[Blockchain Today Reporter Jang Myung-gwan] Solana-based Web 3.0 incentive infrastructure ‘UncleMine’ announced on the 2nd that it had raised $3 million in a recent funding round.
Fenbushi Capital, HashKey Capital, Continue Capital, LongHash Ventures, GBV, A&T Capital and Kenetic Capital participated in this fundraising.
Founded in June 2021, Unclemine aims to apply arbitrary computing power to the smart contract blockchain using zero knowledge-proof technology.
Computing power is a fundamental resource for building blockchain and Web 3.0 applications, including different hash rates, verifiable storage, bandwidth, and computing resources. These resources cannot join the decentralized financial ecosystem due to various technical difficulties and are difficult to be included in the new open economy as they are difficult to circulate.
The Unclemine Network helps to transfer this computing power in a verifiable and transparent way. Unclemine technology will allow computing power owners to verify resources via untrusted networks, and store zero-knowledge proofs in on-chain smart contracts for third parties to verify or integrate.
The project is supported and incentivized through the native token UM. In addition, it adopts a decentralized autonomous organizational structure and grants community governance rights through the release of UM tokens and NFTs (non-fungible tokens). The new funds will be used to develop Uncle Mine products, strengthen marketing momentum, and drive new hires.
Regarding this, an Uncle Mine official said, “The alpha version of our network is scheduled to be released in December 2021, and the UM token creation event is scheduled for January 2022.”
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