Skale Network
Skale Network Raises $17.1 M for Mainnet Launch
October 2, 2019
Skale Network
Skale Network Raises $17.1 M for Mainnet Launch
October 2, 2019

The Skale Network, a decentralized Ethereum-compatible network, has completed a $17.1 million funding round for its mainnet launch.

Solid global support

On October 1, it has been reported by a news release that Liechtenstein’s Node Foundation and United States-based Skale Labs, the network now has over 40 investors in the U.S., European Union, Japan, Korea, Hong Kong, and Singapore.

The new financing round featured major industry investors includes Arrington XRP, ConsenSys Labs, Winklevoss Capital, Multicoin Capital, Blockchange, Hashed, HashKey, and Recruit Holdings.

$9.65 million raised in 2018

As earlier reported, the network is a fully permissionless, open-source, peer-to-peer network that is using the Skale utility token staked by decentralized applications and supported by validator nodes.

However, the network was announced in October 2018 that Skale Labs raised $9.65 million in funding for launching the initiative. At the time, the firm declared that Skale will be the first implementation of the Ethereum Virtual Machine (EVM) on a Plasma chain.

The Skale Network is reportedly expected to authorize the developers to easily provision highly configurable virtualized chains that enjoy instant compatibility with the Ethereum blockchain.

It has been reported that according to the news release, Skale Chains can execute sub-second block times, run over 2,000 transactions per second on every chain, and run full-state smart contracts in addition to decentralized storage, and machine learning in EVM.

ALSO READ :  When Blockchain Meets Big Data

Thus, in August 2019, Skale Labs announced that the launch of its Fuji DevNet, a decentralized DevNet which is run by a global community of validators include Blockware, Certus.One, Chorus One, Dokia, Figment Networks, Hashed, Staked, StakewithUs, and Stake X, as well as Bison Trails.

Source: Cointelegraph, Cision PR Newswire, and Fintech Finance


 

Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

A Brief Overview On Wrapped Token

A Brief Overview On Wrapped Token

A wrapped token is an ERC-20 token with a value identical to another asset that it represents, either through a smart contract or by being backed one-to-one with the underlying asset. It is an asset hosted on the...

Blockchain in the Tourism Industry

Blockchain in the Tourism Industry

Tourism can be defined as traveling to a place that is different from your home city or country for various leisure or business purposes, and staying there for some considerable period of time at a length. It becomes...

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
Share This

Share This

Share this post with your friends!