Gaming technology startup Improbable has announced plans to develop its own layer 1 blockchain, Somnia. Somnia claims to process over 400,000 transactions per second.
Somnia, which is scheduled to launch on devnet in the coming weeks, “solves the scalability problem that has long held back blockchain technology,” said Improbable founder and CEO Herman Narula. claimed in a statement. He added that the company leverages its “knowledge of gaming and decentralized systems” to develop Somnia, with an eye toward “mass-market applications” such as games, social platforms, and decentralized finance (DeFi).
Improbable is developing the fastest blockchain for high-volume consumer applications. @Somnia Network! Leveraging Improbable’s more than 10 years of distributed systems expertise, Somnia processes 400,000 TPS with sub-second latency and EVM compatibility. https://t.co/iSjqSoHIKz
— Improbable (@Improbableio) October 24, 2024
The EVM-compatible blockchain uses ICEdb’s “breakthrough technology,” and Improbable claims “ultra-fast read/write times” and “advanced It claims to realize a compression algorithm. .
In initial testing with 100 validators, Somnia leverages an “innovative compression strategy and custom data ingestion layer” to minimize the bandwidth required for transactional data, reducing the bandwidth to 1 second for non-sharded data. claims to have processed hundreds of thousands of EVM transactions.
Improbable will contribute “key technical components” to the Somnia blockchain, a project initiated by the Virtual Society Foundation. The Virtual Society Foundation is an independent organization launched by Improbable with initial funding from the metaverse ecosystem MSquared (launched by Improbable in April 2023).
“Somnia’s unprecedented blockchain capabilities are paving the way for real-time, high-volume consumer applications,” Virtual Society Foundation founder Paul Thomas said in a statement.
Given Improbable’s focus on the metaverse, it’s no surprise that Somnia’s mission statement focuses on that specific application. Blockchain aims to create “a rich experience, a network of useful and valuable virtual objects, and a network sufficiently decentralized that people can build real companies without dependencies.” It’s a big game business. ”
Although blockchain will initially focus on “gaming, metaverse, and social experiences,” it will eventually have a broader range of use cases, the authors write. “We’re not even 100% sure what we can build with the technology we’re developing,” they said.
What is impossible?
Improbable, the SoftBank-backed gaming startup, is perhaps best known among the cryptocurrency community for its association with Yuga Labs, creators of Bored Ape Yacht Club, and its technology to the Otherside metaverse project for NFT collections. This is what we offer.
Following a $502 million Series B funding round in 2017, the company achieved unicorn status with a valuation of more than $1 billion, and the Metaverse boom led to an additional $262 million in funding, with plans to close in 2022. It has now been valued at $3.4 billion.
The company, which had been in the red for the past three fiscal years after a series of tightening measures accompanied by significant staff cuts, posted its first year of profit in 2023.
Edited by Stacey Elliott.
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