A blockchain project named Quai, which is compatible with Ethereum Virtual Machine (EVM), achieves a strategic funding round of $5 million, backed by Polychain.

A blockchain project named Quai, which is compatible with Ethereum Virtual Machine (EVM), achieves a strategic funding round of $5 million, backed by Polychain.

Quai Network, a programmable proof-of-work Layer-1 blockchain, has recently strengthened its position as a leader in creating a highly scalable and secure decentralized ecosystem. The network, designed to serve as a new global monetary system, has made significant strides in refining protocol-level scalability enhancements and supporting fast, low-cost transactions.

The recent funding round saw Quai Network raise $5 million from Cogitent Ventures, MH Ventures, TPC Ventures, Giga Chad Ventures, and DexCheck Ventures. This fresh capital will be used to accelerate the development of the network, intensify research and development efforts, and boost ecosystem growth by expanding the team, particularly in engineering and developer relations.

Quai Network's unique architecture prioritizes both scalability and security, ensuring neither trait is compromised. The network's hierarchical structure, combined with innovative infrastructure approaches such as the DoubleZero protocol, improves network performance, bandwidth, and latency for validators and developers.

One of the key features of Quai Network is its programmable proof-of-work, which sets it apart from traditional proof-of-work blockchains. This feature allows developers to build and deploy decentralized applications and smart contracts on the platform, enhancing its flexibility and scalability.

Quai Network's Devnet, recently launched, provides developers with the necessary tooling and infrastructure. The Devnet is the first to include workshares, UTXO transactions, and dynamic sharding, paving the way for the development of a new generation of blockchain applications.

In addition to its focus on scalability and programmability, Quai Network is also introducing a decentralised energy dollar powered by its programmable proof-of-work blockchain. The network leverages Proof-of-Work as a unique oracle for real-world energy costs and enables seamless, trustless interactions across multiple chains.

Quai Network's General Partner, Sayantan Mitra, PhD, from Cogitent Ventures, expressed his confidence in the network's potential, stating, "Quai Network's architecture is uniquely positioned to blend the security of proof-of-work consensus with the flexibility and scalability needed for a new generation of blockchain applications, targeting global usage and monetary system functionality."

Co-Founder of Quai, Alan Orwick, also made statements about the network's plans for community engagement initiatives, further emphasising Quai Network's commitment to its growing ecosystem.

With this latest funding round, Quai Network's total funds raised now stand at $15 million, following previous fundraisings of $10 million from Polychain Capital and Alumni Ventures. As Quai Network continues to grow and evolve, it is poised to become a leading player in the decentralized ecosystem.

1. Quai Network, with its recent $5 million funding, aims to use the funds to boost its ecosystem growth by expanding the team, particularly in engineering and developer relations, thereby fostering a stronger community of contributors.
2. As Quai Network's total funds raised now stand at $15 million after the latest round, the convergence of finance, technology, and community news suggests an exciting future for the network as a key player in the decentralized ecosystem, with potential for significant investments in developing applications and smart contracts.

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