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 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.
"With the ability for anyone to run a validator, individuals can earn potentially passive income 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.
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.