Modular blockchain Hemi Labs has successfully raised $15 million to advance blockchain technology. This funding will support the development of the network that integrates Bitcoin and Ethereum through tunnels. The investment round was led by entities such as Binance Labs, Breyer Capital and Big Brain Holdings. Other participants included Crypto.com, Web3 Ventures and HyperChain Capital–among various influential investors.
Jeff Garzik who is an early Bitcoin developer and co-founder of Hemi Labs expressed enthusiasm about the investment. He said, “The excitement for what we are building is reflected in the quality and enthusiasm of our investors and ecosystem partners.”
The Hemi network is made to overcome the challenges involving the integration of Bitcoin and Ethereum. Hemi is combining these two giant networks to create a supernetwork. This will allow Hemi to use its best parts and develop new applications that weren’t possible before.
Innovative Tunneling
The team says the tunneling process is different from cross-chain bridges. It makes a unique environment where Bitcoin and Ethereum can coexist. This removes attack vectors associated with traditional bridges.
Recent crypto hacks have underlined vulnerabilities in cross-chain bridges. For example, Degen Chain user lost 90% of funds that amounted to 785,000 DEGEN tokens (nearly $5,000). Max Sanchez, the CTO of Hemi Labs, stated that their tunneling protocol is very secure, just like Bitcoin. Their Hemi Virtual Machine (HVM) uses Bitcoin to create a safe and efficient way to tunnel.
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During the Bitcoin 2024 conference, Garzik discussed how their vision for Hemi had evolved. Back at the Nashville conference, they promised a new class of blockchain applications. They stand at the cusp of realizing that vision.
Future Roadmap
Hemi’s roadmap includes launching a fully incentivized testnet with the mainnet launch slated for the fourth quarter of 2024. Alex Odagiu from Binance Labs thinks Hemi’s way of doing things could really change how people see and use blockchain technology. He said the network’s modular approach fits with what Binance Labs is trying to do, which is to find practical and decentralized solutions.
