Ethereum-Compatible Skale Network Raises $17.1M for Mainnet Launch

The Skale Network, decentralized Ethereum-compatible network, has completed a $17.1 million funding round for mainnet launch.

Backed by the Liechtenstein's Node Foundation and United States-based Skale Labs, the network now has over 40 investors in the U.S., European Union, Japan, Korea, Hong Kong and Singapore, according to a press release shared with Cointelegraph on Oct. 1.

9.65 million raised for the network in 2018.

As previously reported, the network is a fully permissionless, open source, peer-to-peer network that is run using the Skale utility token staked by decentralized applications and supported by validator nodes.

The network was announced in October 2018, when Skale Labs raised $9.65 million in funding for launching the initiative.

At the time, the firm stated that Skale will be the first implementation of the Ethereum Virtual Machine on a Plasma chain.

The Skale Network is reportedly expected to enable developers easily provision highly configurable virtualized chains with instant compatibility with Ethereum blockchain.

According to the press release, Skale Chains can execute sub-second block times, run over 2,000 transactions per second on every chain, and run full-state smart contracts in addition to decentralized storage, and machine learning in EVM. In August 2019, Skale Labs announced the launch of its Fuji DevNet, a decentralized DevNet that is run by a global community of validators including Blockware, Certus.