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An Ethereum scaling project, Scroll has raised about $30 million in its Series A funding round while its planning to launch a testnet
On Thursday, Scroll said that it had completed a Series A funding round led by Polychain Capital and Bain Capital Crypto while other participants were Robot Ventures, Geometry DAO and several others and managed to raise about $30 million. The funding round for investing in Scroll was also joined by several angel investors like Ying Tong and Carlos Aria from Ethereum Foundation, Anthony Sassal, Ryan Adams and Santiago Santos from Ethereum Community also joined the funding round.
However co-founder of Scroll, Sandy Peng, denied to make any comment on whether the funding capital raised by an equity round or just by a single agreement for future tokens, that is SAFT sale.
Scaling project Scroll has plans to increase its team size and launch a testnet with having fresh capital in their hands. The current count of total members at Scroll team is about 20 and the project is looking forward to hiring more people to carry out different functions. Such functions would include engineering and operations. According to co-founder Sandy Peng, the testnet is going to launch in the later half of this year.
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Peng founded Scroll early 2021, with help of Ye Zhang and Haichen Shen. The platform aims for scaling the Ethereum network while using zero knowledge or zk rollups. Zk roll ups is sort of layer 2 technology that groups the transactions of Ethereum network off from the main chain for supporting a huge number of transactions while charging lower costs.
Scroll has several close competitors as well including StarkWare and Matter Labs as they both use the scaling technique based on zk rollups. Peng said on asking about the unique advantage of Scroll over Starkware that Scroll team is building a zkEVM solution which is opposite of what zkEVM of Starkware. She said that means that developers in the ecosystem of Scroll will enjoy an equivalent experience of EVM or Ethereum Virtual Machine, while any dapp that possibly runs on zk Layer 1 can also be deployed in Scroll.
According to Peng, as far as the zkSync network of Matter Labs is concerned, it has EVM compatibility also like Scroll, However Scroll is more developelore friendly. She said that with Scroll, developers who code in Solidity can make a copy of smart contract buye code from Ethereum blockchain itself and then deploy it on Scroll platform without making much or any changes to it.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
