It is always a good time to build and develop in the blockchain industry, regardless of crypto market conditions. The recently established Venom Futures Fund has made a crucial contribution to Everscale. With their help, Everscale’s team aims to tackle lingering issues hindering Web3 growth.
Streamlining Web3 Infrastructure With Everscale
There has been a lot of talk about decentralizing the internet and Web3. Neither of these concepts exists today due to a lack of scaling infrastructure. However, that doesn’t mean the vision of a decentralized world wide web can’t come to fruition. Everscale is one of the many projects trying to bring that vision one step closer to reality.
At its core, the Everscale technology stack offers various tools and benefits to developers. With the help of infinite sharding, it can adjust its overall performance based on network demand. More importantly, that shift in performance will not negatively affect transaction times or processing fees, ensuring a smooth operation for all users and builders.
In addition, Everscale is a potential solution for projects looking to expand their ecosystem. That applies to both enterprise-grade ventures and other blockchains seeking cross-chain opportunities. Venom Futures Fund Chairman Peter Knez acknowledges the Venom blockchain ecosystem is on the cusp of expanding and actively considers Everscale as a suitable Layer-2 solution. As a result, the team ofs of Venom and Everscale will collaborate on their shared vision of bringing blockchain into the world of business use cases.
To date, Everscale has expanded its reach across the Asian continent. Its technology has become more commonplace in Asian countries, enabling ongoing community growth. As Web3 technology is a big hit in Asia – primarily due to its user empowerment opportunities – it is essential to focus on improving the technology’s viability.
Venom Ventures Fund Commits $5 Million
The vision by Everscale has attracted a fair bit of investor attention. Venom Futures Fund, an initiative dedicated to Web3 and blockchain innovation, commits a $5 million investment to the project. That financial injection will help Everscale’s team to attract more talent and boost the number of overall projects. Per the agreement with Venom Futures Fund, funds will be released in stages based on progress and cooperation milestones.
Everscale Foundation Board Member Moon Young Lee adds:
“This is a milestone for both the Everscale and Venom networks. The technological capabilities of Everscale are immense but they have been underappreciated by a wider audience. Now, Everscale will be able to operate as an experimental network where updates and complex technical solutions can be introduced before they are brought to Venom. This investment will allow Everscale to gain the recognition that it deserves.”
The support of the first regulated blockchain (Venom) is a big boon for Everscale. In addition, Venom’s ecosystem is regulated and licensed to issue utility tokens. Moreover, it can support an unlimited number of auxiliary networks at the Layer-2 level. Multiple initiatives will be explored with the help of Everscale, including digital asset tokenization, establishing a framework for central bank digital currencies and stablecoins, and crypto-focused payment solutions.
