Superblock Raises $8M for Over Protocol: A Lightweight Layer 1 Blockchain

Von | 22. Juli 2023

• Superblock, a contributor to Over Protocol, has raised $8 million from prominent companies and VCs in South Korea.
• Over Protocol is a new layer 1 blockchain based on a protocol called “Ethanos” which only considers active accounts valid.
• This enables full nodes to discard obsolete data and operate with less storage which allows for reduced storage requirements.

Superblock Raises $8M for Over Protocol

Superblock, a contributor to Over Protocol, has successfully raised $8 million from various companies and venture capitalist firms 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 expressed his excitement saying: “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.”

What is Over Protocol?

Over Protocol is a new layer 1 blockchain based on a protocol named “Ethanos” that only considers active accounts valid. This enables full nodes to discard obsolete data and operate with less storage which allows for reduced storage requirements. With this protocol anyone can run their own node at home as well as become a validator without having to pay expensive costs for it. Ethanos was published at EuroSys’21.

Benefits of Home Staking

As people will be able to run their own node at home without having high costs involved they also have the opportunity to earn passive income through something called home staking process; allowing them to embrace a new lifestyle with new payment options such as improved credit scores or even greater access to financial services due to proof of identity being stored within decentralised ledgers instead of relying on third parties such as banks or governments.

Why Was It Created?

Layer 1 blockchains have become faster and more established over time however this also means that the costs of bootstrapping and maintaining nodes have become increasingly expensive making it difficult for blockchain applications without costly equipment involved . That’s why Over Protocol was created – in order for people not having access or funds available do still be able use it .

Conclusion

In conclusion , Superblock’s goal is both giving everyone access regardless of finances while allowing them make money off it by running their own node with minimal cost , all while providing an efficient service through its newly developed layer 1 blockchain system .