Clover completes Seed round with Polychain, Hypersphere, Bithumb Global and Divergence Ventures
As a Substrate-based foundational layer based for cross-chain compatibility, Clover provides easy-to-access blockchain infrastructure for developers, and creates a one-stop EVM-compatible framework to migrate DeFi applications from Ethereum to Polkadot.
Gas fee solutions and trustless 2-way pegs
In addition to developer friendly EVM compatibility, some of the core innovations of Clover include gas fee re-distribution, gasless transactions and an identity based fee schedule and the unique trustless 2-way pegs between Ethereum and Bitcoin.
The innovations around the gas fee issue make it possible for users of Clover-based dApps to pay for gas with the asset they transact with (no need to keep a base currency like ETH for gas), while frequent users will benefit from lower gas fees. Meanwhile, developers are able to earn passive income from transaction fees by deploying smart contracts on Clover.
To achieve a new-level of a trustless two-way peg between Bitcoin and Ethereum, Clover created a model called built-in SPV chain simulation technology to enable trustless two-ways pegs between turing-complete and non-turing-complete blockchains.
Clover believes that it is possible for an EVM to verify Bitcoin transactions directly, by enforcing some standards and dissecting Bitcoin transactions and block headers.
Clover is building advanced tools and opcodes to simplify the overall process for third-party developers, by providing the possibility to natively inspect a Bitcoin or Ether transaction without storing/checking the entire external blockchain history, allowing trustless two-way pegs for Bitcoin and Ether.
Clover’s SPV simulation technology will soon be able to trustlessly peg-in and peg-out Ether and Ethereum based assets on the Clover testnet. Supporting Bitcoin however, requires further upgrades to Bitcoin Core.
The above mentioned successful seed round will help Clover accelerate its product upgrade, resource expansion and create connections with more blockchain native companies worldwide, to ultimately provide a more user-friendly and complete smart contract platform and foster adoption of blockchain technology for developers and end-users.