Blockchain startup Rome recently raised $9 million in an investment round backed by heavyweight venture capitalist firms and angel investors. The funding will be used to bolster team expansion, product development, and the reinforcement of strategic partnerships worldwide. Rome’s aim is to revolutionize financial systems using singular blockchain solutions, thereby fostering greater efficiency, transparency, and improved security measures across numerous industries.
The funded startup confirmed its intention to leverage Solana’s fundamental capabilities and data availability features to service layer-2 blockchains built on Ethereum for enhanced security through decentralization. Furthermore, the strategic adoption of advanced blockchain technology signifies Rome’s commitment to securing its data and integrating technologies aligned with Ethereum’s network architecture. The startup’s founder, Sattvik Kansal, has expressed confidence in Solana, stating it overrules competitors like Bitcoin, Cosmos, and Ethereum in terms of transaction speed, scalability, and minimal transaction fees.
Rome plans to utilize Solana’s decentralized finance ecosystem to create a publicly-owned, self-sustaining, smart city. Such an initiative could herald a new era of digital independence and economic growth for the city’s inhabitants.
Rome startup’s $9M expansion for blockchain solution
Rome aims to facilitate atomic transactions across Ethereum’s layer-2 networks, which will streamline operations between varying blockchains. The unique ‘all or nothing’ transactions feature of Rome ensures that if one aspect of a transaction fails, the entire transaction is automatically canceled, saving users from multiple charges.
The company’s focus aligns with the industry shift towards ‘modular’ blockchains, where traditional tasks of the core Ethereum chain are transferred to other specialized projects. This ‘Layer 2′ solution improves network capacity and efficiency. Similar ventures in the industry include Metis’ decentralized sequencer, Espresso Systems’ L2 sequencing marketplace, and Avail’s network for DA, all contributing to a vibrant and adaptable Ethereum ecosystem.
Looking ahead, Rome’s strategy involves launching a private network for developers, with a testing network set to rollout by 2024. The fully operational network is projected for mid-2025, with plans for global accessibility by year-end. Rome also intends to strengthen the developer community, improve network performance, foster innovation, and champion user-friendly designs. Embracing changes, Rome envisages a groundbreaking future for the digital industry, lead by the collective expertise of its developers.
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