Seoul, South Korea, July 21st, 2023, Chainwire
Superblock, a contributor to Over Protocol, has raised $8 million from prominent companies and VCs 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, said: “We are deeply diving into the South Korea market with the best local partners and looking to meet global partners accelerating us all over the world.”
As layer 1 blockchains have become faster and more established over time, the costs of bootstrapping and maintaining nodes have become increasingly expensive. As a consequence, blockchain applications have become challenging to operate without the use of costly equipment.
Over Protocol is a new layer 1 blockchain based on a protocol named “Ethanos” that only considers active accounts valid, enabling full nodes to discard obsolete data and operate with less storage, thus allowing for reduced storage requirements. With Over, anyone will be able to run a node and become a validator on their PCs at home. Ethanos has been published at EuroSys’21.
“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 added.
Superblock builds products, tools, and decentralized applications to flourish the Over Protocol. Over Protocol is a truly decentralized layer 1 blockchain providing lightweight full nodes.