Web3.0 Incentive Infrastructure UncleMine Raised $3 Million Funding
Singapore-based UncleMine, an incentive infrastructure of Web3 built on Solana, said it has raised US$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 Web3 applications built upon, including different hashrates, verifiable storage, bandwidth, computing resources, etc. These resources are still not able to join the DeFi ecosystem because of various technical difficulties, making them hard to circulate and participate in the new open economy. UncleMine network is making these computing powers verifiable, thus transparent & 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 third-party to verify and integrate. UncleMine said its ecosystem is supported and incentivized via its native token, UM. The project will adopt a DAO structure and give the community governance rights through UM token and NFT releases.
The new funds will be used to develop UncleMine’s product, strengthen its marketing efforts, and make new hires. The alpha version of the UncleMine network will be launched in Dec. 2021, and UM token generation event is scheduled for Jan. 2022.