t3rn raises $6.5 million as Multichain prepares for ‘Future Web3’


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dated: 2022-11-25 14:07:17 .

Interoperability between smart contracts is becoming increasingly important as the crypto market moves towards a multi-blockchain environment.

Recognizing the need for cross-chain programming, t3rn, a resilient multi-threading platform that enables developers to easily design cross-chain applications, announced information shared with Finbold on the 25th.

Notable participants in this strategic round included Blockchange, Lemniscap, D1 Ventures, Huobi Ventures, Figment Capital, Bware Labs, MEXC, Open Process Ventures, NetZero Capital and many other key angel investors and industry leaders.

In particular, t3rn’s founder and chief technology officer, Maciej Baj, said that multichain will be “the future of Web3”.

“This means that transactions across multiple blockchains can and should be as simple and secure as transactions on a single chain. t3rn supports this new paradigm in cross-chain programming. This strategic round of funding supports the development of our innovative approach to blockchain interoperability.”

Polychain Capital partner Ben Perszyk added:

“Interoperability between Layer 1 blockchains and applications built on top of them will help improve efficiency and liquidity across the ecosystem by reducing fractional liquidity pools and increasing composability across execution environments.”

The need for blockchain and smart contract interoperability

According to Ken Seiff, managing partner of Blockchange, “It’s one thing to say we need interoperability between blockchains, it’s another thing to build it.” He explains that t3rn is working on this idea. Their approach paves the way for a future where smart contracts don’t have to be limited to a single chain or rely on potentially insecure bridges to function.

t3rn enables secure interoperability of smart contracts with a simple software development kit (SDK), regardless of how many different blockchains are used. Unlike bridges, t3rn has multi-step transactions that happen across multiple chains with a single call.

In addition, t3rn supported the development of the Polkadot (DOT) ecosystem with interoperable execution and composition of smart contracts and was part of the substrate building program.

In addition, the protocol states that it has completed its second grant from the Web3 Foundation, which was to create another XBI, a new XCM-based standard for communicating smart contracts.

Finally, at a time when hacks and vulnerabilities are hampering multichain solutions, t3rn is committed to developing solutions that will become a key component of a secure multichain future.

Source: finbold.com

t3rn raises $6.5 million as Multichain prepares for ‘Future Web3’

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Source https://canadatoday.news/ca/t3rn-raises-6-5m-as-multichain-prepares-for-the-future-of-web3-162232/

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