Longbow Capital led a $5 million funding round for Modern, a Canadian blockchain project.

06-10 Defi speaker

Modern, a distributed mobile network transmission protocol based on blockchain +5G, has announced the start of its financing plan, according to the company's official announcement. Longbow Capital, a Canadian private equity firm, will lead the financing, which is expected to raise $5 million, according to a number of leaks.

Longbow Capital is a private equity investment management firm that invests in the energy and technology sector. It focuses on companies that help bring energy to the world in the most efficient, cost effective and environmentally responsible way. The company was founded in 1997 and is headquartered in Calgary, Alberta. The management company recently announced a strategic partnership with Modern, an independent blockchain laboratory in Canada, and a strategic investment in a distributed mobile network transport protocol project developed by Modern Labs.

It is understood that Modern distributed mobile network transmission protocol is the world's first distributed mobile network transmission protocol based on 5G architecture. By reconstructing the underlying interaction protocol of the blockchain, Modern is able to realize the direct on-chain operation of mobile devices, and realize synchronous information exchange by temporarily using 10% of the computing base of mobile devices. At the same time, participants can contribute mobile device storage space for distributed storage.

Modern is researched and developed by Modern Lab, an independent blockchain laboratory in Canada. It aims to explore the application scenarios and possibilities of blockchain +5G. Through global mobile devices, real-time blockchain data exchange can be realized without rearrangement of nodes, so as to improve the running speed of blockchain and reduce the GAS cost of blockchain.

As early as 2018, Modern Lab was approved by the Blockchain Research Association of Canada to carry out research on 5G+ blockchain technologies. After years of development and research,  it has achieved initial results. According to Olivier Roussy Newton, the head of the MODERN team and the co-founder, MODERN simplifies the complexity of the blockchain system, allowing every mobile device to connect to the MODERN blockchain network through the mobile Internet, and perform some simple but very simple Important encryption tasks or distributed storage tasks to establish a new distributed mobile network application and data interchange platform.In other words, compared to the traditional POW/POS consensus algorithm, the POD consensus algorithm allows mobile device users to participate in the operation of the blockchain network with the lowest resource or energy consumption, and obtain certain rewards from it.

Taking into account the current rapid development of global mobile devices and 5G networks, MODERN may be able to form a huge consensus network based on billions of mobile device links. If all this is true, MODERN will subvert the entire blockchain application market . We will also continue to follow up the report for you. 

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