Tendermint is a blockchain consensus project that’s reaching for the stars with its unique mechanisms. Launched in 2014, Tendermint has gone on to revolutionize the way other projects are building their blockchains. Amidst the launch of its own Cosmos Mainnet, it announced that it received $9 million during a Series A funding round.
Despite the current bearish market, projects like Tendermint are still bringing in the big bucks from their funding rounds – all led by huge players. This new cash boost will help Tendermint carry on developing and improving its consensus mechanism with a view of rolling it out commercially.
What Does Tendermint Do?
Tendermint has created its very own consensus mechanism that is proving to be incredibly popular and efficient. Tendermint allows for up to 1/3 of validators to fail arbitrarily – including malicious behavior – making it one of the most secure byzantine fault-tolerant mechanisms around. On top of this, Tendermint is incredibly quick when it comes to transactions per second (TPS), processing thousands of transactions each second. Best of all, Tendermint is open source and incredibly easy to deploy, making it the blockchain of choice for a number of huge projects.
Here Comes the Cosmos
On the back of its huge funding round, Tendermint announced that it’s finally launching its much-awaited Cosmos Mainnet. Cosmos allows all projects using a Tendermint based blockchain to operate inside Cosmos and interact with one another. The idea behind it is creating a high-value blockchain ecosystem with like minded projects. This means that if a game developer creates a game that uses Tendermint and another project creates a cryptocurrency on top of Tendermint, the game developer could move to integrate the cryptocurrency with ease should they wish.
Funding the Blockchain Ecosystem
Tendermint’s series A funding round was led by Paradigm, along with other top names including Bain Capital and 1confirmation. It’s not the only project to secure huge funding in the last few weeks. Only a couple of days ago, Kakao secured $90 million in funding for its blockchain ecosystem and Nivaura secured $20 million in funding with the London Stock Exchange leading the round. This trend of blockchain companies securing private funding could point to the privatization of blockchain projects rather than securing crowdfunding via ICOS.
The ICO market is starting to warm up, but private funding rounds are still bringing in more money. Tendermint now has the fund to carry on its project, bringing a state-of-the-art blockchain platform to the world.
