(September 22, 2022) We are pleased to announce we have secured a $12.5 million investment commitment from GEM Digital to launch our technology publicly and to support the development of the Beyond Protocol ecosystem. We are excited to lay out our plans for mainnet publicly.
Late last year, we roadmapped mainnet for Q3 of this year. At the beginning of this year, we detailed what mainnet meant for us: it was going to be mainstream, building on top of our work to-date solving authentic, burning needs of high-profile parties to spread the good news about our breakthrough technology. Our objective was to attract as many developers as possible to start hacking and tinkering, writing the first lines of code for apps we can't yet imagine. In order to achieve this goal, we mentioned our plan to onboard resources ahead of mainnet, allowing us to transition from proof-of-concept phase to growth phase.
Shortly after we released our vision for mainnet, as macroeconomic conditions soured, the industry went through a series of challenges which resulted in the onset of a "winter." With capital rapidly retreating, conversation about early-stage projects turned existential: would they survive? In our case, we mentioned not only did we have the resources and willpower to survive the winter; we were hoping to stay as true to our roadmap as possible.
In our weekly AMA series, around two months ago, we began to open each session with a breakdown of where we stood relative to mainnet. We detailed the decision points which governed when it would launch: i. onboarding an institutional partner to fund our vision ii. technical readiness as it related to integrations with Tendermint/Ignite and Cosmos SDK (both of which have advanced significantly over the past year) and iii. the philosophy of product launch timing (this factor is less pragmatic and less prioritized than the former two). Most recently, we mentioned our plan would be comprehensive, allowing folks to get their hands on our tech as soon as possible to start building, while also providing for a comprehensive launch of the network, which would include the addition of new partners and tier-1 CEX listings.
With the release of our plans today, we are excited to begin the work scaling Beyond Protocol. Our technology is unique in that it can solve burning problems now. In the months ahead, we're looking forward to growing our community and, together, to begin building the fabric of the new world.
