Quai, an EVM-compatible Layer 1 blockchain supported by Polychain, successfully raises $5 million in a strategic funding round.
Quai Network, a programmable proof-of-work layer-1 blockchain, has announced plans to accelerate its network development following a successful $5 million funding round. The funds, raised in a strategic round backed by investors such as Cogitent Ventures, MH Ventures, TPC Ventures, Giga Chad Ventures, and DexCheck Ventures, bring the total amount raised by Quai Network to $15 million.
The fresh capital will be utilised to expand engineering teams, enhance developer relations, support research and development, and invest in community engagement programs. This financial support aims to strengthen Quai Network’s technical capabilities and foster ecosystem growth.
Quai Network's latest development includes the launch of its Mainnet-compatible Devnet in 2024, which includes workshares, UTXO transactions, and dynamic sharding. The Devnet provides developers with the tooling and infrastructure required to build on Quai Network.
Quai Network's unique hierarchical structure transforms scalability and security, eliminating the need to prioritise one over the other. This is achieved through its novel proof-of-expression-of-mining (PoEM) consensus mechanism, which prevents forks and enables faster transaction confirmations by eliminating excessive validation calculations.
The blockchain also supports a multi-chain architecture with merged mining and built-in cross-chain interoperability, allowing seamless asset and data transfers across chains and improving network scalability and security. Quai Network leverages Proof-of-Work as a unique oracle for real-world energy costs.
These advancements have strengthened Quai's position as a leader in creating a highly scalable and secure decentralized ecosystem, as per Alan Orwick, Co-Founder of Quai. He also mentioned that Quai Network is planning to intensify research and development efforts and invest in community engagement initiatives.
Sayantan Mitra, PhD, General Partner at Cogitent Ventures, commented on the investment, "Quai Network's hierarchical structure transforms scalability and security, eliminating the need to prioritize one over the other."
With these advancements and a solid financial backing, Quai Network is well-positioned to continue its growth and support its scalable, high-throughput blockchain platform.
- With the funds raised from strategic investors, Quai Network will invest in community engagement programs to foster a robust business ecosystem.
- The blockchain's unique hierarchical structure, combined with advancements in technology like its PoEM consensus mechanism, aims to enhance news about the network's scalability and security.
- Quai Network's plans for intensified research and development, as well as the integration of multi-chain architecture and merged mining, indicate a strong focus on investing in innovative technology for the future of business and finance.
