Taiko raises $37 million to build Web3 infrastructure for censorship-free Internet
In the middle of THE speculation And volatility In THE similar to a casino crypto to land, there remains A subset of people WHO adopt blockchain potential has decentralize miscellaneous aspects of human activities For THE bigger GOOD. Taiko founder Daniel Wang East A of these idealistic founders.
A serial entrepreneur, Wang initially research has bring decentralization has social platforms. Decentralized networks as blockchains, he believes, help resist censorship through distributed data storage And community content moderation.
"I hope THE following generation can to grow up be free And able has say Nothing on THE the Internet," he said Me In November has A Ethereum developer conference. "There won't be progress if there East No freedom has criticize. »
Wang research has has build THE decentralized application on Ethereum. THE blockchain co-created by Vitalik Buterin has attracted A valve of developers WHO to use "clever contracts”, Or lines of computer coded that automatically execute predetermined terms, has enable crypto apps beyond simply storage value.
After a few extensive research, However, Wang accomplished that none of Ethereum "Layer 2" solutions, which are designed mostly has ladder transactions on THE network, were Really decentralized.
"It is problematic has create decentralized apps on centralized blockchains, » he said Me In A follow up E-mail interview.
Ethereum current ability of treatment around 15 transactions by second makes he Not practical For a lot applications. As A result, “cumulative” to have emerged as A Layer 2 solution by unloading Ethereum transactions has secondary Chains And Next registration them back has THE main chain In prizes, reduce network congestion And transaction fresh.
THE issue with most rollups, according to has Wang, East that they reach scalability has THE cost of decentralization, undermine THE spirit of the canvas3. Convinced that THE Infrastructure layer For Really decentralized social apps was missing, he decided has fill THE empty, leading has Taiko creation In March 2022.
On THE last two years, accumulations to have emerged as A popular investment thesis In web3, And Taiko mounted THE wave. THE two years to start up has SO far raised $37 million through three funding Sleeves. It is Series A round, which has just farm with $15 million In funding, was directed by Speed of light Faction, Chopped, Generative Businesses And Token Bay Capital.
While in decline has disclose It is exact assessment, Taiko confirmed with TechCrunch that It is reached THE Unicorn status.
Other investors that participated In THE new round include Winter Mute Companies, Presto Laboratories, To flow Traders, amber Band, OKX Companies, RSG, WW Businesses And more. It is not rare has see A long list of investors join A Single round In THE nascent crypto space, Or THE RIGHT relationships can TO DO Or to break her success.
Certain investments In This round stay subject has regulatory approval, said A spokesperson For Taiko.
THE the company pass investors include more established adventure capital companies that were early has bet on Asia web3 scene, such as HongShan (previously Sequoia Capital China), BAI Capital And GGV Capital.
THE funding will go towards preparing For Taiko main network launch. THE business recently announcement A allocation of $30 million In subsidies has developers, And It is last testnet, which went live last month, has amassed more that 1.1 million wallet addresses And on 13 million total transactions has date. (Wallet addresses provide A rough estimate of user activity on web3 services, However as In web2, A person can own several wallets And robot accounts stay A frequent problem.)
"We strive has be as Ethereum Or No A possesses THE network. We aim has be A public GOOD," said Wang, comparing Taiko business structure has that of Ethereum. Most crypto projects function A non-profit development arm has to favor community building And decentralized the governance, And A commercial entity For hiring people And breeding adventure capital money.
For Wang, Taiko provides A critical building block For A social network that East Really possesses by users. A lot existing social networks that scope has be decentralized often fail has deliver that promise, he argued.
"For example, Lens And Farcaster run on Infrastructure that can be further decentralized (compared with with [those] base cumulation), And Damus short on several centralized waiters instead that A fully decentralized Infrastructure," he said.
THE ideal decentralized social application, despite It is bigger technical challenges, could allow: "1. Ownership And control on your content; 2. Data confidentiality And security; 3. Censorship resistance… And Thus, freedom of speech. »
A of THE the biggest challenges focused towards decent...
