Raises Pre-Seed Funding Round from Investors Including Jump Crypto, Taureon, and Big Brain Holdings
VRRB Labs, a decentralized protocol that combines speed, scalability, and decentralization without sacrificing security, announced that it has raised $1.4 million in pre-seed funding to support its development of an innovative blockchain that will make it easy and financially sustainable for developers to build user-friendly applications. Investors in VRRB include Jump Crypto, Taureon, and Big Brain Holdings (“Big Brain”).
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. Developers also face incredible friction when looking to build in Web3. According to the Electric Capital 2022 Web3 Developer report, there are fewer than 10,000 full-time web3 developers, and fewer than 30,000 monthly active web3 developers. VRRB’s technology and developer experience take direct aim at solving both of these concerns.
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VRRB leverages a unique, Proof of Claim (“PoC”) consensus algorithm to achieve 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. Each program deployed to the VRRB network contains its own micro virtual machine, built to the specification of the program in focus. This provides developers with the ultimate flexibility, enabling them to build composable smart contracts on a language agnostic platform.
VRRB’s 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.
“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 and deliver the next generation of apps,” said Andrew Smith, Founder of VRRB. “VRRB addresses two core headwinds that have suppressed developer community growth: a lack of scalability on decentralized platforms and a lagging Web3 developer experience. VRRB is designed to create a more flexible, composable, and simple developer experience with a ‘Build, Ship, Run’ framework. With the support of our incredible community, we look forward to unlocking the boundless potential of Web3 and blockchain technology.”
“VRRB has an exciting growth trajectory in front of it, led by a strong management team and exceptional underlying technology,” said Richard Dai, Investor at Taureon. “VRRB’s rare blend of speed and scalability, while remaining completely decentralized and secure, positions the company well to solve many of the challenges that other blockchains face. We look forward to being a part of the company’s continued success.”
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“Community is at the heart of any blockchain’s success. Arguably, the most difficult community to build is the developer community. Even the most popular chains today have very small, relative to Web2, developer communities. VRRB is changing the game with a language agnostic smart contract platform and a familiar DevOps framework to Web3.” said Kasey, Partner at Big Brain. “We are excited to partner with the VRRB team as they continue to provide developers and consumers with a unique, differentiated Web3 experience.”
“VRRB, through its unique Proof of Claim consensus algorithm, is solving a critical need by providing access to a blockchain that is truly permissionless and decentralized, but also scalable, avoiding key pitfalls and critical tradeoffs created by other consensus mechanisms,” said Joe Eagan, Co-Founder of Anagram and an advisor to VRRB. “I believe VRRB is building a platform that represents the next wave of the crypto evolution, and can’t wait to support the team’s mission to deliver a world-class Web3 experience to all developers and users.”
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