In summary
- Gaming technology startup Improbable announced plans to develop its own layer 1 Blockchain, Somnia, which will process more than 400,000 transactions per second.
- Somnia, launching on devnet in the coming weeks, will use ICEdb technology to deliver ultra-fast read/write times and advanced compression algorithms.
- Softbank-backed Improbable is known for its partnership with Yuga Labs on the Otherside metaverse project and reached a valuation of $3.4 billion in 2022.
Gaming technology startup Improbable has announced plans to develop its own layer 1 blockchain, Somnia, which the company claims will process more than 400,000 transactions per second.
Somnia, which plans to launch on devnet in the coming weeks, has “solved the scalability problem that has long hampered blockchain technology,” Herman Narula, founder and CEO of Improbable, said in a statement. He added that the company leveraged its “knowledge of games and distributed systems” to develop Somnia, which targets “massive consumer” applications including games, social platforms and decentralized finance (DeFi).
The EVM-compatible blockchain will use ICEdb’s “innovative technology,” which Improbable claims offers “ultra-fast read/write times,” along with “advanced compression algorithms” that claim to transfer data 10-20 times more efficiently than other blockchains. .
In initial testing with 100 validators, Somnia claims to have processed hundreds of thousands of EVM transactions per second on non-fragmented data, leveraging “innovative compression strategies and a custom data ingestion layer” to minimize the bandwidth required for the data. of transactions.
Improbable will contribute to the “key technical components” of the Somnia blockchain, while the project was initiated by the Virtual Society Foundation, an independent organization started by Improbable with initial funding from the MSquared metaverse ecosystem (launched by Improbable in April 2023).
Virtual Society Foundation founder Paul Thomas said in a statement that “the unprecedented capabilities of the Somnia blockchain are paving the way for real-time mass consumer applications.”
Given Improbable’s focus on the metaverse, it’s no surprise that Somnia’s mission statement focuses on that particular application, with the blockchain aiming to create “A network of rich experiences, useful and valuable virtual objects, and decentralized enough to “allowing people to build real companies without depending on a big gaming business.”
While the blockchain will initially focus on “gaming, metaverse, and social experiences,” its creators wrote, it will eventually have a broader range of use cases. “We’re not even 100% sure what can be built with the technology we’re creating,” they said.
What is Improbable?
Softbank-backed gaming startup Improbable is perhaps best known among the crypto community for its partnership with Bored Ape Yacht Club creator Yuga Labs, providing the technology for the NFT collection metaverse project Otherside.
Following a $502 million Series B funding round in 2017, the company achieved unicorn status with a valuation of over $1 billion, raising an additional $262 million and reaching a valuation of $3.4 billion by the end of 2022 amid the boom in metaverse.
The company posted its first year of profit in 2023, after reporting losses in the previous three fiscal years, following a round of adjustments that included significant job cuts.
Edited by Stacy Elliott.
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