Connext is a protocol designed to help move funds and data between different blockchain networks safely. It's great for developers who want to create apps that work on multiple blockchains at the same time.
What is Connext
Here's how it works:
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Modular Design: Connext has a flexible design, which means it can easily adapt and connect with various blockchain networks.
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Hub-and-Spoke Architecture: This setup is like a wheel, with a central hub (Ethereum L1) connected to many spokes (other blockchains or rollups). This ensures strong security since it's based on Ethereum, a well-tested and reliable blockchain.
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Easy for Developers: With Connext, developers can create complex apps that interact with different blockchains. This makes it easier to build advanced, cross-chain applications.
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Secure Bridges: Connext uses trusted bridges to connect different networks. These bridges are like safe paths, ensuring that data and funds move securely between blockchains.
In summary, Connext is all about making it easier and safer to work with multiple blockchains. It's especially useful for developers building apps that need to interact with different blockchain networks.
Team of Connext
Arjun Bhuptani
Founder and CEO
Arjun's experience has been built in the WEB3 sphere since the beginning, he is Founder and CEO of Connext Inc. for more than 6 years, he is also Co-creator of Moloch DAO - It is a public good meant to help individuals and institutions coordinate around shared resources in a fair and transparent manner.
Rahul Sethuram
Co-Founder & Tech Lead
Rahul started his career as Electrical Engineering Intern at Loadstar Sensors, after which he gained a lot of experience in this field in different companies. After that, he worked as Research Assistant at NASA, has experience as System Test Engineer and Senior Test Engineer at Tesla, where he spent more than 4 years. He was also Co-Founder at Tip'd Off. He is currently Partner at Lone Wolf Partners and CTO at connext Inc.
Funding of Connext
$7,500,000
Strategic Round
Investors were Polychain Capital, NGC Ventures, Polygon Ventures, IOSG Ventures, Fenbushi Capital, KXVC, a_capital, No Limit Holdings, Factor, and Dokia Capital.
The amount of investment and VCs have not been disclosed
Series A (P2)
$12,000,000
Series A (P1)
Led by ConsenSys Mesh and 1kx. Other investors were Scalar Capital, MetaCartel Ventures, Hashed, Ethereal Ventures, eGirl Capital and angels.
$2,200,000
Seed Round (P2)
Led by Polychain. Other investors were Huobi Capital and 1kx.
$550,000
Seed Round (P1)
Investors were Ethereum Foundation, ConSensys Ventures and ConsenSys Mesh.
$120,000
Grant
Led by Ethereum Foundation.
$875,000
Convertible Note Round
Investors were Monta Vista Capital, KR1, Kenetic and Hashed.
Connext review
Pros
Crosschain Connectivity
Facilitates secure, multi-chain funds and data transfer.
Developer Flexibility
Enables building of versatile xApps with multi-domain interaction.
Modular Design
Customizable hub-and-spoke architecture aids tailored integration.
Ethereum-Secured
Benefits from Ethereum L1's proven security features.
Proven Bridge Use
Leverages established bridges for enhanced reliability.
Unified Blockchain Interaction
Reduces fragmentation for smoother cross-chain communication.
Cons
Technical Complexity
May present a learning challenge for new developers.
Ethereum Dependence
Relies on Ethereum L1, potentially limiting in case of its issues.
Scalability Queries
Future scalability under multiple-chain interaction is uncertain.
Risk of Unknown Bugs
New technologies might harbor undiscovered vulnerabilities.
Potential Latency Problems
High traffic could lead to delays in inter-chain transfers.
Integration Difficulties
Compatibility issues may arise with diverse blockchain systems.