Alephium Raises $3.6 Million
Alephium, a simple and efficient sharding-based blockchain, has pre-sold over $3.6 million tokens to several major funds and a large number of small buyers who provided over 76 contributions in total.
The pre-sale was led by Alphemy Capital, with participation from White Paper Capital and Archery Blockchain. A significant portion of the presale was funded by individuals, with 76% providing less than $50,000 and 91% less than $100,000. Over half of the purchasers were Swiss residents.
The Alephium blockchain is powered by the unique BlockFlow sharding architecture, based on UTXO transactions. Native single-step cross-shard transactions ensure that Alephium is as efficient as a single-chain blockchain while spreading the transaction load between nodes.
Alephium’s secure smart contract and novel VM designs leverage a UTXO execution model that can truly be considered as a whole new paradigm in dApps programming that can be ideally used for performance-oriented and secure DeFi.
The Alephium team is currently using a modified version of Proof of Work dubbed Proof of Less Work. PoLW uses a clever combination of physical work and token economics to dynamically adjust the work required to mine new blocks, ensuring a reduced energy footprint compared to classic Nakamoto PoW mining.
Cheng Wang, a co-founder of Alephium, said of the presale:
“After over three years focussed (sic) exclusively on research and development, we are proud and humbled by the success of the presale achieved without any marketing or active online presence. It is rewarding to see the interest raised by our technology, and we are excited to have this presale kick off the expansion of the Alephium blockchain and create the grounds for a broader community.”
Alphemy Capital focuses exclusively on technologies that will constitute the fundamental infrastructure of the global economy, particularly those which safeguard decentralization to the benefit and for the sustainable growth of the future web ecosystem.
Commenting on Alephium’s sharding process, Alphemy Capital said:
“Blockchain technologies need to address scalability and energy consumption issues to reach mass adoption. Alephium proposes a unique approach to sharding and smart contracts on the Bitcoin technology stack while tackling energy concerns with its Proof of Less Work algorithm. It is a really promising project in the sharding blockchain domain and we look forward to seeing how it will develop.”
Alephium is the first operational sharded blockchain bringing versatility, scalability, and energy efficiency to Bitcoin’s proven core technologies while offering better performance and secure smart contracts. Alephium also focuses on usability and accessibility, making it the perfect platform to support decentralized applications and open protocols.