- Pocket Network has closed a $10 million strategic spherical led by Republic Capital, RockTree Capital, Arrington Capital, and C² Ventures.
- The challenge offers node infrastructure for Web3 purposes throughout totally different blockchains.
- The staff said that the funding will probably be used to additional develop its decentralized node community.
Share this text
Pocket Network has closed a strategic funding spherical led by Republic Capital, RockTree Capital, Arrington Capital, and C² Ventures.
Pocket Network Closes Private Sale
Pocket Network has raised $10 million in funding.
The blockchain infrastructure project acquired the funding in a strategic non-public sale led by Republic Capital, RockTree Capital, Arrington Capital, and C² Ventures. Other contributors included Coinshares, Decentral Park Capital, and Dominance Ventures.
In a Thursday press launch, the staff reported that it could use the newly-raised capital to fund growth on its community. It will even be used to develop its operations into the Asia-Pacific area.
Pocket Network hosts 1000’s of blockchain nodes to present decentralized computing for Web3 purposes. It offers a approach for dApps on greater than 20 blockchains to entry its node companies through an Application Programming Interface. Supported blockchains embrace Ethereum, Algorand, Binance Smart Chain, Solana, Polygon, xDai, and Harmony.
Commenting on the increase, RockTree Capital CEO Omer Ozden shared his insights on the challenge’s promise. He mentioned:
“Many exchanges and dApps are nonetheless reliant at this time on Web2 centralized cloud computing and internet hosting suppliers, which might trigger pricey outages after they go down. RockTree believes Pocket Network is essential infrastructure for the Web3 revolution that gives true decentralization and fixed uptime for a multi-chain blockchain future.”
In current months, Pocket Network has seen rising adoption amongst blockchains trying to meet their decentralized computing necessities. Since July, Pocket Network’s utilization has greater than doubled each month. In December 2021 alone, Pocket claims to have served 5.5 billion API calls due to rising demand for multi-chain infrastructure, with month-to-month income totaling $56 million.
Projects corresponding to Pocket Network assist blockchains decentralize their operations as dependence on centralized companies can lead to main issues. In November 2020, for example, the node infrastructure supplier Infura, which is constructed on Amazon Web Services, brought about points on Ethereum when it suffered an outage.
Rather than utilizing Amazon Web Services or different centralized cloud platforms, Pocket Network hosts a community of impartial nodes, thus eradicating a single level of failure. In the decentralized middleware area of interest, Pocket competes with others like Alchemy, Quiknode, and AVADO.
Michael Arrington, the founding father of Arrington Capital, mentioned his staff was “excited to help Pocket Network in its mission to incentivize Layer 1 decentralization.” He added that Pocket was “essential to enhancing the long-term robustness and anti-fragility of your entire crypto ecosystem.”
Pocket Network at the moment contains 18,000 full nodes operated by impartial suppliers. The suppliers are incentivized by Pocket’s native token, POKT. Pocket says it desires to develop its community to embrace tons of of 1000’s of full nodes within the subsequent 5 years. If it meets its goal, that might imply it might course of trillions of API calls per day.
Disclosure: At the time of writing, the creator of this piece owned ETH, SOL and a number of other different cryptocurrencies.
Infura Outage Sparks Debate Over Ethereum’s Decentralization
This morning’s Infura outage has highlighted some of Ethereum’s most widely-discussed flaws, reigniting discussions around the true meaning of decentralization. Why Infura’s Outage Was a Problem Infura is one of…
Bitcoin Lightning Nodes Double In Three Months
Shortly after the anniversary of its beta launch, the Lightning Network reached 4,000 nodes, suggesting more adoption for Bitcoin’s second layer.
Decentralization: The Big Problem For Blockchain
Decentralization is one of the buzzwords of blockchain technology: companies and web sites have sprung up that include this word as part of their name. Decentralization has been touted as…