Nervos Mainnet Goes Live Following $72 Million Token Sale

Nervos Mainnet Goes Live Following $72 Million Token Sale

Nervos, a proof-of-stake challenger to Bitcoin, had its mainnet go live. The release comes on the heels of its $72 million token sale.

The Nervos CKB mainnet Lina just went live. The projects is attempting to solve the scalability issues faced by proof-of-work blockchains. Bitcoin, for example, is often criticized for its relatively high transaction fees and limited throughput. Nervos also claims that it will extend the capabilities of a pure transaction cryptocurrency by building smart contracts and layer 2 scaling into its project.

“As Lina matures, Nervos will grow into the multi-layer, PoW blockchain that can truly scale and serve as the foundation for the decentralized economy,” stated the release.

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Nervos launched its mainnet shortly after a successful token raise on Coinlist. In October, the company aimed to raise $50 million selling CKByte, the blockchain’s native cryptocurrency. The sale was oversubscribed and the project took in $72 million during its token sale, reported Reuters. The company also raised $28 million in series A funding, bringing its total known financing to $100 million.

Token Distribution of Nervos Genesis Block
Token distribution chart posted on Coinlist

The project is financed by several high-profile backers, including China Merchant Bank International, Sequoia China, Blockchain Capital, Polychain Capital, MultiCoin, and others. However, whether Nervos will legitimately challenge Bitcoin is still in question.