Fuel Network: project overview
Fuel Network is a blockchain platform designed to support fast, cheap and secure transactions.
One of the main goals of the project is to avoid fraud and make our own ecosystem safe to use. Fuel Network is based on its own software, thanks to which the blockchain is able to process multiple chains of transactions in parallel.
In this article, we will look at how to interact with the Fuel Network, how much investment the team has managed to attract, and what activities are currently available on the network.
Investment rounds
Fuel Network closed several rounds of investment, thanks to which it was possible to raise $81.5 million. According to the official website, the main investors of the project were such cryptocurrency funds as Blockchain Capital, Spartan, Coin Fund, Stratos, TRGC, ZMT and some other venture capital companies.
Mechanics and features of the platform
Fuel Network is a modular blockchain. This means that the transaction data and the consensus algorithm are separated into different parallel modules. This allows you to significantly increase the speed of transfers and network bandwidth.
Here are some of the main features of the Fuel Network:
- parallel execution of transactions through the use of multiple threads and CPU cores;
- fuel virtual machine (FuelVM). This is Fuel Network’s own architecture and development environment;
- own programming language Sway, which combines the benefits of Solidity and Rust.
Now the Fuel Network is in the test network, so users have the opportunity to receive a reward in the form of a drop of tokens for activity. Content creators and influencers can also participate in the Ambassador Program.
Summary
Fuel Network is an interesting project at an early stage of development. Over several rounds, he raised $80 million from Partan, CoinFund, BlockChain Capital, Alameda and many more. Currently, network activity is limited to creating a wallet and testing two platforms – Swayswap and Fuelart.
In case of an increase in the number of working applications in the Fuel Network, the team will inform its users about this. Therefore, it makes sense to subscribe to the official Discord of the project in order not to miss important updates and announcements.
