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• Blockless, a DePIN project, secured $8 million in pre-seed and seed funding rounds.
• The project aims to launch its testnet in the coming weeks and its mainnet with the native BLESS token in Q3.
• Key investors include NGC Ventures, M31 Capital, and Frachtis.

Blockless Secures $8 Million in Early-Stage Funding for Computing Power Support Network

Blockless, a decentralized physical infrastructure network (DePIN) project focused on providing computing power support, has successfully raised $8 million through pre-seed and seed funding rounds. This financial boost is aimed at accelerating the project’s development and deployment plans, which include the upcoming launch of its testnet and the anticipated mainnet along with the native BLESS token in Q3 2023.

Funding Rounds and Investors

The pre-seed round, which closed in March 2022 but was disclosed only recently, was led by NGC Ventures, raising $3 million. The subsequent seed round, co-led by M31 Capital and Frachtis, added $5 million to the project’s coffers. Frachtis is a new fund created by Xavier Meegan, the Chief Investment Officer of the staking firm Chorus One. Other notable investors participating in these rounds included No Limit Holdings, MH Ventures, Interop Ventures, and Plassa Capital.

Project Vision and Mechanics

Blockless is designed to enable users to automatically provide computing power to applications through its network. Unlike traditional setups that require users to run special nodes or download software, Blockless leverages a WebAssembly (WASM) application framework. This framework features a ‘nestled node’ embedded within applications, allowing users to contribute compute resources simply by opening an application.

Co-founder Butian Li, formerly an investor at NGC Ventures, explained the project’s inspiration as a “matchmaking service.” Similar to how Uber connects drivers with passengers, Blockless aims to link applications with users to meet their computational power needs. Users contributing resources are rewarded by both the applications and Blockless itself.

Development and Future Plans

Blockless was founded in 2022 by a team of industry veterans, including Butian Li, Derek Anderson (formerly of Akash Network), Michael Chen (formerly of Binance), and Liam Zhang (formerly a researcher at New York University). The team’s collective expertise spans various aspects of blockchain technology and decentralized networks.

The funds raised will be utilized to bring the Blockless vision to fruition, starting with the launch of its testnet in the coming weeks. Following this, the mainnet and the native BLESS token are slated for release in the third quarter of 2023. The project’s innovative approach to providing decentralized computing power aims to attract a broad user base and drive significant interest from developers seeking efficient and scalable solutions for their applications.

Market Dynamics and Strategic Positioning

Blockless’s approach is set to position it as a competitive player in the DePIN landscape, addressing the growing demand for decentralized infrastructure solutions. By offering a seamless way for users to contribute computing power, Blockless taps into the broader trend of leveraging decentralized resources to support scalable and efficient application deployment.

Moreover, the involvement of prominent investors and the structured funding rounds, including a simple agreement for future equity (SAFE) with token warrants in a 1:1 ratio, highlight the project’s strong financial backing and strategic planning. This structured approach ensures that Blockless is well-positioned to navigate the competitive landscape and achieve its developmental milestones.

Conclusion

Blockless’s recent funding success underscores the growing interest and confidence in decentralized infrastructure projects. With its innovative approach and robust development plans, Blockless aims to revolutionize the way computing power is distributed and utilized across applications. As the project progresses towards its mainnet launch, the blockchain community eagerly anticipates the potential impact and advancements Blockless will bring to the DePIN space.