Blockchain scaling platform Dimension announced the completion of a $6.7 million fundraiser in a private round led by various investment firms and angel investors.
According to a press release seen by CryptoPotato, American crypto-focused VC Big Brain Holdings and multi-strategy VC Stratos led the private investment round, with participation from Shalom Meckenzie of DraftKings, the DAO Matchbox chain game, among others.
Commenting on the investment, Kasey, General Partner at Big Brain Holdings, said: “Dymension RollApps are a huge step forward for blockchain infrastructure. They allow developers to monetize their apps as standalone chains without massive infrastructure overhead. We are extremely excited to support the team on their journey.”
Become the first layer 2 in Cosmos
Dimension is building a network of modular blockchains known as rollups (or RollApps) powered by the Dimension Hub. Developers using the platform will be able to create and deploy their own RollApps without consensus.
Rollups are one of several scaling solutions for Layer 1 blockchains. They execute transactions outside of the main blockchain before returning the data to the mainnet for consensus.
Originally built for the Ethereum blockchain, the rollups will connect to the Cosmos network and its Inter-Blockchain (IBC) communication protocol.
According to the release, the rollups will be the first to integrate with the Cosmos ecosystem and run as the IBC Layer 2 network.
Public Testnet will be available on February 15
Dimension will launch a public testnet for its Cumulative Development Kit (RDK) on February 15, and the mainnet will follow suit. RDK will allow developers to implement cost-effective performance EVM-compliant roll up easily.
Upon launch, rollups will function as client-facing blockchains, just like traditional web applications. They would batch transactions on layer 2 blockchains and push them to backup layer 1 chains for security and scalability.
“Dymension’s public testnet rollups will publish data to the Celestia modular blockchain and Dimension Hub. This makes the process of deploying and interacting with rollups extremely fast, easy, and cost-effective,” the statement said.
According to Yishay Harel, CEO of Dimension, the company is trying to build a blockchain network with technology that can make the biggest paradigm shift since the creation of Ethereum.
“Dymension makes modular blockchains a reality today…Dymension Hub will be the hub of a new Internet of Value, comprised of numerous modular blockchains,” added Harel.
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This post The first layer two that reaches the Cosmos (ATOM)
was published first on https://cryptopotato.com/first-ever-layer-two-coming-to-cosmos-atom/