Seoul, South Korea, July 21st, 2023, Chainwire
Superblock, a contributor to Over Protocol, has raised $8 million from prominent companies and VCs in South Korea across two funding rounds. Investors included SK, Netmarble, DSC, E&Investment, Schmidt, SpringCamp, and NaverZ.
Ben (Jae-Yun) Kim, the founder of Superblock, said: “We are deeply diving into the South Korea market with the best local partners and looking to meet global partners accelerating us all over the world.”
As layer 1 blockchains have become faster and more established over time, the costs of bootstrapping and maintaining nodes have become increasingly expensive. As a consequence, blockchain applications have become challenging to operate without the use of costly equipment.
Over Protocol is a new layer 1 blockchain based on a protocol named “Ethanos” that only considers active accounts valid, enabling full nodes to discard obsolete data and operate with less storage, thus allowing for reduced storage requirements. With Over, anyone will be able to run a node and become a validator on their PCs at home. Ethanos has been published at EuroSys’21.
“With the ability for anyone to run a validator, .individuals can earn $over through a process called home staking, enabling them to embrace a new lifestyle with new payment options, enhanced credit, and innovative finance opportunities,” Ben added.
About Superblock
Superblock builds products, tools, and decentralized applications to flourish the Over Protocol. Over Protocol is a truly decentralized layer 1 blockchain providing lightweight full nodes.
A blockchain is a decentralized digital ledger that records transactions across many computers. It ensures that the recorded transactions cannot be altered retroactively, providing security and transparency.
Venture capital is a form of private equity financing that is provided to startups and small businesses with long-term growth potential. Investors provide capital in exchange for equity ownership.
Home staking is a process that allows individuals to participate in blockchain networks by validating transactions from their personal computers, earning rewards in the form of cryptocurrency.
A full node is a computer that fully validates transactions and blocks in a blockchain network. It helps maintain the network's integrity by ensuring that all rules are followed.
A crypto wallet is a digital tool that allows users to store, send, and receive cryptocurrencies. It can be software-based or hardware-based, providing varying levels of security.
Explore more articles in the Investing category
