Change the future of Blockchain
Miami, FL – (NewMediaWire) – November 25, 2022 – The 2020 Covid pandemic brought much of the world into lockdown and resulted in many businesses closing.
But Sanjay Bandare did the unexpected: he decided to co-found a startup in the middle of a pandemic followed by a severe economic crisis that his country Sri Lanka was facing.
Blockchain startup VRRB had just two people, he and his co-founder Andrew Smith at the start of 2021. Fast forward to 2022, their startup now employed 8 highly skilled web3 professionals.
“A lot of people actually told us that creating a new blockchain is a very bold move in the current market, when most businesses were either laying off employees or shutting down completely. [during the pandemic],” he added.
But it was a “well-calculated” move for the VRRB.
Looking far ahead proved to be the right move for the 31-year-old and his co-founder Andrew. Through the pandemic, in the year 2021, Sanjay and Andrew spent their free time collaborating online, working from two different ends of the world and building a fresh, new, faster and more secure consensus algorithm for a new layer 1 blockchain.
Since 2022, VRRB has raised an undisclosed amount and attracted an impressive list of venture capital investors and partners.
The idea for VRRB came from Andrew Smith, whom Sanjay met through an online discussion forum for global entrepreneurs.
Sanjay immediately recognized the value in Andrew’s proposal and began discussing how VRRB could potentially push the world of blockchain and web3 forward. Their discussions grew into daily meetings, often taking place in the middle of the night to accommodate the time difference between the US and Sri Lanka, which were on opposite corners of the world.
Sanjay would finish his day job, and come to meetings with Andrew, who was an experienced entrepreneur who had already launched a previous computer company. They discussed potential ideas and began working together to build a POC for VRRB that could be shown to potential investors.
Both blockchain enthusiasts realized that the consensus algorithm proposed by the VRRB did not exist in the current blockchain landscape.
“There was a lot of potential with what was proposed for the Proof of Concept and we both knew it,” said Sanjay. “There wasn’t a blockchain that had it all, they either sacrificed security for speed or sacrificed speed for security. VRRB was on the way to solving both of those problems.”
Sanjay and Andrew managed to work tirelessly through their nights and spare time to bring the VRRB POC to fruition. But like many POCs, it had its issues and required the collective effort of an entire development team to bring it to the standard they expected.
With the development of the POC, VRRB, led by CEO Andrew Smith, reached out to potential venture capital firms for investment and managed to raise an undisclosed amount of capital to develop and further develop the VRRB blockchain. VRRB now employs 8 highly skilled web3 blockchain professionals globally.
VRRB started as a team of one blockchain, but the co-founders have bigger dreams. VRRB aims to go beyond the blockchain and online cryptocurrency world. VRRB’s goal is to create an ecosystem, which bridges the crypto world with real applications and economics, beyond online. VRRB also wants to become a platform for developers to easily develop in other languages instead of having to learn a whole new language to code in, which is currently stifling the development of web3 applications.
The “coding journey” for web3 developers must go beyond learning a new language just to code on one blockchain platform, Sanjay said.
“Sanjay was born and raised in Sri Lanka, a small island nation off the south coast of India, which after the 2020 pandemic was facing a massive economic crisis.”
The vision of VRRB is to transfer the old economy and financial system to a blockchain. There are many use cases for a blockchain that have yet to be tapped. Unfortunately, most blockchains are not suited to handle these use cases because they are either too slow, too centralized, or have a native token that is poorly designed as a monetary unit. VRRB aims to break the blockchain trilemma, refusing to compromise speed, decentralization or security.
Media contact:
VRRB Labs Inc
Sanjay Bandare
United States
Miami, Florida
