Skale Labs, a blockchain decentralized app (dApp) startup, announced that it has managed to raise almost $10 million to create a blockchain scalability infrastructure for the ethereum network.
The raised funds will go towards establishing the Skale Network, “a fully permissionless, opensource, peer-2-peer (P2P) network,” as well as the non-profit Skale Foundation that will be committed to the network. The two will function similar to the ethereum network and foundation, where the latter supports the first.
Skale has built an infrastructure, permitting the acceleration of dApps, implementing ethereum’s smart contract technology. Jack O’Holleran, CEO of Skale Labs, claimed that the main goal of the project is to aid ethereum dApp developers in application scaling.
“It takes a deep understanding of math and cryptography to build a secure scaling platform. We are fortunate to have such a talented team of engineers with cryptography, physics, and informatics backgrounds. We are looking forward to bringing this Network to market in a fully open-source, P2P manner.”
WHY IS IT IMPORTANT?
- App scalability, the ability for a network to handle the growing amount of apps, is a serious issue since the market for apps and dApps is growing, a means to accommodate this growth is required.
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