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Lum Network to Impact Businesses With Its $4M Private Sale Round

Lum Network to Impact Businesses With Its $4M Private Sale Round Market News
  • Lum Network disclose it has raised a $4 million Private Sale round.
  • Lum in partnership with Skeepers providing businesses trusted reviews by timestamping them.
  • They will also help these firms by immutably storing the reviews on the Lum Network blockchain.

Decentralized platform providing review services, Lum reports it has raised a $4 million private sale round together with some key players in the crypto space. Primarily, Lum is based on the Cosmos SDK and Tendermint consensus model.

Lum Network is a decentralized review system that helps consumers make the right, informed choice for their products. Of note, Lum is the evolution of Sandblock, a project founded in 2017 by Sarah-Diane Eck and Fabrice Bascoulergue. Developed in collaboration with SaaS company Skeepers, Lum Network is based on Tendermint and the Cosmos SDK, aiming to use IBC to support and collaborate with the Cosmos ecosystem.

Furthermore, the just-concluded funding round includes Cosmos ecosystem participants such as Peng Zhong, CEO of Tendermint. As well as other contributors to Osmosis, Cosmos, and Tendermint like Cosmostation, SG-1, Stakefish, and Sentinel.

Additionally, Arcanum Capital, Klub and Ki Foundation, SwissBorg, successful entrepreneurs such as Owen Simonin, CEO of Just Mining, and Djamel Agaoua, CEO of major instant messaging platform Viber all took part in the round.

In partnership with Skeepers, Lum is constructing an on-chain review system that would enable businesses to offer trusted reviews by timestamping them and immutably storing them on the Lum Network blockchain.

Since Lum Network has become the backbone of Skeepers technical infrastructure, users can be rest assured that they will be rewarded transparently and fairly for creating content and engaging with brands, the team says.

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, co-founder of Lum Network states the mission of Lum,

We think the time has come for more mainstream uses of blockchain that would impact the real world. Since we started in 2016, the space has matured tremendously. 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. We are very proud to build this in the Cosmos ecosystem, which I consider one of the most promising blockchain ecosystems.

Peng Zeng, CEO of Tendermint remarks that enabling accessibility to blockchain for a wider audience to benefit has been a key priority for him and his work at 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, General Partner at Arcanum Capital also commented, declaring that Arcanum Capital is proud to support Lum Network, a Tendermint-powered protocol bringing an innovative way to leverage incentives to bring trust to one of the most used products today, reviews. Similarly, he believes this will be an excellent addition to the COSMOS ecosystem and will benefit hugely from IBC (Inter-blockchain communication).

Moreover, on the Lum network, reviewers, authors will be rewarded the LUM native token according to the quality of their content. Lum can help businesses paint a more realistic picture of their consumer satisfaction metrics.

Meanwhile, new potential clients can accurately evaluate the quality of the products by using a unique incentive model where the quality of the reviews, rather than the review sentiment itself, are monetarily incentivized.

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