Blockchain is still growing and as it appears, it is not affected by the volatility of the crypto market. The decentralized Ethereum-compatible network, SKALE Network, has completed a $17.1 million funding round for mainnet launch. The Network is backed by United States-based SKALE Labs and the Liechtenstein’s Node Foundation. According to the latest press release, it has more than 40 investors spread out in Japan, the US, Korea, European Union, Singapore, and Hong Kong.
The new financing round comprised of major industry investors that include Hashed, HashKey, Arrington XRP, Multicoin Capital, Blockchange, Recruit Holdings, Winklevoss Capital, and ConsenSys Labs.
In 2018, the network raised $9.65 million. The SKALE Network is an entirely opensource, permissionless, peer-to-peer network that is operated using the SKALE utility token as previously reported. It is supported by SKALE Validator Nodes and staked by decentralized applications (DApps).
This network was unveiled in October 2018, after SKALE Labs raised the $9.65 million in funding for launching the initiative. During that time, SCALE Labs said that SKALE will be the initial implementation of the Ethereum Virtual Machine (EVM) on a Plasma chain.
What It Entails
Allegedly, the SCALE Network is expected to support developers through enabling easily provision of highly configurable virtualized chains with immediate compatibility with Ethereum blockchain.
The press release states that SCALE Chains can execute sub-second block times. Also, it is expected to run more than 2,000 transactions per second on each chain. It is designed to run full-state smart contracts together with decentralized storage, and machine learning in EVM.
In August this year, SKALE Labs announced the launch of its Fuji DevNet. The Fuji DevNet is a decentralized network that is managed and operated by a global community of validators that include Bison Trails, Figment Networks, Blockware, Certus.One, Stake X, Chorus One, Dokia, Staked, StakewithUs, and Hashed.
