SKALE Labs Raised $10 Million To Solve Problem Of Ethereum Scaling
The SKALE Labs startup received almost $10 million investment to solve the problem of the Ethereum network scalability, according to the press release.
The team managed to raise funds by selling Simple Agreements for Future Tokens (SAFT). The first seed round brought the project $785,000 investment, and during the recently completed second round of funding, led by an American company Multicoin Capital, the startup received $8.86 million.
The SKALE Network infrastructure will accelerate the work of Ethereum-based applications. Developers will get the base for creating dApps upon the Ethereum mainnet. The advantage of the new platform is that smart contracts will operate in the second layer at high speed and for a lower fee, according to the startup's website. When using the solution by SKALE, developers will be able to conduct millions of transactions in a second, the team notes.
The project will launch the network test version for a limited number of users by the end of 2018. The full release of the mainnet, whitepaper, and the SKALE Network roadmap is scheduled for 2019.
Also, part of the received funds will be used to establish the SKALE Foundation, a non-profit organization for supporting the SKALE network — similarly to the Ethereum foundation.
Previously, we explained how the Ethereum network operates.
Hard fork of the Ethereum is expected soon, following which the system of rewarding miners, code execution, information storage, and much more will be changed.
Recently, developers have postponed the testing of the updated Constantinople code, since they detected a bug.