VRRB Labs Solves Blockchain Trilemma with Proprietary ‘Proof of Claim’ Algorithm
- VRRB Labs has raised $1.4 million in pre-seed funding to support its development of an innovative blockchain.
- VRRB’s technology leverages a unique Proof of Claim consensus algorithm to achieve speed and scalability.
- The seed funding will enable the company to further scale its development and marketing teams and build out an educational program for developers interested in building on VRRB’s platform.
VRRB Labs Raises Pre-Seed Funding
VRRB Labs (“VRRB”), a decentralized protocol that combines speed, scalability, and decentralization without sacrificing security, today announced that it has raised $1.4 million in pre-seed funding to support its development of an innovative blockchain. Investors in VRRB include Jump Crypto, Taureon, and Big Brain Holdings (“Big Brain”).
Proof of Claim Algorithm
Despite the incredible advancements of blockchain technology, even the most sophisticated blockchain networks still fall victim to the blockchain trilemma, unable to achieve scalability, security, and decentralization simultaneously. To overcome this challenge, VRRB leverages a unique “Proof of Claim” consensus algorithm which achieves unmatched speed and scale both vertically and horizontally. Additionally, VRRB implements a novel approach to smart contract DevOps and execution. The VRRB smart contract platform isolates each smart contract in its own containerized runtime with its own micro virtual machine built for specific programs deployed on the network. This provides developers with flexibility when building composable smart contracts on a language agnostic platform.
Funding Goals
The $1.4 million seed funding will enable the company to further scale its development and marketing teams as well as build out an educational program targeted towards developers looking to build user-friendly applications on VRRB’s platform. This is intended to address two core headwinds: lack of developer incentives for creating Web3 applications as well as low Web3 developer numbers documented by Electric Capital 2022 Web3 Developer Report (10,000 full-time web3 developers & 30,000 monthly active web3 developers).
Founder Statement
Andrew Smith – Founder of VRRB said: “The crypto industry keeps asking where the next billion users will come from but they’re putting the cart before the horse. Before mass adoption we need more developers who can help design & deliver next generation apps.”