In the middle of THE speculation And volatility In THE similar to a casino crypto to land, there remains A subset of people WHO adopt blockchain potential has decentralize miscellaneous aspects of human activities For THE bigger GOOD. Taiko founder Daniel Wang East A of these idealistic founders.
A serial entrepreneur, Wang initially research has bring decentralization has social platforms. Decentralized networks as blockchains, he believes, help resist censorship through distributed data storage And community content moderation.
"I hope THE following generation can to grow up be free And able has say Nothing on THE the Internet," he said Me In November has A Ethereum developer conference. "There won't be progress if there East No freedom has criticize. »
Wang research has has build THE decentralized application on Ethereum. THE blockchain co-created by Vitalik Buterin has attracted A valve of developers WHO to use "clever contracts”, Or lines of computer coded that automatically execute predetermined terms, has enable crypto apps beyond simply storage value.
After a few extensive research, However, Wang accomplished that none of Ethereum "Layer 2" solutions, which are designed mostly has ladder transactions on THE network, were Really decentralized.
"It is problematic has create decentralized apps on centralized blockchains, » he said Me In A follow up E-mail interview.
Ethereum current ability of treatment around 15 transactions by second makes he Not practical For a lot applications. As A result, “cumulative” to have emerged as A Layer 2 solution by unloading Ethereum transactions has secondary Chains And Next registration them back has THE main chain In prizes, reduce network congestion And transaction fresh.
THE issue with most rollups, according to has Wang, East that they reach scalability has THE cost of decentralization, undermine THE spirit of the canvas3. Convinced that THE Infrastructure layer For Really decentralized social apps was missing, he decided has fill THE empty, leading has Taiko creation In March 2022.
On THE last two years, accumulations to have emerged as A popular investment thesis In web3, And Taiko mounted THE wave. THE two years to start up has SO far raised $37 million through three funding Sleeves. It is Series A round, which has just farm with $15 million In funding, was directed by Speed of light Faction, Chopped, Generative Businesses And Token Bay Capital.
While in decline has disclose It is exact assessment, Taiko confirmed with TechCrunch that It is reached THE Unicorn status.
Other investors that participated In THE new round include Winter Mute Companies, Presto Laboratories, To flow Traders, amber Band, OKX Companies, RSG, WW Businesses And more. It is not rare has see A long list of investors join A Single round In THE nascent crypto space, Or THE RIGHT relationships can TO DO Or to break her success.
Certain investments In This round stay subject has regulatory approval, said A spokesperson For Taiko.
THE the company pass investors include more established adventure capital companies that were early has bet on Asia web3 scene, such as HongShan (previously Sequoia Capital China), BAI Capital And GGV Capital.
THE funding will go towards preparing For Taiko main network launch. THE business recently announcement A allocation of $30 million In subsidies has developers, And It is last testnet, which went live last month, has amassed more that 1.1 million wallet addresses And on 13 million total transactions has date. (Wallet addresses provide A rough estimate of user activity on web3 services, However as In web2, A person can own several wallets And robot accounts stay A frequent problem.)
"We strive has be as Ethereum Or No A possesses THE network. We aim has be A public GOOD," said Wang, comparing Taiko business structure has that of Ethereum. Most crypto projects function A non-profit development arm has to favor community building And decentralized the governance, And A commercial entity For hiring people And breeding adventure capital money.
For Wang, Taiko provides A critical building block For A social network that East Really possesses by users. A lot existing social networks that scope has be decentralized often fail has deliver that promise, he argued.
"For example, Lens And Farcaster run on Infrastructure that can be further decentralized (compared with with [those] base cumulation), And Damus short on several centralized waiters instead that A fully decentralized Infrastructure," he said.
THE ideal decentralized social application, despite It is bigger technical challenges, could allow: "1. Ownership And control on your content; 2. Data confidentiality And security; 3. Censorship resistance… And Thus, freedom of speech. »
A of THE the biggest challenges focused towards decent...
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