Blockchain platform provider Kadena has raised $12 million through a Simple Agreement for Future Tokens (SAFT) sale.
Announcing the successful round on Thursday, the startup said that participants included Devonshire Investors, the private investment arm of the owners of Fidelity Investments, as well as SIG, Asimov Investments, Multicoin Capital and SV Angel.
Based on the SAFT framework - a kind of investment contract tht acts as promise for the delivery of tokens at a future date - the round was limited to accredited investors, and comes on the heels of a previous $2.25 million SAFT sale that was announced in January.
The funds will go toward the development of the company's Chainweb platform, Kadena co-founder Stuart Popejoy told CoinDesk - specifically, to help build out its technical ecosystem.
The firm's Chainweb protocol aims to use parallel blockchains with shared Merkle roots to tackle scaling and security issues, as previously reported. The different chains can be dedicated to different use cases without congesting the whole network.
However, there are "a bunch of things that have to be in place" before the public protocol will be ready for launch later this year, said Popejoy, who was previously a blockchain developer at JPMorgan Chase.
To that end, Kadena intends to begin releasing tools for the broader community to test, including a formal verification toolkit to help identify bugs, he said.
"Formal verification is something that's come up at various times in the blockchain discussion, usually after a huge ethereum bug," he said, noting that smart contracts, in particular, often involve the handling of large sums of money.
"As we can see bugs can have significant impacts. The Parity bug was just a bug ... but it allowed people to lose millions of dollars. So what we have is formal verification, and what that does is the computer proves to you mathematically that the network has no bugs."
Kadena demonstrated a working prototype of the formal verification tool in 2017, but is now preparing to release it to the public for developers to use, Popejoy said.
The Chainweb testnet is set for launch in August, while the full network is slated for release in December, he added.
Miniatures network image via Shutterstock
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Global AML Watchdog to Release Crypto Regulations By Next June
A global money-laundering watchdog has said it will begin publishing rules for international cryptocurrency regulation by next summer.
According to a Reuters report Friday, the Financial Action Tas
Sia Network Releases Hard Fork Code to Block Crypto Mining Giants
The sia blockchain network has released the formal code for an imminent hard fork that will block miners using hardware produced by Bitmain and other major manufacturers.
David Vorick, founder and
North Korean Hacking Group Lazerus Stole $571 Million in Cryptos: Report
North Korea's infamous hacking group, dubbed Lazarus, has managed to steal over half a billion dollars in cryptocurrencies, a report indicates.
According to an article published Friday by The Next
Bitcoin's Price Breaks Through Key Support As Stocks Go South
Bitcoin (BTC) has dropped out of the tight trading range seen recently, paralleling losses in the U.S. stock markets.
The leading cryptocurrency, which was trapped in a triangle pattern (narrowing
Chip Maker TSMC Forecasts Weaker Crypto Mining Demand in Q4
Chip-making giant Taiwan Semiconductor Manufacturing Company (TSMC) has predicted weak demand for processors from cryptocurrency miners for the fourth quarter.
TSMC, the primary supplier for crypto
Crypto Exchange Huobi Now Lets Users Swap Between 4 Different Stablecoins
Huobi, the Singapore-based cryptocurrency exchange, has just launched a new solution that enables users to switch between different types of fiat currency-pegged cryptocurrencies, or stablecoins, in e
Bitcoin Price Eyes Triangle Breakout Above $6.4K
Bitcoin (BTC) is again trading in a narrowing price range above $6,400, but the lateral trading may soon give way to a rally, according to technical studies.
The price consolidation comes after Mon
Security firm G4S Has Launched a Crypto Custody Service
U.K.-based security services company G4S now offers a crypto custody service aimed to protect investors' holdings of digital assets.
Announcing the move in a press release on Oct. 16, the firm said