The launch of Blockchain Skale Labs has raised about $ 10 million in an attempt to develop a blockchain scalability infrastructure for ethereum, the company announced on Thursday.
The startup said in a press release that it had raised $ 8.86 million in a simple sale of Futures Contracts (SAFT) led by Multicoin Capital, plus $ 785,000 collected at the start of this year.
Galaxy Digital, Aspect Ventures, Blockchange Ventures, Boost.VC, Canaan Venture Partners, Floodgate Fund, Hack.VC, Neo Global Capital and Signia Venture Partners also participated in the sale.
The company intends to launch an open source open source blockchain aimed at providing developers of decentralized ethereum applications with a new base platform on which to build.
In particular, Skale intends to launch the first implementation of the Ethereum Virtual Machine on a Plasma chain – a move that would help developers at all, giving them a level 2 platform on which to execute smart contracts.
The use of Skale's network will allow dapps to conduct "millions of transactions per second at a fraction of the cost of what is possible today," the release states.
Jack O & # 39; Holleran, co-founder and CEO of Skale Labs, said in a statement that "helping the developers of Ethereum at scale is the center of what we do".
"We are strongly focused on making Layer 2 easy, fast, secure and economical for anyone who wants to run smart contracts on Ethereum … We are not looking forward to bringing this network to the market in a completely open source environment, [peer-to-peer] manner. "
The startup plans to set up its live testnet by the end of 2018 and to activate its main network in the next year. A foundation will also be launched to support the network, similar to the Ethereum Foundation and its work supporting the main Ethereum network.
"Skale is uniquely positioned to dominate Layer 2 on Ethereum," said Multicoin Capital managing partner Kyle Samani, adding that it is "the best choice for Ethereum to counter competition from other smart platforms."
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