Seoul, South Korea, July 21, 2023, Chainwire
Superblock, contributor to Above protocol, raised $8 million from top-tier corporate and venture capital firms in South Korea over 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 diving deep into the South Korean market with the best local partners and seeking to meet global partners who accelerate us all over the world.”
As layer 1 blockchains have become faster and more established over time, the costs of seeding and maintaining nodes have become higher and higher. As a result, blockchain applications have become difficult to operate without the use of expensive equipment.
Over Protocol is a new Layer 1 blockchain based on a protocol named “Ethanos” that only considers active accounts as valid, allowing full nodes to delete stale data and operate with less storage, thereby reducing storage requirements. With Over, anyone will be able to run a node and become a validator on their home PC. Ethanos was released at EuroSys’21.
“With the ability for anyone to manage a validator, individuals can earn potentially passive income through a process called home staking, empowering them to embrace a new lifestyle with new payment options, improved credit, and innovative financing opportunities,” Ben added.
About the superblock
Superblock creates decentralized products, tools, and applications to make the Over Protocol thrive. Over Protocol is a truly decentralized layer 1 blockchain providing lightweight full nodes.