Investors have plowed in $11 million into the development of the platform, led by Andreessen Horowitz’s crypto fund, a16z crypto. New investors like Warner Music Group participated in the raise, alongside existing investors, such as Digital Currency
“We built Flow as the foundation for a rich, decentralized ecosystem at consumer scale.” said Dieter Shirley, CTO of Dapper Labs.
Flow is a proof-of-stake blockchain, which means the network is run by the people who own large amounts of its tokens. By shirking proof-of-work, which Bitcoin uses, it won't result in such high energy usage. Shirley added that the network will be scalable, able to handle high numbers of transactions—without using novel techniques like Sharding, which Ethereum is trying to implement.
Dapper Labs said the blockchain platform is designed for the entertainment industry, suggesting it could be used for artists giving out tokens or games rewarding their players.
To mark the occasion, Dapper Labs has partnered with Ubisoft, the video game company that has built Assassins Creed and Far Cry.
It has also partnered with Animoca Brands, which has built a number of games such as Crazy Defense Heroes and Crazy Kings. It announced it will be building multiple new games on Flow.
Yat Siu, co-founder of Animoca Brands added, “We believe that crypto is the future of the gaming industry.”