Peter Thiel-backed Layer 1 blockchain startup N1 introduces a host of investors, including Multicoin Capital and crypto angel investor Arthur Hayes, as long-term investors in the project. N1 , an ultra-fast, low-latency Layer 1 blockchain for futuristic crypto apps, has confirmed the commitment of its original investors in preparation for its mainnet launch in the coming months. The commitment involved several top crypto venture capital firms and angel investors, including Multicoin Capital and Arthur Hayes. The investors, who capital funded the predecessor of N1 – the now defunct 01 –aim to push forward the development and growth of the platform as the mainnet launch draws closer. N1 was founded by Founders Fund, a VC firm backed by Peter Thiel, aiming to develop a Layer1 that enables the development of new generation decentralized applications (DApps), solving the scalability challenges that its parent blockchain, Ethereum, faces. The new agreement with the original investors will see N1 revise their cap table to include them and support the launch of the Layer 1 blockchain designed to serve as a full-stack ecosystem for high-throughput DApps. Additionally, N1 also eliminates the trade-offs between on-chain and off-chain development, allowing every app to operate in its own isolated environment, resulting in zero state congestion. The blockchain provides developers with unrestricted scale and ultra-low latency, which supports the development of next-generation applications. Notwithstanding, N1 features horizontal scalability, sub-ms latency, and ultra-high throughput. Finally, it supports mainstream programming languages like TypeScript, with Python and more coming soon, making it significantly easier for developers to build sophisticated applications that can scale without compromise. The Switch From 01 Layer 2 to N1 Blockchain In December 2024, 01, a high-performance Ethereum Layer 2 solution, was shut down in favour of the N1 Layer 1 blockchain, as the team aimed to provide users with a futuristic platform to build next-gen apps. The founders drew upon everything they had learned while building 01 to develop N1. N1 offers drastically different utilities and capabilities to on-chain developers, as well as post-Ethereum smart contract chains. With the goal to supercharge DApp development, N1 will support all code on-chain, allowing developers to deploy apps using the programming language they are familiar with. This makes blockchain development feel no different from traditional software development, removing the friction that has historically slowed adoption. N1 blockchain also offers distinct settlement and execution layers with enhanced efficiency as well as a consensus-less design that achieves quorum without compromising security. As stated before, this allows DApps deployed on the blockchain to have their individual dedicated environment, enabling them to utilize their own language and scale vertically. New Features Unvieled on N1 Blockchain As the long-awaited mainnet launch draws closer, N1 also unveiled several new features on the platform, including the NTS, NordVM, NX, and N1 Studios. NTS is a Typescript smart contracts application development environment that offers a powerful, feature-rich, and extremely developer-friendly environment for all developers. NTS is currently available to a select group of early-access developers. These testers are already building applications that previously would have been impossible on-chain, pushing the boundaries of what can be done in a fully decentralized environment. The NordVM, also available to early access developers, is a Rust-based exchange-specific framework designed to make on-chain order books as performant and feature-rich as centralized exchanges. The NX, a virtual machine (VM) Agnostic framework, allows developers to build apps in any language (from Python to C to Rust) and with any VM. The NX will be released later during the testnet. Finally, N1 has also launched N1 Studios, a product studio dedicated to incubating and supporting the next generation of on-chain applications. The N1 Studios already boasts a couple of applications to kickstart the ecosystem on the blockchain, mostly built by the founders. In addition to helping developers launch DApps, N1 Studios will also focus on funding, mentoring, and launching high-impact applications that demonstrate the full potential of an unrestricted execution environment. This is expected to solve several bottlenecks in blockchain development, including constraints around compute, speed, latency and programming language compatibility. The studio aims to simplify the development of blockchain apps while ensuring the growth of groundbreaking applications in the future, a team statement from N1 reads. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
