Aurora said that it will use the funds for the development and maintenance of the EVM along with the bridges that it is currently operating between Ethereum and NEAR.
On Thursday, October 14, Ethereum virtual machine Aurora announced that it had secured $12 million in a private funding round from players like Electric Capital, Pantera Capital and Dragon Fly Capital. This Ethereum-scaling solution focuses on scaling decentralized applications on the NEAR protocol.
Aurora is an EVM built on the NEAR protocol. The platform delivers “a turn-key solution for developers to operate their apps on an Ethereum-compatible, high-throughput, scalable and future-safe platform, with low transaction costs for their users”.
Nearly 100 investors participated in the funding round including the venture capital buckets. “The success of the raise reinforces Aurora’s appeal among the community and its objective to bring scaling solutions across the crypto ecosystem,” noted Aurora Labs.
The Challenge of Scaling on Ethereum
The major roadblock of scalability on Ethereum is that each node requires to process every blockchain transaction. The Nightshade Sharding approach from NEAR Protocol processes transactions in parallel without requiring every node to process every transaction.
This results in faster transactions, better security, and higher onboarding capacity to Web 3.0. Aurora said that working with NEAR protocol, it will adopt this process of scalability. This will help to enhance network throughput while keeping all the operations on-chain.
Aurora said that it will use these funds for the development and maintenance of the EVM. Besides, it will help in the maintenance of bridges between Ethereum and NEAR, and also Ethereum and Aurora. Aurora said that it is also looking to expand its team by hiring blockchain engineers to speed up product development and improvement.
Aurora Roadmap: Funding and Other Milestones
Going ahead, Aurora is looking to dabble with the emerging non-fungible tokens (NFT) market. Aurora is planning to update the Rainbow Bridge that will allow NFTs to move seamlessly between Ethereum and the NEAR protocol.
Some of the other products in development at Aurora are the integration of data indexer, price oracle, block explorer, AMM exchange, and much more. Furthermore, the popular blocks explorer and analytics platform Etherscan announced that it will soon be launching on Aurora. Alex Shevchenko, the CEO of Aurora Labs said:
“Etherscan provides the familiar interface of the explorer. Users and devs won’t need to educate themselves on how to use the Aurora block explorer, instead, they would get the familiar tool.”
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.