Truffle Raises $3 Million to Expand Operations; Spins-off from ConsenSys
In an exclusive reveal to Forbes, April 29, 2019, Truffle announced it is spinning off from ConsenSys and has raised money to expand into enterprise-grade solutions. Following the spin-off, Joseph Lubin will join as a board member.
Bringing Blockchain to the Corporate World
When the Truffle Suite first launched, it was meant to solve a pain point for Ethereum developers that spent a large portion of their time deploying on the Ethereum Virtual Machine (EVM). Truffle Suite, which has been a star on ConsenSys’ belt will now be spun off to provide enterprise-grade solutions for smart contract deployment.
With the pubic Ethereum blockchain already being leveraged by the likes of JP Morgan, whose permissioned blockchain is a fork of Ethereum, the Depository Trust & Clearing Corporation (DTCC) is also shifting to the Ethereum ledger.
DTCC is planning to move significant amounts of their data onto AxCore, a proprietary blockchain from Goldman Sachs, by utilizing their Ethereum-based blockchain along with JP Morgan backed Axoni. Truffle announced that it is integrating with AxCore to provide easy smart contract deployment and development capabilities. They are scheduled to start processing $10 million worth of transactions for the DTCC’s Trade Information Warehouse.
While this doesn’t mean these entities will be using the Ethereum cryptocurrency, it does mean large projects will now be more likely than ever to build on the Ethereum blockchain.
Enterprise Solutions and Smart Contracts
The potential for smart contracts in business dealings is widely known, with the only things missing for companies to adopt this method being functioning enterprise-grade services and regulatory certainty. While the former is still some time away, many projects are focusing their efforts toward providing solutions that target companies.
Truffle is a well-known integrator and can reduce smart contract deployment time without compromising the quality of the contract. As reported by BTCManager, developers on Ethereum were mass-adopting Truffle as a testing framework. This was because, amongst several other features, developers can rely on Truffle for network management in the implementation of smart contracts over public and private networks.
These functions make a world of difference in a corporate setting where actionable use case takes precedence over everything else. Further, with an industry stalwart like Joseph Lubin to guide the company on its expansion, there is no doubt that Truffle can become a successful enterprise-grade development tool.