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[1:05 AM · Nov 9, 2024] – Pharos Network, an innovative deep-parallel Layer-1 blockchain, has announced the successful closure of an $8 million seed funding round led by Legend Star. This investment will propel the development of Pharos's high-speed, scalable, and decentralized network, designed to empower a new generation of Web3 applications.
Pharos is building a full-stack parallel execution environment, pushing the boundaries of blockchain performance and enabling a future where billions of users can seamlessly interact with decentralized applications. The network boasts impressive features, including 1-second finality, significantly reduced storage costs compared to existing solutions, and enhanced security through its AsyncBFT consensus mechanism.
Key Features and Advantages of Pharos Network:
- Deep Parallelism: Pharos's innovative architecture maximizes parallel processing across all layers of the blockchain, from transaction execution to data storage and consensus. This results in unprecedented throughput and speed, capable of handling 2 gigagas per second.
- EVM Compatibility: Developers familiar with Ethereum can easily migrate their dApps to Pharos, leveraging existing toolchains and benefiting from the network's enhanced performance and lower costs.
- Reduced Storage Costs: Pharos Store, the network's native storage solution, offers up to 80% cost reduction compared to traditional blockchain storage, making it significantly more efficient and affordable.
- Enhanced Security: Pharos employs AsyncBFT consensus, a cutting-edge mechanism that ensures both high throughput and robust security, guaranteeing 1-second finality for transactions.
- Scalability: Designed to support billions of user accounts, Pharos is built for global adoption and aims to provide a Web2-like user experience in the decentralized world.
- Unified Account System: Pharos offers a unified account system across multiple virtual machines, enabling seamless interoperability and simplifying cross-chain interactions.
- Modular and Extensible: The network's modular design and support for Special Processing Networks (SPNs) allow for customized extensions and integrations, fostering a vibrant ecosystem of applications and services.
- Restaking Integration: Pharos integrates with restaking protocols like Babylon and EigenLayer, enhancing security and liquidity while enabling the efficient utilization of validator resources.
Use Cases Powering the Future of Web3:
Pharos Network is poised to revolutionize various Web3 sectors, including:
- Decentralized Finance (DeFi): Enabling fully on-chain Central Limit Order Book (CLOB) DEXs with CEX-like performance, advanced order types, and low fees.
- Real-Time Payments: Facilitating seamless and efficient payments with 1-second finality, minimal costs, and global accessibility.
- Real-World Assets (RWAs): Supporting institutional-grade RWA tokenization with zkDID attestation and robust on/off-chain credit systems.
- Decentralized Physical Infrastructure (DePIN): Transforming DePIN with high-speed transactions, efficient resource sharing, and support for diverse programming languages.
- Multi-VM Interoperability: Enabling seamless interaction between dApps running on different virtual machines, fostering a unified and interconnected Web3 ecosystem.
About Pharos Network:
Pharos Network is a deep-parallel Layer-1 blockchain designed to deliver high-speed, scalable, and secure infrastructure for the next generation of Web3 applications. By combining innovative technologies like AsyncBFT consensus, Pharos Store, and a modular architecture, Pharos aims to empower developers and users to unlock the full potential of decentralized technology.
Looking Ahead:
The Pharos team is currently focused on expanding its ecosystem, fostering partnerships, and continuing to refine its technology. With the successful completion of its seed round, Pharos is well-positioned to deliver on its ambitious vision and become a leading force in the evolution of the decentralized web.
Compiled by CMO Intern team
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