Pharos, a Layer 1 Public Blockchain aimed at the integration of traditional finances (Tradfi), launched his public development network on 6 March.
Pharos launches the public test network
This test network encourages developers to build and stress test, which is advertised as the first EVM-compatible layer 1 blockchain that is able to reach speeds of 2 gigas per second.
Pharos is led by a team with considerable experience in the blockchain and technical industry. Founder and CEO Alex Zhang previously served as CTO of Ant Chain, while co-founder and CTO Meng Wu were the Chief Security Officer for the web3 division of Ant Financial. Moreover, the CMO of Pharos, Laura Shen, formerly the head of Solana Mobile Marketing at Solana Labs.
In November 2024, Pharos raised $ 8 million in a seed round led by Lightspeed -Feeding and Hack VC, with SNZ Capital as a strategic investor. Other backers of the project include dispersion capital, hash global, generative ventures, MH Ventures, Zion and Chorus One.
Pharos has big plans to improve his test network in the coming weeks and the new functions will be an open tap system, eNHANANCED DEVELOER TOOLS AND resources and EXpande Services Support. This DEVNET launch also has plans for a test network rollout that will bring the network closer to the production-ready version.
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