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Author: insights4vc Source: substack Translation: Shan Oppa, Bitchain Vision
Soneium is a public tier 2 blockchain on Ethereum, designed to achieve scalability and ease of use, with the goal of driving widespread adoption.By combining Sony’s global reach in entertainment, gaming, finance and electronics with Startale’s blockchain expertise, Soneium aims to simplify user experience and provide a powerful platform for developers.Soneium envisions an open Internet that spans cultural and geographical boundaries, enabling unlimited innovation.This vision is consistent with Sony’s core values: creating exciting and engaging environments (emotions), fostering creativity (creative), and making Web3 technology accessible to everyone (to the mainstream).
This move comes as Sony shows strong financial results in its core business units.In the first quarter of fiscal 2024, Sony reported growth in sales and operating income, especially in the gaming and web services and music divisions.The company raised its fiscal 2024 forecast, highlighting its strong financial position and strategic growth plans.A link to the latest financial report of Sony Group, released on August 7, 2024, can be found at the end of the press release.
Startale Labs
Startale Labs is advancing Astar Network, Japan’s leading public blockchain, and providing Web3 infrastructure through Startale Web3 Cloud.They partnered with Sony Network Communications to launch a beta version of the cloud platform through a joint venture.
On September 12, 2023, Sony Network Communications and Startale Labs announced the establishment of a joint venture to build a blockchain designed to become a global Web3 infrastructure – a strategic move to enhance blockchain capabilities.The company was renamed Sony Block Solutions Labs Pte. Ltd. on August 19, 2024, reflecting a deeper focus on blockchain solutions.Not long after, on August 23, 2024, they launched theSoneium”, a new blockchain designed to incorporate Web3 use cases into everyday life.
Sony Block Solutions Labs Pte. Ltd.Established in October 2023, it is located at 105 Sisi Street, Singapore, with Sony Group holding 90% of the shares and Startale Labs Pte. Ltd. holding 10%.
List of Directors of Startale Labs:
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President:Jun Watanabe
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director:Suzuki Ryohei, Isozu Masaaki, Watanabe Sota, Narita Take
Core Team (Soneium):
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CEO: Sota Watanabe (LinkedIn, x.com)
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Marketing Director: Alex Preukschat
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Chief of Staff (Chief Operating Officer of Astar Foundation): Toshi Ishikawa
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Concierge Supervisor: Maarten Henskens
Startale Labs Financing Insights
Total financing amount:$7 million |Valuation:$63.5 million
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Undisclosed Round: Date:June 28, 2023 |Funding amount:$3.5 million
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investor:Sony Network Communications
Series A Financing: Date:February 6, 2024 |Funding amount:$3.5 million
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investor:SamsungNext, UOBR Risk Management (Singapore UOBR subsidiary), Signum Capital, Sony Network Communications
Architecture
Modular framework: Soneium UtilizationOP Stack, this is the modular development kit introduced in the Optimism “Bedrock” upgrade.This framework allows efficient start of projects and simplifies the creation of layer 2 (L2) blockchains.
Hierarchical structure
Data availability layer: Ensure that all transaction data is published in Ethereum Tier 1 (L1), providing public verifiability and preventing censorship.
Sort layer: Collect and sort transactions, create batches.It is currently centralized, but aims to achieve decentralization in the future to enhance trust de-trust.
Derivative layer: Re-execute the transaction batch on L2 to derive a new state root to ensure consistency between L1 and L2.
Execution layer: Use Ethereum Virtual Machine (EVM) to process transactions and update L2 status to ensure smart contract compatibility.
Proof layer: Generate fraud proof submitted to L1 to challenge invalid L2 transactions and maintain system integrity.
Optimism hyperchain integration
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Sharing technology: By building an OP Stack, Soneium ensures compatibility and seamless communication with other blockchains in the Superchain ecosystem.
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Interoperability: Promote asset transfer and interaction between Soneium and other OP Stack-based networks, and promote an interconnected environment.
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Collective governance: Operate under the Optimism Collective, a decentralized entity that oversees the development of the ecosystem, using revenue sharing mechanisms to fund beneficial projects.
Minato Test Network
Minato as a public in SoneiumTest Network, allowing developers to test and refine applications before the mainnet is launched.
Accessibility
Wallet integration: Supports wallets such as MetaMask and WalletConnect, allowing easy switching of the network to Minato.
Bridge function: Provide users with tools to bridge assets and interact with the testnet environment.
Block Browser: In partnership with Blockscout, Soneium provides a blockchain browser, which includes:
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Trading and analysis.
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Gas cost indicators, including average gas limits and prices.
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Charts and statistics of network activity to help developers and users optimize transactions.
Partnerships
In addition to its important partnerships with Sony Group Corporation and Startale, Soneium’s important collaborations include:
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Astar Network: Launching the transition of partners from Astar zkEVM to Soneium, enhancing the practicality of Astar native tokens (ASTR) and strengthening both ecosystems.
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Transak: Provides Web3 infrastructure services such as fiat currency entry/export and NFT transactions to facilitate global accessibility and smooth transition from Web2 to Web3.
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Alchemy: Provides Web3 development tools, including user-friendly dashboards and Supernode APIs, to support efficient development and expansion of dApps on Soneium.
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Optimism: Built with Optimism’s OP Stack for compatibility with Superchain, providing a developer-friendly environment with high transaction speeds and low gas fees.
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Chainlink: Provide decentralized oracle services such as data feeding and smart contract automation to enhance data reliability and smart contract functions.
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Circle (USDC): Integrate USD Coin to enhance liquidity and stablecoin utility, drive transactions and facilitate adoption with trusted stablecoins.
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The Graph: Achieve effective organization and access to blockchain data, supporting nearly 100% uptime to improve user experience and dApp reliability.
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Python Network: Provide real-time market data through Python Price Feeds to provide the necessary high-fidelity data for DeFi applications on Soneium.
Minato Testnet Key Metrics (September 19, 2024)
Soneium Spark
The Soneium Spark Incubation Program aims to promote innovation by supporting builders and creators who develop on the Soneium blockchain.Each selected team with innovative ideas will receive up to $100,000 in funding.Participants will benefit from expert guidance to maximize the potential of their projects, acquire advanced technology resources, and connect with industry leaders to drive growth.The first application deadline for the program is at the end of September 2024.The incubation period begins in mid-October 2024 and will be conducted online to promote global participation.
