Nearly 80 venture capital funds and angel investors participated in the pre-sale of Alephium
Contents
- $3.6 million raised by Alephium
- Fragmented UTXO Expansion: What is the Evidence for Work Reduction?
Alephium, a unique blockchain built on a hybrid consensus model, completes its presale with a guaranteed total of $3,600,000. The round was powered by a heavyweight VC heavyweight clutch.
$3.6 million raised by Alephium
According to the official announcement posted on social media, the bitcoin-like block platform Alephium completes its presale by raising $3,600,000.
Alephium, the first operational blockchain to take advantage of the proven Bitcoin core technologies, has already sold over $3.6 million in tokens to several major funds and a large number of small buyers, with over 80 contributions. https://t.co/CD884P97yx
– Alephium September 9, 2021
The pre-sale round was led by VC veterans Alphhemy Capital, while White Paper Capital and Archery Blockchain were also involved in the financing.
Team representatives emphasized that a significant portion of the funds raised come from individuals. To a large extent, angel investors were in Alfium of Swiss residence.
Cheng Wang, co-founder of Alephium, explains that his project focuses on technology rather than online marketing and promotion:
After more than 3 years focusing exclusively on research and development, we are proud and humbled by the success of presale achieved without any marketing or active online presence. It is rewarding to see the interest that our technology has generated, and we are excited that this pre-sale will begin to expand the Alephium blockchain and create the foundations for a broader community.
Fragmented UTXO Expansion: What is the Evidence for Work Reduction?
Alphemy Capital representatives are passionate about the vision and ideology behind Alephium. They are sure that the project can address the major bottlenecks of modern distributed systems:
Blockchain technologies need to address scalability and energy consumption issues to reach mass adoption. Alephium is proposing a unique approach to hashing and smart contracts on the Bitcoin technology stack while addressing energy concerns through its least-provided proof-of-work algorithm. It’s a really promising project in the blockchain hash space and we look forward to seeing how it develops.
Alephium uses a unique BlockFlow split architecture based on the UTXO model. Thus, it brings hashing to the Bitcoin-like blockchain and makes it suitable for DeFi deployment.
In essence, Alephium uses a modified version of the Proof of Work (PoW) algorithm called Least Proof of Work. It combines the benefits of the PoW consensus with the token guarantees of the integrity of the blockchain.