- The fourth quarter last year saw a $45 Million Series A round being closed through a token sale.
- The Hybrid Computing Platform is designed to address Ethereum’s computational issues.
Ethereum Boba Network revealed that it recently closed a Series A funding round with a total of $45 Million raised during the fourth quarter of 2021. The hybrid computing platform saw broad participation with contributions from various investors, such as Infinite Capital, Crypto.com, Kinetic Capital, Huobi, Hack VC, BitMart, Will Smith, Keisuke Honda?, and Paris Hilton. With this successful fundraising, Boba’s market value was estimated at $1.5 Billion, pushing them into the ranks of unicorns in the crypto space.
The funds raised were used for the token sale in order to complete the acquisition, although the details were not disclosed. When the sale completed, the BOBA token was sold at a higher price than the current market price of $1.75, showing how bullish the market conditions were at the time.
Boba Network runs on the Optimism (another Ethereum l2) codebase, but it has some distinct features like a community fraud detector and inter-chain communication. The l2 solution also launched its BOBA governance token last September. The network plans to use part of the funds to implement more functions for dApps as they evolve into a decentralized autonomous organization.
Reducing Ethereum’s Computational Complexity
The CEO of Boba Network, Alan Chiu, noted the need to address the scalability issues of Ethereum from the perspective of computational complexity. According to Chiu, although Ethereum was able to increase its transaction rate and speed, it still could not solve the mainnet’s computational limitations.
“Everyone is focused on making Ethereum faster and cheaper, but there is an additional dimension to scalability – computational complexity,” Chiu commented.
Boba Network aims to address these issues through its Hybrid Compute protocol, which will enable developers to utilize more complex machine learning algorithms on the chain. This protocol provides users with the ability to do off-chain machine-learning and have the results transferred back to their smart contracts atomically.
In addition to making technical improvements to the network, l2 also plans to double its developer count to 30 by the end of 2021.
