Waterfall Network, a Layer 1 decentralized smart contract platform, has raised $2 million in a Pre-Series A round led by ByteTrade Lab to expedite its mainnet launch set for Q1 2024. This comes after ByteTrade’s thorough six-month evaluation of Waterfall’s technology. The partnership aims to advance the decentralized web, with Waterfall’s unique “one person one vote” consensus and BlueWave’s scalable “Directed Acyclic Graph” tech.
In a significant move toward a more decentralized and user-controlled web, Waterfall Network, a Layer 1 decentralized smart contract platform, disclosed that it has secured $2 million in a Pre-Series A Investment Round. The funding round was spearheaded by ByteTrade Lab, a foremost infrastructure provider championing the end user-controlled web.
The capital injection will be pivotal in accelerating the launch of Waterfall Network’s mainnet, which is slated for Q1 2024.
Notably, ByteTrade Lab’s decision to lead the investment came after an exhaustive six-month due diligence phase. This process included rigorous testing of Ethereum Virtual Machine (EVM)-compatible Decentralized Applications (DApps) and thorough assessments of Waterfall’s team and technological backbone.
Dr. Lucas Lu, ByteTrade Lab’s CEO, illuminated the strategic underpinnings of this investment, emphasizing their commitment to an unbridled decentralized web. He mentioned that Smart contracts are indispensable for fostering trust and autonomy in our increasingly digital world.
“Our commitment to this technology reflects our dedication to reshaping the digital landscape. This is a bold step toward a more open, secure, and limitless digital frontier,” Lucas Lu, added.
Sergii Grybniak, Blue Wave CTO and Waterfall Head of Research, said: “We look forward to the expertise and resources ByteTrade can offer as an engaged partner that will strengthen and improve on Waterfall’s innovative approach to building a new kind of layer one blockchain.”
BlueWave, a top-tier development house specializing in advanced L1 blockchain solutions, plays a crucial role in this initiative. As the cornerstone of decentralized architecture, BlueWave is tackling critical challenges around security, scalability, and decentralization. Its partnership with Waterfall Network underscores a shared vision of a more democratized and scalable blockchain ecosystem.
Waterfall’s design philosophy breaks from convention, championing a “one person one vote” consensus system that negates the undue influence of capital. Moreover, its Ethereum Virtual Machine (EVM) compatibility ensures that the vast reservoir of Ethereum developers can seamlessly transition without the steep learning curve of mastering a new programming language.
A standout feature of BlueWave’s protocol is its utilization of the “Directed Acyclic Graph (DAG)” technology. This innovation is poised to disrupt the status quo, promising limitless scalability. An added advantage is its low processing power requirement, making it feasible for individuals to operate a validator node even from basic devices like budget laptops or smartphones.
Waterfall Network’s collaboration with ByteTrade and its alignment with BlueWave positions it favorably in the rapidly evolving blockchain ecosystem. As the mainnet launch approaches, the industry will keenly watch how this triad influences the blockchain space and reshapes user experience in the decentralized web.