As a seasoned researcher with a keen interest in blockchain technology and the gaming industry, I find myself intrigued by the developments at London-based startup Improbable and their Somnia blockchain. With its potential to process over 400,000 transactions per second, this Layer-1 network could revolutionize the current landscape of blockchain technology, particularly for applications in metaverses.
The London-based gaming innovator, Improbable, has disclosed that their Somnia blockchain Layer-1 network is seeing advancements. This British metaverse startup, which recently collaborated with Yuga Labs on Otherside, plans to move into its DevNet phase soon. The design of the blockchain allows for processing over 400,000 transactions per second (TPS).
Somnia Blockchain to Give EVM the Crack
Beyond offering sub-second latency and affordable fees, this TVL increase also comes with it. As stated by Improbable, the Somnia blockchain is designed to work seamlessly with the Ethereum Virtual Machine (EVM). Herman Narula, CEO and co-founder of Improbable, emphasizes that this blockchain will provide exceptionally high transaction volume capabilities and more opportunities for on-chain activities.
For the past decade, it has been challenging for anyone to construct a high-performing blockchain. In my opinion, the incentives within this field have led individuals to focus more on quick profits, such as inflating token prices rather than addressing genuine issues. Narula also pointed out that many chains only process single-digit transaction volumes on average.
It’s important to mention that Virtual Society Foundation is taking the lead in the Somnia blockchain initiative, which was kick-started by Improbable in March of this year. The project is financially supported by Improbable M², a network of linked metaverses, backed by notable investors like a16z and SoftBank. Narula confirmed that his team has been working on the project for two years now.
The tasks they were engaged in centered around exploring and constructing advanced technology capable of handling over 600,000 transactions per second, a key element, as the CEO puts it, for creating genuine applications. At the start of this year, Narula emphasized that a more robust L1 (Layer 1) is necessary to develop consumer-focused metaverses.
To better emphasize his point and the current challenges, Narula shared a restaurant analogy.
Simultaneous processing implies having more waiters to serve more tables, which is efficient until orders start getting mixed up due to references to other customers’ orders… then the situation quickly becomes chaotic. A completely different approach is required, one that surprisingly resembles what we had to do to manage billions of movement updates when a large group gathers in a single location,” he explained.
He asserted that their strategy isn’t about increasing numbers, but instead, they aim to provide a large quantity of drugs to a single waiter with the intention of enhancing their speed.
“In conclusion, Somnia: Let’s give the EVM crack,” he said.
Improbable’s Metaverse Journey
Over an extended period, Improbable has been dedicated to constructing and enlarging the metaverse. Approximately two years ago, after a funding round that included participation from a16z and SoftBank, the M² unit was revealed. Additionally, companies like CMT, Digital Currency Group (DGC), Ethereal Ventures, Mirana, SIG, and CMT took part in this funding round as well.
Overall, the company’s financial success from its metaverse endeavors is commendable. In 2023, the startup announced an impressive revenue increase of over 100% compared to 2022, reaching £78 million. At that point, Narula shared their future priorities.
Today underscores our progress and strengthens our conviction in the importance of the metaverse. However, there’s still an immense amount left for this venture to accomplish. Plenty of chances await us in areas like sports, entertainment, and music. Our unique technology has the potential to revolutionize fan engagement and experiences, and we continue to attract more users intrigued by the novel experiences unfolding within the metaverse. This statement was made.
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2024-10-25 14:04