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Cosmology Secures $5 Million in Seed Funding for Cosmos Ecosystem Development Platform
ByAinvest
Thursday, Mar 7, 2024 9:12 am ET1min read
Cosmology, a Cosmos ecosystem development platform, has secured $5 million in seed funding led by Galileo and Lemniscap. The funding aims to simplify the development of decentralized applications on the Cosmos network through tools like Telescope and Cosmos Kit. The company seeks to make dapp development accessible, driving Web3 innovation.
Cosmology, a development platform for the Cosmos ecosystem, has secured $5 million in seed funding led by Galileo and Lemniscap, according to a recent report [1]. The funding aims to simplify the development of decentralized applications (dApps) on the Cosmos network through tools like Telescope and Cosmos Kit. By making dApp development more accessible, the company hopes to drive Web3 innovation.Cosmos is an open-source, decentralized network of independent, parallel blockchains that can interoperate with each other using the Interchain Protocol [2]. Cosmology's tools, such as Telescope and Cosmos Kit, are designed to make it easier for developers to build and deploy dApps on the Cosmos network.
The Interchain Foundation (ICF), a non-profit organization dedicated to driving growth in the Cosmos ecosystem, has allocated $26.4 million to fund Interchain Stack development and adoption in 2024 [3]. While this amount is significantly less than in previous years, the ICF has been split into five core areas within the Cosmos ecosystem, including consensus layer software CometBFT, the Cosmos software development kit (SDK), the Interblockchain Communication protocol (IBC), the smart contracting platform for cross-chain interoperability CosmWasm, and the programming language CosmJS.
In addition to Cosmology's seed funding, the ICF has also allocated funds to various other projects within the Cosmos ecosystem. For example, Binary Builders will receive a tentative $3.5 million from the ICF, and Zondax will be given roughly $1 million to improve the Cosmos SDK that developers can use to build their own Cosmos chains. The largest sum of money has been set aside to continue improving the IBC, with $7.5 million being given to Informal Systems, Interchain GmbH, and Strangelove Labs to expand the rollout and growth of the bridging solution.
In conclusion, Cosmology's seed funding and the ICF's continued support of the Cosmos ecosystem are exciting developments for the Web3 community. By making dApp development more accessible and driving innovation within the Cosmos network, these initiatives have the potential to significantly impact the future of decentralized technology.
References:
[1] https://blockworks.co/news/cosmos-ecosystem-receives-funding
[2] https://cosmos.network/
[3] https://cointelegraph.com/news/cosmos-ecosystem-funding-cut-in-half-by-interchain-foundation-for-2024
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