Saga raises $6.5 million to develop a wonderful space for game and entertainment creators
Saga, a protocol aimed at creating a specialized blockchain space for game and entertainment creators, has raised $6.5 million in early funding.
Saga, which was established in late 2021 and broke cover in March, is currently worth $130 million.
Maven 11, Longhash Ventures, Hypersphere, Figment, Polygon Studios, Samsung NEXT, Chorus One, GSR, C2X, CRIT Ventures, Akash Network, Unanimous Capital, Strangelove Ventures, Tess Ventures, Merit Circle, Hustle Fund, Polymer, Zaki Manian, Jae Kwon, Garrette Furo, Alex Shin, Nick Tomaino, and other angel investors participated in the fundraise.
The project received $2 million in pre-seed investment from Ignite, formerly Tendermint, as part of an incubation program in late 2021.
“The purpose of Saga as a protocol is to ensure that developers get their own space in which to build because as more users come into web3, particularly in gaming and entertainment, the expectations around developer and user experience are going to grow higher and higher,” Saga’s co-founder and CEO Rebecca Liao told The Block.
The project aims to tackle this problem by creating “chainlets,” or dedicated blockchains that can be customized to match the demands of developers. Those interested in developing crypto-based apps can do so directly using Saga’s chainlets or as a scaling solution for another layer 1 or layer 2 blockchain.
Web3, according to Liao, is unable to handle more “experiential” apps, such as those in the gaming and entertainment industries. She cites network congestion, performance concerns caused by slow throughput, and costly gas expenses as major roadblocks. She claims that Saga’s chainlets can help developers in overcoming these obstacles.
Saga, according to Liao, can support up to 1,000 chainlets in its current form, with around 20 validators confirming transactions across each of these using a shared security mechanism.
“A lot of the innovation is going to happen around validator orchestration and making sure that we are balancing the compute cycle accordingly,” she adds.
Early next year, Saga plans to deploy its mainnet and token. It will release a “AlphaNet” in the coming months to begin recruiting developers and forming relationships with infrastructure and gaming companies.
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