In a significant move for decentralized computing, the DePIN project known as Blockless has successfully raised $8 million in its pre-seed and seed funding rounds. This milestone marks a pivotal moment for Blockless, which is focused on providing robust computing power support in the rapidly evolving landscape of Web3 technologies.
Blockless stands out as a project within the Decentralized Infrastructure Network (DePIN), a new wave of technology that aims to bring decentralization, user-ownership, and data sovereignty to various industries. The DePIN model is characterized by its geographically dispersed, physical nodes that collectively verify and transfer data using consensus algorithms. This setup not only enhances network reliability and security but also promotes a trustless, intermediary-free data exchange environment.
The recent funding rounds signify a strong vote of confidence from investors who see the potential of Blockless to contribute significantly to the DePIN ecosystem. With the raised capital, Blockless plans to launch its testnet in the upcoming weeks, followed by the mainnet and the introduction of its native BLESS token in Q3.
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Co-founder Butian Li has expressed optimism about the future of Blockless, emphasizing the project’s commitment to rebuilding public faith in blockchain technology after the collapse of various crypto exchanges. The project’s success in these early-stage funding rounds is a testament to the growing interest in decentralized solutions that offer more than just cryptocurrency transactions.
Blockless’s approach to decentralization extends beyond the typical server-based architectures, eliminating the need for central intermediaries and enabling a more resilient and secure network. The project’s innovative use of self-executing smart contracts allows for automatic execution of network protocols, ensuring that data is stored, analyzed, and transmitted in a distributed and automated manner.
In a recent turn of events, the blockchain gaming platform Gala Games faced a significant security breach that resulted in the unauthorized minting of 5 billion GALA tokens, valued at approximately $200 million. This incident has brought to light the vulnerabilities within the digital asset space and the importance of robust security protocols.
The exploit was a sophisticated attack on Gala Games’ smart contract infrastructure, which allowed the hacker to mint the tokens and sell them, causing a temporary dip in the token’s market value. However, the swift response from Gala Games, including securing their contracts and open communication with their community, has been commendable. The company’s proactive measures, such as the migration to V2 tokens that offer more control over blacklisting wallets and unauthorized mints, have been crucial in damage control.
Moreover, the support from DWF Labs, a Gala Games partner, through the acquisition of 28 million tokens from the open market, has aided in stabilizing the token’s value and facilitating recovery efforts. A significant portion of the stolen funds was also returned by the hacker, leading to an 11% price surge and helping restore GALA’s value following the hack-induced decline.
This incident underscores the need for continuous enhancement of security protocols and collaboration with the crypto community and law enforcement to safeguard against such exploits. It also highlights the resilience of blockchain companies in facing challenges and implementing swift recovery strategies.
The Gala Games exploit serves as a reminder of the ongoing risks in the crypto space and the necessity for constant vigilance and improvement in security measures to protect stakeholders and maintain trust in the burgeoning blockchain gaming sector.
As the DePIN concept continues to gain traction, projects like Blockless are at the forefront of this technological revolution, paving the way for a more decentralized and user-centric internet. The successful funding rounds are just the beginning for Blockless, as it sets its sights on contributing to a more secure, efficient, and decentralized future for computing power support.