Solana Blockchain Secures $20M Led By Multicoin Capital
Solana has raised a $20 million Series A to build a blockchain made to operate on the mass scale of the world wide web, promising Layer 2 speeds on a Layer 1 platform.
On Tuesday, the company announced that the Austin, a Muticoin Capital investment firm based in Texas has led the round. The participants included Blocktower Capital, Foundation Capital, Slow Ventures, Blockchange VC, NEO Global Capital, Distributed Global, Passport Capital, and Rockaway Ventures. In return of their investments, the companies have received SOL tokens, according to a source.
In a statement to CoinDesk, Multicoin co-founder Kyle Samani said: “Solana is the only chain that scales at Layer 1 while preserving architectural and political decentralization, ensuring that smart contracts retain the key properties of being composable and modular.”
The founding team at Solana comprises primarily from Qualcomm, a telecom hardware giant. The company raised a seed round last year and has formed a private test-net, soon after publishing a white paper in late 2017. Solana promises that it will push its Series A funding towards project management and engineering as it is going to launch a main-net soon in a few months.
The company furthermore announced the release of its public dev-net, adding to the funding round. Recently, Solana announced a test-net event similar to that of Cosmos’ “Game of Stakes, called “Tour de SOL” which inaugurated in August.
“We’ve seen the challenges that developers are facing with Layer 2 and sharding solutions, and we’re excited to give them an incredibly simple alternative that doesn’t sacrifice performance,” Anatoly Yakovenko, Solana co-founder and CEO, said in a statement. “Other than Solana, all blockchains are single-threaded processors. That is, they can only make one state update at a time. This is the single greatest challenge holding back the industry today.”
Solana promises that its multi-threaded solution can support 50,000 transactions per second (TPS) on a cumulative global network of 200 nodes. Comparatively, the fastest major blockchains, Tron and Ripple can only handle 2,000 TPS and 1,500 TPS, respectively. As per the companies latest annual report, Visa, the network of payment giant, can process 65,000 TPS.
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