The platform is owned and operated by Berlin-based start-up Quorum Control which is dedicated to driving DLT adoption
Tupelo, an ownership-based distributed ledger technology (DLT) platform, has introduced TestNet which aims to bring the benefits of blockchain-like technology to the mainstream in the form of “custom-built chain trees” for ownership.
The Tupelo platform is owned and operated by Berlin-based Quorum Control, a six-person start-up of dedicated builders focused on driving DLT adoption.
To accomplish its goal, Quorum Control sought and secured traditional equity investment from experienced and successful venture capital firms instead of undertaking an initial coin offering (ICO) for funding.
Quorum Control said it is committed to the development, testing and refinement of a new application of DLT that contains many characteristics of blockchains but includes a more efficient consensus algorithm.
When Tupelo has been proven effective as a tool for real-world business applications – like real estate title insurance transfer and supply chain transparency – it aims undertake an ICO.
Tupelo describes its platform as a fundamental redesign of blockchain that organises nodes into chain trees instead of blocks. This novel structure allows for more efficient transfer of ownership rights for unique assets and data because it only requires verification of relevant transaction history, it claims.
Tupelo uses existing non-fungible token (NFT) protocols, circumventing the need for smart contracts and allowing for more energy-efficient and scalable creation of transaction records.
"Thinking differently about this technology and how it’s used can open the door to meaningful adoption”
Quorum Control simplified and streamlined this approach to DLT to expedite adoption of the technology outside of currency-oriented blockchain circles and deliver concrete benefits to users, from enhanced data security to more accurate and transparent record-keeping. San Francisco-based Initialized Capital led Quorum Control’s $2.9m funding round.
“As investors, we’re always looking for projects that push the boundaries of what’s possible. Tupelo is taking complicated, emerging technology, and turning it on its side. Thinking differently about this technology and how it’s used can open the door to meaningful adoption,” said Alexis Ohanian, co-founder of Initialized Capital and a co-creator of Reddit.
“We’re excited to be part of that shift and can’t wait to see what this team delivers.”
“Quorum Control has some of the best technical founders we’ve met and funded. Most blockchains try to store all data in the public chain, whereas Tupelo moves that data into the wallet,” added Garry Tan, co-founder of Initialized Capital, and formerly of Y Combinator.
“This means the ledger is perfect for lots of new use cases that have never been addressed by blockchains, for instance modeling real world ownership. They’ve been consistently good at building products and shipping real code which truly distinguishes them in the world of crypto.”
New York-based IA Ventures and developer-oriented Hack VC also contributed to the round, along with Boost VC, which made Quorum Control its 100th crypto start-up investment. The initial funding round is being used to support organisational growth and platform optimisation.
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