Alephium Raises $3.6M in Pre-sale to Expand its Sharded UTXO Blockchain Platform
Alephium, which is an efferent sharding-based blockchain, has been able to raise $3.6 million in a pre-sale of its tokens to almost 80 separate buyers. Many large investors participated in the offer, and smaller investors also bought tokens in the pre-sale.
The fresh capital will support development at Alephium, which is developing novel Sharded UTXO Blockchain technology.
Alphemy Capital led the pre-sale, and both White Paper Capital and Archery Blockchain participated. The tokens were predominately bought by smaller buyers, with 91% of the buyers contributing less than $100,000.
Cheng Wang, the Co-founder of Alephium, commented
“After over 3 years focussed exclusively on research and development, we are proud and humbled by the success of the pre-sale achieved without any marketing or active online presence…It is rewarding to see the interest raised by our technology and we are excited to have this pre-sale kick-off the expansion of the Alephium blockchain and create the grounds for a broader community.”
Alephium is creating a blockchain that uses sharding technology called BlockFlow. It is based on stateful UTXO transactions.
According to a press release from the company,
“Native single-step cross-shard transactions ensure that Alephium is as efficient as a single-chain blockchain while still spreading the transaction load between different nodes.
Alephium’s secure smart contract and novel VM designs leverage a UTXO execution model that can truly be considered as a whole new dApps programming paradigm which can be ideally used for performance-oriented and secure DeFI.”
Alephium Moves Forward With its Platform
While many companies are working with Proof-of-Stake (PoS) blockchains, Alephium is working with a modified Proof-of-Work blockchain that is calls Proof-of-Less Work (PoLW) that uses physical work and tokenomics together to adjust the work needed to create blocks.
Alphemy Capital commented,
“We focus exclusively on technologies that will constitute the fundamental infrastructure of the global economy, particularly those which safeguard decentralization to the benefit and for the sustainable growth of the future web ecosystem…Blockchain technologies need to address scalability and energy consumption issues in order to reach mass adoption. Alephium proposes a unique approach to sharding and smart contracts on the Bitcoin technology stack while tackling energy concerns with its Proof of Less Work algorithm. It is the most promising project in the sharding blockchain domain we’ve encountered”
Indeed, the issue of energy use is a hot-button topic at the moment. Many blockchain platforms are working on ways to drop the amount of energy that is used to create new blocks, or move away from the classical PoW mining model.
More Coming From Alephium
As the first operational sharded blockchain, Alephium is well placed to grow into a market leader for any developer that sees promise in PoLW block mining.
The company supports the development of numerous next-generation features, like DeFi, NFT, decentralized identities, data market, messengers, and IoT, among others.
While Bitcoin has been extremely popular, it’s level of energy usage has become problematic, especially as it has become more prominent in the financial space.
Not only does this negatively impact its public image, it also means that the network needs access to substantial amount of power to keep operational. Clearly, a blockchain that uses less energy is a positive thing.
Sharded UTXO Blockchain technology is a niche development space, but sharding is one of the only ways that blockchain can scale to a global system that will allow millions of transactions to happen in short amounts of time.
To learn more about Alephium, and Sharded UTXO Blockchain technology, please click here to visit its website. As the platform grows, there will likely be more token sales coming, which may be interesting to investors.
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Text source: Blockonomi
