PharosNetwork.xyz – Cloudflare customer – (United States)
Pioneering developers use .xyz domains to harness blockchain technology and create cutting-edge solutions. Blockchain explorer Cymbal.xyz strives to help users navigate the blockchain landscape with confidence. Blockchain firm Borderless.xyz aims to streamline global payments with innovative financial infrastructure. Data platform Artemis.xyz works to deliver institutional-grade blockchain metrics. In this week’s #BlockchainThursday, we’ll introduce you to a startup transforming fintech with scalable blockchain solutions: PharosNetwork.xyz.
PharosNetwork.xyz is the online home of Pharos, a blockchain startup developing a Layer-1 blockchain network tailored for fintech applications. Its primary focus is on bridging traditional finance with web3 technologies by addressing scalability challenges that hinder the mass adoption of decentralized solutions. The platform is designed to deliver a payment-grade infrastructure that supports real-time payments and facilitates the exchange of real-world assets (RWAs). In November 2024, it was reported that Pharos raised $8 million in seed funding to support the development of its Layer-1 blockchain network. The funding round was co-led by Lightspeed Faction and Hack VC, with participation from investors such as SNZ Capital, Reforge, and Dispersion Capital.1
Pharos’ blockchain network is built in three interconnected layers: L1-Base, L1-Core, and L1-Extension. Each layer is designed to make the network faster, more scalable, and flexible for different uses. The L1-Base layer focuses on efficiently storing and accessing data, using hardware to speed up processes. The L1-Core layer powers the main network, designed to foster quick transactions that are finalized in less than a second. The L1-Extension layer helps developers create specialized networks or applications, such as sidechains or tools for machine learning, that work alongside the main blockchain.
The Pharos network also includes a decentralized exchange (DEX) with features similar to traditional trading platforms, such as advanced order types for buying and selling. This DEX is designed to process trades quickly and at a low cost. Additionally, Pharos aims to support the exchange of real-world assets by providing tools for verifying identities and handling hybrid payments, making it suitable for financial institutions.
Co-founder and CEO Alex Zhang brings over two decades of experience in advanced technology to his role. Before founding Pharos, Alex served as the CEO of ZAN, Ant Group’s web3 technology company, and held leadership roles such as CTO for Ant Group Digital Technologies and Blockchain Lab Head at Alibaba Damo Academy. Earlier in his career, he founded the Systems Research Department at NEC Labs America, focusing on distributed systems and peer-to-peer network algorithms. Alex holds a Ph.D. in Computer Science from USC and is also the Vice Chair of the IEEE Blockchain and Distributed Ledger Standard Committee, contributing to the development of industry standards.
Pharos uses PharosNetwork.xyz for its online presence. The .xyz domain helps Pharos align itself with innovation and a global audience, reinforcing its mission to build an open and future-forward ecosystem. PharosNetwork.xyz emphasizes accessibility and community engagement, inviting users to actively participate in its growth through its “Join Community” call-to-action (CTA), which directs visitors to their Discord. This emphasis on community-building aligns with the platform’s vision of fostering an engaged network of developers, partners, and users to support the growth of its ecosystem. You can learn more by following Pharos on X/Twitter and LinkedIn, joining the Discord, and by visiting PharosNetwork.xyz.
1.https://www.theblock.co/post/325246/layer-1-blockchain-pharos-seed-fundingXYZ is proud to share about the many incredible members that make up the XYZ community! We encourage you to do your own research before using the products and services of the websites we feature. The information about products and services contained in this blog post does not constitute endorsement or recommendation by XYZ.
