Logos Network, an Ireland-based decentralized payments platform, have raised three million USD in a recent development. The funding effort is led by blockchain businesses like Blockwater Capital, ZhenFund, INBlockchain, and Digital Currency Group.
The funding initiative by Logos Network also saw the participation of some other prominent cryptocurrency investors like AlphaCoinFund, AlphaBlock Capital, and GBIC (Global Blockchain Innovative Capital). The company made an entry into the competitive world of blockchain payment at the beginning of the current year.
It is interesting to note that Logos Network’s system is yet to be fully ready and is under development. The Ireland-based decentralized platform aims to target large-scale B2B (business-to-business) as well as micro transactions.
Logos Network was set up only last year and has been developed by a blockchain consulting firm called Promethean Labs. The platform is based on the distributed ledger technology. It is designed to conduct secure, cheap, and quick global transactions on a massive scale.
Its blockchain has the ability to reduce cost, increase transaction speed, and incorporate a higher transparency level. The distributed technology has a number of strengths that have led to many businesses using blockchain-based solutions with respect to the payment sector.
Vision Of Logos Network
The key objective of Logos Network is to bring a transformation in the financial applications ranging from point-of-sale to Internet of Things micropayments. The idea is to bring in massive cost reductions and frictions in comparison to the conventional rails. A report published in Econo Times mentioned that the funding collected will be utilized for supporting the current development of its decentralized platform.
According to Logos Network’s creator Michael Zochowski, this funding is a key validation for the firm’s technical vision. He feels that the hurdles with respect to security, cost, volume, and speed should be removed if the real potential of the blockchain has to be realized.
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