Alephium Raises $3.6 Million in Pre-Sale to Grow Energy-Efficient, Sharded Blockchain Platform
High-performance sharding-based blockchain Alephium today announced it had pre-sold tokens worth more than $3.6 million to several major funds and a large number of small buyers involving over 76 contributions in total.
Alephium Concludes $3.6 Million Pre-Sale
Notably, the pre-sale was led by Alphemy Capital and witnessed participation from White Paper Capital and Archery Blockchain. A considerable portion of the pre-sale was funded by individuals where more than 76% of contributors provided less than $50,000 while 91% provided less than $100,000.
Further, more than 50% of the participants were Swiss residents, the announcement reads.
For the uninitiated, the Alephium blockchain is based on BlockFlow’s unique sharding infrastructure that leverages stateful UTXO transactions.
Further, native single-step cross-shard transactions ensure that Alephium is as efficient as a single-chain blockchain while at the same time also spreads the transaction load between nodes.
Specifically, Alephium’s secure smart contract and innovative VM designs benefit from a UTXO execution model that is promising enough to be considered a new dApps programming paradigm. The model can effectively be used to foster performance-oriented and secure DeFi.
At present, the Alephium team is using a modified version of Proof of Work (PoW) called Proof of Less Work (PoLW).
Unlike Bitcoin’s PoW consensus algorithm, PoLW uses a smartly thought combination of physical work and token economics to dynamically adjust the work required to mine new blocks. This ensures a vastly reduced carbon footprint compared to Satoshi’s Nakamoto PoW method.
Commenting, Cheng Wang, Co-founder of Alephium, noted:
“After over 3 years focussed exclusively on research and development, we are proud and humbled by the success of the pre-sale achieved without any marketing or active online presence. It is rewarding to see the interest raised by our technology, and we are excited to have this pre-sale kick-off the expansion of the Alephium blockchain and create the grounds for a broader community.”
As for Alphemy Capital, the firm focuses exclusively on innovative technologies that hold the potential to play a key role in the fundamental infrastructure of the global economy. Specifically, technologies that ensure sufficient decentralization to the benefit and for the sustainable growth of tomorrow’s web ecosystem.
Alphemy Capital said:
“Blockchain technologies need to address scalability and energy consumption issues to reach mass adoption. Alephium proposes a unique approach to sharding and smart contracts on the Bitcoin technology stack while tackling energy concerns with its Proof of Less Work algorithm. It is a really promising project in the sharding blockchain domain and we look forward to seeing how it will develop.”
