Blockchain project LazyLedger Labs has secured $1.5 million in a seed funding round.
The round was backed by Interchain Foundation, Binance Labs, Maven 11, KR1, Signature Ventures, P2P Capital, and several other participants.
With fresh capital at hand, LazyLedger aims to grow its engineering team (currently three members), co-founder Mustafa Al-Bassam told The Block. The hirings will help LazyLedger launch its testnet by the end of this year and mainnet by the end of 2022, said Al-Bassam.
LazyLedger is developing a "pluggable consensus layer" for decentralized projects that need their own blockchains but can't deploy their own smart contracts due to limitations. Al-Bassam said LazyLedger would make it easy for projects to deploy their own blockchains "within seconds, with their own execution environments."
"Similar to how cloud services like Amazon Web Services (AWS) made it possible to launch new virtual servers with their own operating systems within seconds by using the same physical server, LazyLedger is a decentralized project that aims to make it possible to launch decentralized chains quickly by using the same consensus layer," said Al-Bassam.
Technically speaking, LazyLedger won't perform any computation of data but only do core things a Layer-1 network needs to do in a scalable way, said Al-Bassam. That is, order transactions and publish any arbitrary data to it.
"Similar to how Ethereum is the go-to platform for computation," LazyLedger will be "as the go-to platform for protocols that require a basic consensus layer," according to Maven 11's managing partner Balder Bomans.
As for its business model, LazyLedger plans to launch its own token in the future, said Al-Bassam.
The project has notable advisors on board, including Diem co-creator Morgan Beller and early Cosmos contributor Zaki Manian, among others.