Lum Network to Impact Businesses With Its $4M Private Sale Round -Breaking
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Lum Network Impacts Businesses with Its 4M Private Sales Round- Lum Network has announced a private sale round of $4 million.
- Lum partners with Skeepers to provide businesses trustworthy reviews through timestamping.
- These firms will be able to store the Lum Network reviews immutably, which is a great help.
Lum, a decentralized platform that provides review services reports having raised $4 million in private sales with key crypto players. Lum is built on Tendermint and Cosmos SDK.
Lum Network, a distributed review system that helps customers make an informed decision about products, is called the Lum Network. Lum, which is the evolution from Sandblock was founded by Sarah-Diane Eck in 2017. Fabrice Bascoulergue also created it. Lum Network was developed in collaboration with SaaS firm Skeepers. It is built on Tendermint, the Cosmos SDK and aims to use IBC for support and collaboration within the Cosmos ecosystem.
The Cosmos ecosystem participants, such as Peng Zhong (CEO of Tendermint), were also included in the recently concluded funding round. Aside from other contributors Osmosis, Cosmos and Tendermint including Sentinel, SG-1, Stakefish and Sentinel.
The round also included Arcanum Capital and Klub, Ki Foundation and SwissBorg. It was attended by successful entrepreneurs like Owen Simonin (CEO of Just Mining) and Djamel Agaoua (CEO of Viber), a major instant messaging platform.
Lum has partnered with Skeepers to create an on-chain system for reviewing businesses. This would allow them to give trusted reviews, timestamping and immutably saving them on Lum Network’s blockchain.
Lum Network, which has now become the core of Skeepers’ technical infrastructure, allows users to rest easy knowing that they will be fairly rewarded for their content creation and engagement with brands.
With over 30 million reviews collected yearly and 100+ million unique users reached, Skeepers is a leading group in customer engagement specialized in User Generated Content (UGC), such as rating & reviews, influencers.
Sarah-Diane Eck is co-founder Lum Network. She explains the Lum mission.
The time is right for blockchain to be mainstreamed and have an impact on the real world. This space has advanced tremendously since our inception in 2016. Now, we’re ready to launch a large-scale use case that will directly impact consumers’ lives by adding value to the content they produce. This is a great accomplishment in Cosmos, which I believe to be one of the best blockchain ecosystems.
Peng Zeng (CEO of Tendermint) says that providing blockchain access for wider audiences has been a top priority for Tendermint. He further says that he is excited to support Lum Network in their efforts to impact consumers’ lives through positive user experience which he highly values owing to his background in interactive design.
James McDowall from Arcanum Capital, General Partner also made comments, declaring Arcanum Capital proud to support Lum Network. The protocol is powered by Tendermint and offers innovative incentives that can be leveraged to increase trust. He also believes it will make a great addition to COSMOS’ ecosystem. It will reap the benefits of IBC (Interblockchain communications).
Lum also allows reviewers to reward authors with the LUM native token depending on how high their content is. Lum helps businesses see a better picture of customer satisfaction.
The unique incentive model, where reviews are more important than sentiment, allows potential customers to evaluate the product quality.
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