Alephium, Pre-sold For $3.6M — To Expand Sharded UTXO Platform

The simple but efficient sharding-based blockchain, Alephium, has pre-sold for over $3.6 million of tokens. According to the announcement, it was pre-sold to major funds and a large number of small buyers — totalling 76 contributions.

Alphemy Capital led the pre-sale, along with White Paper Capital and Archery Blockchain. The announcement mentioned that a significant share of the contribution was funded by individuals with 76% contributing less than $50,000 while 91% providing less than $100,000. More so, over half of the purchasers were, in fact, Swiss residents.

To note, Alephium is powered by the unique BlockFlow sharding architecture, which is based on dynamic UTXO transactions. Its native single-step cross-shard transactions allow Alephium to be as efficient as a single-chain blockchain, while spreading the transaction load between nodes. More so, Alephium’s secure smart contract and novel VM designs leverage a UTXO execution model that can be considered as a whole new dApps programming paradigm. Ideally, this can be used for performance-oriented and secure DeFi. 

Cheng Wang, Co-founder of Alephium, stated in the announcement,

After over 3 years focussed exclusively on research and development, we are proud and humbled by the success of the pre-sale achieved without any marketing or active online presence. It is rewarding to see the interest raised by our technology, and we are excited to have this pre-sale kick-off the expansion of the Alephium blockchain and create the grounds for a broader community.

Currently, Alephium uses a modified version of Proof of Work called Proof of Less Work or PoLW. This is an innovative combination of token economics and physical work that dynamically adjusts the work required in mining blocks—ensuring a reduced energy footprint compared to the classic Nakamoto PoW mining.

Alchemy Capital also mentioned that “Blockchain technologies need to address scalability and energy consumption issues to reach mass adoption. Alephium proposes a unique approach to sharding and smart contracts on the Bitcoin technology stack while tackling energy concerns with its Proof of Less Work algorithm. It is a really promising project in the sharding blockchain domain and we look forward to seeing how it will develop.”

Furthermore, the announcement also emphasized that Alphemy Capital is exclusively focusing on technologies that will establish the global economy’s infrastructure—particularly those with secure decentralization—and provide sustainable growth for the entire web ecosystem in the future.

Source: https://coinquora.com/alephium-pre-sold-for-3-6m-to-expand-sharded-utxo-platform/