Decentralized Web3 Protocol Golden Raises $40 Million Backed by A16z

Golden, a startup that seeks to physique a decentralized information hub, has raised $40 cardinal dollars successful a Series B backing round. The round, which was led by a16z crypto, volition let the institution to support gathering its concept, which revolves astir combining information submission and validation with Web3-based token incentives.

Golden Raises $40 Million to Build Decentralized Encyclopedia

Golden, a decentralized information hub company, has announced it has raised $40 cardinal successful its latest Series B backing round. The round, which was led by a16z crypto, had the information of galore large names successful the VC manufacture including Opensea Ventures and leaders associated with Solana, Protocol Labs, Figma, and others.

The company, which seeks to brace Web3 with the operation of a coagulated and verifiable accusation hub, volition usage the funds to support gathering connected its concern model, which revolves astir providing reliable information to customers. This is due to the fact that existent information mining models person proven to beryllium unreliable, according to Jude Gomila, CEO and laminitis of Golden.

Gomila believes the lone mode of constructing this planetary information repository is by creating incentives for users to lend to the initiative. Golden provides a protocol that rewards users for the verification and submission of information and ostensibly has ways of punishing the instauration of fake information to the system. The protocol besides has a means of giving accrued rewards to users that taxable the astir utilized and requested data. In this way, the instauration of utile information is incentivized.

Business Model

The cognition of the protocol includes nationalist NFTs (non-fungible tokens) that person accusation astir immoderate conception included successful the web (for example, Coinbase, Open Source Software, oregon Pancakeswap). Users tin lend by entering information into these structures and volition beryllium rewarded done these contributions, which volition person to beryllium validated.

The concern exemplary of the protocol is based connected the merchantability of tokens to 3rd parties that would privation to usage the validated information for antithetic reasons. Given the volatility of the cryptocurrency market, these institutions volition beryllium capable to get and pain said tokens for unchangeable credits that let them to store this close to information entree successful a safer fashion.

While the protocol is presently successful testnet, it has reportedly managed to stitchery the attraction of 35,000 users already utilizing the app and participating successful information submission and validation, and is expected to motorboat successful mainnet successful Q3 2023.

What bash you deliberation astir Golden and its $40 cardinal Series B backing round? Tell america successful the comments conception below.

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