Superblock raises $8 million for ‘Over Protocol,’ a layer 1 blockchain
Seoul, South Korea, July 21, 2023, Chainwire
Superblock, a contributor to Over Protocol, has raised $8 million from companies and venture capitals (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 Korean 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 reducing storage requirements.
With Over, anyone can run a node and become a validator on their PCs at home. Ethanos has been published at EuroSys’21.
Kim added:
“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.”
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.
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Superblock
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