ZUG, SWITZERLAND / SINGAPORE, Nov. 01, 2023 (GLOBE NEWSWIRE) -- Waterfall Network, the fast flowing Layer 1, scalable, completely decentralized smart contract platform, today announced it has raised 2 Million USD in a Series Pre-A Investment Round led by strategic lead investor, ByteTrade Lab, an infrastructure provider for the end user-controlled web. Waterfall Network is using the ongoing funding to accelerate its inaugural mainnet launch targeted for Q1 2024. ByteTrade conducted an extensive six-month due diligence process that successfully tested EMV-compatible DApps and assessments of both the Waterfall team and its technological infrastructure ahead of its investment.
“ByteTrade Lab’s investment in Waterfall Network is not just a strategic move, it's a bold declaration of our commitment to the decentralized web that we’re building to grant users increased access and full control over their data,” said Dr. Lucas Lu, CEO of ByteTrade Lab. “Smart contracts are the cornerstone of trust and autonomy in the digital age, and 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.”
“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,” said Blue Sergii Grybniak, Blue Wave CTO and Waterfall Head of Research.
BlueWave, a corporation functioning as a leading development house for enhanced L1 blockchain solutions and decentralized architecture, fills a unique void in the space by solving security, unlimited scalability and decentralization while providing a truly decentralized governance platform via Waterfall Network. Waterfall’s innovative approach includes a “one person one vote” consensus mechanism in which money can’t buy control. Its protocol is Ethereum Virtual Machine (EVM) compatible, serving the huge existing Ethereum developer base without having to learn new programming languages. BlueWave protocol incorporates an innovative “Directed AcyclicGraph (DAG)” technology that allows for unlimited scalability. Furthermore, its low processing power requirements allow anyone to run a validator node from low-cost laptops and mobile phones.
For more information about the Waterfall network, please visit https://waterfall.network/.
About BlueWave
Bluewave is a Texas-based software development firm that manages a team of top developers building digital asset SaaS products and other decentralized architecture. BlueWave is most noted for its development of the Waterfall Protocol and is a leading Ethereum Virtual Machine (EVM) compatible architecture that allows individuals to become network validators on basic laptops or smartphones.
About Waterfall
Waterfall is the leading layer one (L1) architecture to solve speed, security, and scalability, all while offering a truly decentralized governance platform. Waterfall’s Directed Acyclic Graph (“DAG”) achieves and allows it to run a validator node from any device, including low cost laptops and mobile phones. Waterfall is one hundred percent Ethereum Virtual Machine (EVM) compatible, allowing for portability of decentralized applications (dAPPs), and has very low hardware requirements for the participants to become validators. Waterfall’s “True DAO '' intends to utilize a “one person one vote” system in which money can’t buy power, and offers full transparency with all transactions published on-chain.
About ByteTrade
ByteTrade Lab, headquartered in Singapore, is backed by Susquehanna International Group (SIG) Asia Venture Capital Fund and other leading institutional investors, including INCE Capital, BAI Capital, Sky9 Capital, and NGC Ventures. At ByteTrade, we are actively building our Web3.0 Operating System (OS) based on an open Blockchain-EdgeNode-Client (BEC) architecture, a decentralized version of the original full-stack internet protocols that will ultimately return data ownership back to users. ByteTrade is also actively involved in incubating and early stage investing of Web 3.0 projects to build our Web3 OS Ecosystem. For more information, please visit https://www.bytetradelab.io.
Media contact:
BlueWave media contact: bluewave@transformgroup.com
