Strategic round and its participants
The Quai Network blockchain team has successfully completed a strategic round of investment, receiving $5 million. Cogitent Ventures, MH Ventures, TPC Ventures, Giga Chad Ventures, and DexCheck Ventures participated in the funding. The total amount of funds raised for the project now stands at $15 million.
Targeted use of investments
The funds will be used to expand and support Quai Network’s full-time staff, including project and infrastructure teams. In addition, the investment will be used to implement programmes aimed at attracting a new audience and increasing the activity of network users.
Features of Quai Network technology
Quai Network is an EVM-compliant first-tier blockchain network based on the Proof-of-Entropy-Minima (PoEM) consensus mechanism. Thanks to this mechanism, the network can provide a theoretical throughput of up to 50,000 transactions per second (TPS).
New developments at Quai Network
On 14 August 2024, the Quai Network team announced the launch of a mainnet-compatible development environment. The updated environment includes an SDK, a built-in wallet, UTXO transactions, and dynamic sharding. These innovations are aimed at improving the interaction between networks and providing fast and inexpensive transactions.
Source of information and photo: texasblockchain.