After successfully closing a $1.4m seed round in 2018, the team has spent the past few years diligently (and stealthily) building a cross-chain computation platform: Coinweb. Now, the team is proud to reveal the massive steps that have been taken, and are ready to start bringing the results out of stealth mode.
What problem does Coinweb solve?
Distributed ledger technology is spread across multiple different layer-1 blockchains. Users of dApps are forced to use different blockchains, and navigate through the different components and layers of each chain. Despite the growing adoption of layer-1s such as Bitcoin, Ethereum, Algorand, EOS, and Elrond, there is a lack of interoperability and compatibility between all the different blockchains. Coinweb believes that multiple layer-1 platforms will co-exist, and is focussing on the goal of bringing these blockchains together. Coinweb is providing a cross-chain computation platform to make blockchain technology more collaborative, better connected, and accessible for everyone.
How does Coinweb work?
Coinweb is introducing a novel distributed ledger technology platform to be embedded inside existing self-sovereign blockchains. Inchain technology utilises existing availability and consensus mechanisms, but operates independently of the data integrity rules of the blockchain, reducing the scalability portion of the ”Blockchain Trilemma” to a question of data throughput.
What can Coinweb do?
- Cross-chain token issuance: fast and secure transactions without additional steps across multiple blockchains.
- High-capacity smart contracts: allowing the creation of cross-chain DeFi protocols with increased liquidity from multiple blockchains.
- High-performance, adaptive dApps: allowing dApps to easily move between different chains to maintain optimal functionality.
The Coinweb technology has been used as a private blockchain since early 2020. As a pilot project, Coinweb has issued a cross-chain stablecoin called “Starpoints”. To showcase the Coinweb technology, the stablecoin has been integrated with two payment applications, Blockfort and OnRamp. As of today, over 10,000 users have made more than 600,000 transactions—with a total value of 50+ million USD—on the network through these first two integrations.
What’s next?
The CWEB token will be accessible on the market in Q3 2021, and the mainnet is planned to be released gradually after. Stay tuned on the following channels to join in: