Share this article
A16z Leads $6M Seed Funding Round in Blockchain Linera
The layer 1 chain aims to be low-latency with linear scalability to facilitate the transition from Web2 to Web3.
By Cam Thompson
Updated Apr 9, 2024, 11:33 p.m. Published Jun 28, 2022, 4:00 p.m.
Make us preferred on Google
Linera, a layer 1 blockchain project intended to bring Web2 scalability to Web3 has completed a $6 million seed funding round led by Marc Andreessen's Andreessen Horowitz (a16z).
Cygni Capital, Kima Ventures and Tribe Capital also participated in the round, Linera said in a statement on Tuesday.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Linera founder and CEO Mathieu Baudet has a PhD in cryptographic protocols and is a former Meta (FB) employee who helped create Facebook’s Libra blockchain.
The Linera chain aims to be low latency.
“If you interact with traditional exchanges, or you’re used to insanely fast interactions, we’d love to get closer to those kind of numbers,” Baudet told CoinDesk. “The actions are rewarded like near-real time very quickly by the standard centralized system.”
Another feature of Linera is linear scalability, a system from Web2 where additional processing units are added as needed. In the case of Linera, this consists of shards, or individual threads, of the chain adding additional validators for network efficiency.
Sharding is a technique that aims to fulfill the three tenets of a blockchain network: scalability, security and decentralization. It has been a significant component of the Ethereum merge, with the goal of scaling the network by segmenting it into smaller chains.
Baudet said Linera plans to use the funding to hire engineers and team members to build out the protocol. He did not disclose when the network will launch its open-source protocol.
More For You
Recapping day 1 of Consensus Hong Kong
Hong Kong is looking to build its digital assets economy, its leaders said on stage.
What to know:
- Hong Kong officials used the opening day of Consensus Hong Kong to signal a push into digital assets, pledging stablecoin licenses as soon as next month and new rules for perpetual contracts.
- Speakers at the conference framed crypto as central to emerging trends such as an AI-driven “machine economy,” with Financial Secretary Paul Chan envisioning AI agents transacting onchain.
- Market voices including Anthony Scaramucci and Tom Lee urged investors to look past recent price declines, with Scaramucci reiterating a $150,000 bitcoin target tied to U.S. legislation and Lee calling current conditions a buying opportunity rather than a time to sell.
Top Stories
