Singapore-based UncleMine, an incentive infrastructure of Web 3.0 built on Solana, said it has raised $3 million in its latest funding round.
The fundraise saw participation from Fenbushi Capital, HashKey Capital, Continue Capital, LongHash Ventures, GBV, A&T Capital, Kenetic Capital, among others.
Founded in June 2021, UncleMine aims to bring arbitrary computing powers to smart contract blockchains using zero-knowledge-proof technology. Computing powers are the fundamental resources that blockchains and Web 3.0 applications build upon, including different hash rates, verifiable storage, bandwidth, computing resources, etc. These resources are still unable to join the decentralized finance ecosystem due to various technical difficulties, so it’s hard to circulate and include them in the new open economy. UncleMine network is making these computing powers verifiable and, therefore, transparent and transferable.
The startup said its technology can allow computing power possessors to verify their resources through a trustless network and store the zero-knowledge proofs in an on-chain smart contract for a third party to verify and integrate. Its ecosystem is supported and incentivized via its native token, UM. The project will adopt a decentralized autonomous organization structure and give the community governance rights through UM token and nonfungible token releases.
The new funds will be used to develop UncleMine’s product, strengthen its marketing drive, and carry out new hires. The alpha version of the UncleMine network will be launched in December 2021, and a UM token-generation event is scheduled for January 2022.