Blockchain startup Rome has raised $9 million in funding to leverage Solana as an auxiliary network to provide services and support for Ethereum layer-2 (L2) blockchains. This strategic move aims to address some of the key challenges faced by Ethereum L2 networks and enhance their overall functionality and decentralization.
Empowering Ethereum L2 Blockchains
Rome, founded by Anil Kumar and Sattvik Kansal, has set its sights on using Solana as the underlying network to power shared sequencers and data availability (DA) solutions for Ethereum L2 blockchains. Sequencers are the critical components responsible for batching transactions and submitting them to the main Ethereum blockchain, while DA projects focus on storing the vast amounts of transactional data generated by Ethereum L2s in a cost-effective manner.
Leveraging Solana's Capabilities
The decision to utilize Solana as the foundation for Rome's services is based on the blockchain's strong performance as a state machine, which the project's founders believe makes it an ideal choice for supporting Ethereum L2 networks. By tapping into Solana's capabilities, Rome aims to provide a more decentralized and efficient solution for Ethereum L2 blockchains, addressing some of the challenges they currently face.
Enabling Atomic Transactions
One of the key features that Rome is developing is the ability to facilitate "atomic transactions" between different Ethereum L2 networks. This means that multiple parts of a transaction can be executed across various blockchains, and if any part of the transaction fails, the entire process is rolled back, ensuring that the user is only charged for the cost of a Solana transaction, which is typically very low.
Joining the Modular Blockchain Trend
Rome's approach aligns with the broader trend of "modular" blockchains, where certain functions previously handled exclusively by the main Ethereum chain are now being unbundled and handled by alternative projects. This includes initiatives like Metis' decentralized sequencer, Espresso Systems' L2 sequencing marketplace, and the NEAR Foundation's Nuffle Labs project, which aims to provide data availability solutions.
Funding and Roadmap
The $9 million funding round for Rome was led by a diverse group of investors, including Hack VC, Polygon Ventures, HashKey, Portal Ventures, Bankless Ventures, Robot VC, LBank, Anagram, TRGC, and Perridon Ventures, as well as notable angel investors. The project plans to open its closed network to developers this month, with a test network scheduled for the end of 2024 and a main network launch targeted for mid-2025.
Addressing Challenges and Enhancing Decentralization
By leveraging Solana's capabilities, Rome aims to address some of the key challenges faced by Ethereum L2 blockchains, such as the need for decentralized sequencers and cost-effective data availability solutions. The project's focus on enabling atomic transactions between different L2 networks also has the potential to improve the overall interoperability and user experience within the Ethereum ecosystem.
In conclusion, the $9 million funding raised by blockchain startup Rome represents a significant step forward in enhancing the functionality and decentralization of Ethereum layer-2 blockchains. By utilizing Solana as an auxiliary network, Rome is poised to provide innovative solutions that could have a lasting impact on the broader crypto landscape.
Top comments (0)