- Superblock raises $8M for Over Protocol, its new layer 1 protocol.
- The seed funding round was made twice from industry giants and VCs in South Korea.
- The funding will transform the blockchain industry with the introduction of lightweight nodes.
- Over Protocol is built on Ethanos, an efficient account-based blockchain protocol.
Superblock, a Korean-based contributor of Over Protocol, has secured $8M in two seed funding rounds. Top industry giants and prominent companies in South Korea, like SK, Netmarble, DSC Schmidt, Naver, SpringCamp, and E&Investment, participated in the recent seed funding round.
The founder of Superblock, Ben Kim (Jae Yun), said,
“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.”
A local media outlet in South Korea shared that Super Block acquired 9 billion won in the latest seed funding round.
A Korean Investor from Netmarble, who participated in the investment round, said, “Superblock is a developer that creates a differentiated mainnet, and we decided to invest in it because we judged that it has sufficient competitiveness in the global blockchain market.”
The Korean-based blockchain company released a press release announcing its plan to transform Over Protocol, a layer 1 blockchain, by focusing on lightweight nodes.
Over Protocol is a new layer 1 blockchain built on a protocol named Ethanos.
Ethanos is a unique protocol that counts only active accounts as valid. It utilizes less storage and ensures full nodes discard obsolete data. Ethanos is an account-based blockchain efficient for bootstrapping full nodes. It is an alternative solution to facilitate fast transactions by optimizing transactions from active accounts only. Ethanos allows anyone to run their full node on their PCs without mishap.
With Over Protocol running on Ethanos, anyone can become a validator running full nodes on their PCs at home.
Over Protocol is a convenient and cost-efficient option for operating blockchain applications. As the cost of node maintenance and blockchain equipment increases, Over Protocol is an affordable option for users interested in convenience while accessing the necessary features.
Over Protocol is creating lightweight nodes powered by Ethanos that anyone can access and run without bending their backs.
“With the ability for anyone to run a validator, individuals can earn potentially passive income through a process called home staking, enabling them to embrace a new lifestyle with new payment options, enhanced credit, and innovative finance opportunities,” Ben Kim, Superblock’s founder, said.
To achieve the successful launch and use of Over Protocol, Superblock plans to hire skilled personnel to aid in building the Over Network wallet, scan, and bridge features.
The Korean-based blockchain company plans to launch Over Protocol this year while supporting blockchain-friendly products that comply with the guidelines of Token Securities.
“Blockchain technology is getting closer to real life as guidelines for token securities (STO) come out. As the number of people using blockchain increases, the security of the network will become more important, so we plan to provide a more secure network environment based on lightweight node technology,” Ben Kim added.
