application layer required functions, such as: staking (mortgage mechanism) and slashing (penalties) and IBC (cross chain function), account accounts, governance, reward & fees.

The advantages of Cosmos SDK is its modularity allows developers on Golang transplantation basically any existing block chain code library. For example, Ethermint is a virtual machine to transplant Ethernet Fang SDK module project, Ethermint and Ethernet square is exactly the same, all the properties but also benefit from Tendermint Core. All the existing Ethernet square (Truffle, Metamask) tools are compatible with Ethermint.

At present, have chosen to use Cosmos SDK and Tendermint Core of some representative projects:

  • Thailand national digital identity platform, Tendermint is designed to provide a chain of identity for Thailand 8000 million citizens.

  • The head of global currency exchange currency security encryption, the public chain Binance Chain announced that it will build on Cosmos Tendermint protocol, using DPoS and BFT consensus; in addition, the center will also exchange DEX based on Cosmos SDK development.

  • Stable currency project headquartered in South Korea’s Terra, whose goal is the Tendermint engine based on consensus, integrate into the billions of dollars worth of Korean e-commerce company TicketMonster.

In addition, Cosmos SDK / Tendermint Core projects include: Based on the European currency stability project e-Money, block IOV, Cross Chain Wallet Chain Network IRISnet, cross chain service provider Kava, block chain video platform Lino Ethernet, Fang Layer 2 solutions Loom, Network, Regen ecological chain blocks distributed interoperable TruStory services the Sentinel network layer Network and content verification platform.

Tendermint Inc is headquartered in the San Francisco Bay area, in Berlin, Toronto and New York city branch. Currently, Tendermint Inc is looking for vice president of engineering, developer relations director, senior technical personnel recruitment and development personnel relationship of our engineers is distributed teams all over the world.

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