Team Skale Labs raised $10 million to improve the scalability of Ethereum

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Team Skale Labs raised $10 million to improve the scalability of Ethereum

Skale startup Labs was able to attract almost $10 million on upgrading the blockchain-Ethereum network. According to CoinDesk, funds in the amount of $8.9 million were attracted under the scheme of SAFT (Simple Agreement for Future Tokens). The team Skale Labs had already announced the investment of $785 000.

In the current round took part Galaxy Digital, Aspect Ventures, Blockchange Ventures, Boost.VC, Canaan Venture Partners, Floodgate Fund, Hack.VC Neo Global Capital and Signia Venture Partners.

Received means the startup will use to run the blockchain network with open source. Users of this platform based on the blockchain, Ethereum will be able to develop decentralized applications.

The ultimate goal Skale Labs will create a virtual machine Ethereum (EVM) and network-based Plasma. Thus will greatly improves the scalability of the entire blockchain of ether, and transaction speed in its network could reach several million per second.

General Director Skale Labs Jack O Holleran said that the scale of Ethereum is one of his most important tasks. He added:

We are focused on how to make a two-layer network is fast, secure and cost-effective for those who want to run smart contracts on the Ethereum blockchain.

The test network will be launched before the end of this year, and its transition to the normal mode is planned for next year. Parallel startup will create a command like the Ethereum Foundation, that will serve operations in the new network.

Earlier it was reported that he Buterin suggested to use the network capabilities of the zcash for cryptocurrency to improve the scalability of blockchain Ethereum.

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