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The SKALE Network, an elastic, modular network of blockchains, has raised a total of $17.1 million, which includes a contribution from SKALE Labs and a global financing round which included top investors from Korea, Hong Kong, Japan, Europe, and the United States.
According to a press release shared with TokenPost, Arrington XRP Capital, Blockchange, ConsenSys Labs, Hashed, HashKey, Multicoin Capital, and Recruit Holdings participated in the funding round.
The SKALE Network whitepaper defines SKALE as “a high-throughput, low-latency, configurable byzantine fault tolerant sidechain network for the Ethereum blockchain. Or, in short, an ‘Elastic Sidechain Network’.”
The objective is to eliminate unnecessary complexity, allowing developers to speed up their dApps (decentralized apps) and smart contracts in no time with essentially no additional coding.
Supported by the Liechtenstein-based Node Foundation, and SKALE Labs, which supports the network’s growth and mission, the SKALE Network allows developers to easily provision highly configurable blockchain with instant compatibility with Ethereum – all this without compromising on computation, storage, or security. With SKALE, dApps can deploy their own blockchain and can configure it to suit their business requirements.
“SKALE Chains can execute sub-second block times, run over 2,000 tps on every chain, and run full-state smart contracts in addition to decentralized storage, and machine learning in EVM,” the release said.
With this latest funding, SKALE Labs said it will continue to grow the SKALE Network with a primary focus on the long-term growth of its Proof-of-Stake (PoS) network, and bring to fruition its planned mainnet launch.
Jack O’Holleran, CEO of SKALE Labs, explained that PoS networks need global distribution of ownership to provide a strong, secure, decentralized foundation to the network as well as an array of investors rather than centralization of ownership.
“SKALE’s recent financing round brings the total number of VCs and prominent angels to over 40 investors spanning the US, EU, China, Japan, Korea, Hong Kong, and Singapore. This will yield over 750 Nodes live at Network Launch which can support up to 6,000 independent SKALE Chains,” he said.
Michael Arrington, the founder of TechCrunch and Arrington XRP Capital, noted that SKALE’s modular technology will help address a wide range of critical blockchain scaling needs.
“SKALE is built for the multi-blockchain world of the future and has the capacity to run smart-contract-based economies. It is a powerful asset in the Ethereum ecosystem,” Arrington added.
To ensure the SKALE Network is decentralized and open, SKALE Labs said that it has transferred all non-equity funding to the Node Foundation. The Node Foundation is supported by a decentralized set of Network Representatives which are comprised of dApp Developers who run SKALE Chains, Validators who run SKALE Nodes, Independents such as investors that helped kickstart the network economics, and developers/representatives that actively build, maintain, and evolve the codebase.
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