U2U Network - a DAG-based and EVM-compatible chain focused on providing infinite scalability solutions and decentralization on demand, has raised $10M, Trung Trang - the founder of U2U Network, recently shared.
U2U Network technology has caught the attention of a network of enthusiasts and angel investors, including successful business owners in Web2 who believe in the vision of U2U. Among those enthusiastic about the U2U Network is Prof. Augustine Hà Tôn Vinh, a Presidential Special Assistant in the first Reagan-Bush administration and well-known economic development strategies expert with 30 years in over 20 Asian-Pacific and European. “Prof. Vinh has supported U2U Network since its early days through his presence at every milestone celebration event of U2U”, Trung Trang mentioned.
Contributing to the total of $10M funding, here are the VC names that the project is proud to mention: TimeGroup, Maxx Capital, U2Venture, etc. This indicates the belief of various VCs in the potential of U2U Network as well as the future of the Asia market, even in severe market conditions.
Besides technology, one of the key elements that helped the project secure this funding amount is its Team. U2U Network has a strong core team, which is made up of former employees from Kardiachain, Google, and Infina - very few YC-backed startups in Vietnam.
This funding amount also acts as a new motivation to support the Team in perfecting its Mainnet called Solaris. The network is now at the Mainnet stage with the proven performance of its technology - Helios Consensus, the backbone of the U2U Network that offers up to 72,000 TPS at launch (a peak of 500,000 TPS with sharding enabled on their development network stress-test), 650 ms transaction finality, and aBFT consensus quadruple protection layers dPOS, PoET, PoR, and TEE. Multi-sharing Mechanism, Subnets technology, and OstracismVM are on the roadmap to be launched in this quarter and in 2024, as informed on their website.
Trung Trang is very proud to mention the Subnet platform that they are building.
“While others are building general-purpose networks, U2U Network focuses more on real-world applications by addressing its 2 main problems: scaling bottleneck and incompatibility with legacy systems. U2U Subnet’s uniqueness lies in its ability to offer Infinite Scalability and Decentralization on Demand (DoD) services, which make it a powerful tool for crafting tailored, user-centric solutions.”
According to Trung Trang, the firm raised capital to not only gain the right strategic partner but also expand its presence in the global market by welcoming more Dapps on its chain. Recently, joining the Enterprise Ethereum Alliance (EEA) as a spotlight member is one of the crucial steps the network took to unblock the resources of developers, innovators, and adopters to their network. EEA is a respected alliance that gathers top-notch experts and leaders of pioneering enterprises in the industry.
While the whole blockchain industry seems to be defrosting within the new flickering signs of an uptrend, U2U Network is also contributing to warming up this exciting atmosphere with its optimistic voyage. After witnessing the Mainnet deployment and other buzzing milestones, it will be truly worth waiting to see how U2U Network continues to bloom later this year and into 2024.
About U2U Network
U2U Network is a DAG-based and EVM-compatible chain focused on providing infinite scalability and decentralization on demand. U2U Network is committed to delivering robust solutions for real-world applications and aspires to be the one-stop solution for enterprise-level needs.
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