VRRB aims to create a blockchain that solves many of the issues with existing consensus algorithms. They have raised an undisclosed amount in an oversubscribed seed funding round from a select number of strategic investors.
Founded in 2021 by Andrew Smith, Sanjay Bandare, and Shiva Kintali, VRRB is a startup that is building a new, innovative, computationally lightweight block mining and consensus algorithm known as Proof of Claim. Proof of Claim allows for fast, decentralized, fair validation of transactions and block mining. Due to the lightweight nature of the algorithm, launching and running a node will simply be accessible to anyone with a computer. Proof of Claim is a consensus algorithm that aims to solve many of the issues currently present with both Proof of Work and Proof of Stake.
According to co-founder and COO Sanjay Bandare, VRRB is dedicated to not only building a lightweight, secure and fast decentralized blockchain network, but is also dedicated to bridging the blockchain and crypto world with a wider audience and real-world economics.
Armed with experiences in careers ranging from business consulting, banking, data science, cryptography, insurance and healthcare in North America, the co-founders started VRRB in the middle of the pandemic in 2021. They were told by most people that it was very bold move to create a new blockchain in the current market, while most business were either laying off employees or closing down entirely [during the pandemic].
But that was a well calculate move for VRRB.
Looking far ahead turned out to be the right move for the co-founders. Through the pandemic they spent their free time collaborating together online, working from two different ends of the world and building a fresh, new, faster and more secure consensus algorithm for a layer 1 blockchain which ultimately led to them raising an undisclosed amount in 2022 from distinguished VC firms.
VRRB is setting their sights on completing its live net launch by the third and fourth quarters of 2023. With a highly skilled team of 8 individuals, VRRB Labs is working tirelessly towards achieving this goal. The infusion of capital will be used to grow VRRB’s team and reduce the development timeline. In the coming months in early 2023, the team plans to make more hires to help with development.
Sanjay is also confident about the blockchain’s differentiating factors from competitors in the market. VRRB aims to provide ease of entry to the VRRB network to anyone with a computer, without having access to a huge amount of capital or sophisticated hardware, as is usually the case with a proof of stake and proof of work blockchain. VRRB will also focus on making the developer’s journey a much easier and more comfortable one on their blockchain platform.
When asked for his advice for entrepreneurs seeking to build a startup like he did with VRRB, Sanjay advises, “Let excitement guide you, don’t be disheartened by rejection and find a co-founder to relive pressure off your plate.” And finally, he adds: “Keep moving forwards.”
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