Blockchain venture Quai, which is EVM-compatible and supported by Polychain, raises $5 million in strategic funding round.
Quai Network, an innovative blockchain platform, has announced a $5 million fundraising round aimed at transforming Proof-of-Work (PoW) blockchains into energy-efficient, highly scalable, and securely interconnected platforms.
The mission of Quai Network is to build a global-scale infrastructure that achieves exceptional energy efficiency and security, all while delivering impressive transaction throughput. This is achieved through the merged mining of three synchronized chains: Prime, Region, and Zone, enabling a single computation to process multiple transactions simultaneously. This approach greatly increases transaction throughput while reducing energy use dramatically [1].
One of the key objectives of this fundraising round is to optimize PoW to achieve 10,000x better energy efficiency per transaction compared to Bitcoin, making blockchain transactions environmentally sustainable without compromising security guarantees [1].
Another focus is the creation of natural, trustless cross-chain bridges via coincident blocks, which arise automatically from the triple-chain mining process. This enables seamless interoperability between chains without the need for additional infrastructure [1].
Quai Network also plans to leverage dynamic sharding and programmable features to scale throughput massively while maintaining decentralization and security [1].
In addition to these technical advancements, Quai Network is addressing issues in the crypto ecosystem related to centralization, particularly around stablecoins. The platform aims to provide a decentralized infrastructure that supports a global scale of operations and programmable use cases [2][3].
Quai Network is currently intensifying research and development efforts, with a particular focus on expanding its engineering and developer relations teams. The fresh capital raised will be used to accelerate the development of the network [4].
Quai Network's Devnet offers developers the necessary tooling and infrastructure for building on the network. Notably, Quai Network's Devnet is the first to feature workshares, UTXO transactions, and dynamic sharding [5].
Recently, Quai Network launched its Mainnet-compatible Devnet, which supports fast, low-cost transactions and seamless, trustless interactions across multiple chains. This launch marks a significant step forward in Quai Network's mission to revolutionize PoW blockchains [6].
Quai Network is also investing in community engagement initiatives, aiming to foster a vibrant and innovative ecosystem around its platform.
In a statement, Alan Orwick, Co-Founder of Quai, highlighted the company's advancements in protocol-level scalability enhancements and the use of PoW as a unique oracle for real-world energy costs. He also mentioned that Quai Network is introducing a decentralized energy dollar powered by its programmable proof-of-work blockchain [7].
With these advancements, Quai Network has allegedly strengthened its position as a leader in creating a highly scalable and secure decentralized ecosystem. Sayantan Mitra, PhD, General Partner at Cogitent Ventures, praised Quai Network's hierarchical structure, stating that it improves scalability and security without prioritizing one over the other [8].
Quai Network has previously raised $10 million from Polychain Capital and Alumni Ventures, bringing the total raised to $15 million. With this latest funding round, Quai Network is well-positioned to lead the way in transforming the future of PoW blockchains.
[1] Quai Network Official Announcement [2] Quai Network Whitepaper [3] Quai Network Blog Post [4] Quai Network Job Postings [5] Quai Network Devnet Documentation [6] Quai Network Mainnet-compatible Devnet Launch Announcement [7] Quai Network Co-Founder Interview [8] Cogitent Ventures Blog Post
The Quai Network is not only investing in technical advancements to optimize Proof-of-Work for greater energy efficiency, but also aimed at fostering a vibrant and innovative community around its platform. This community-centric approach could potentially lead to significant growth in the news cycle of the blockchain sector.
Furthermore, Quai Network's plans to introduce a decentralized energy dollar and explore opportunities in stablecoins could open opportunities for investments in the finance and investing sectors, given the potential for disruptive technology in these areas.
