According to an announcement published on October 3, data startup Web3 Golden has raised $40 million in Series B funding, bringing the total funding to $60 million, which help Golden build its decentralized and incentivized data protocol.
In particular, a16z has risen to the top of the fundraising round, along with the participation of Solana co-founder Raj Gokal, Dropbox co-founder Arash Ferdowsi and Postmates founder Bastian Lehmann, etc. Moreover, there is singer Matt Bellamy from the rock band Muse and is a partner of Helium-3 Ventures.
Ali Yahya, general partner of a16z, will also join the board of directors along with a16z founder Marc Andreessen. Previously, a16z once set a record of setting a fourth fund worth $4.5 billion in crypto and blockchain startups.
“This is not simply a ‘web3 Wikipedia,’ having accurate data in a deeply-linked knowledge graph allows for the creation of new applications and insights that are not currently possible.”
The blockchain-backed Golden protocol is essentially designed to provide financial incentives via tokens to those who provide correct data and the validators who verify the data is accurate. Incorrect information will be penalized. Organizations can pay to access and use the data. The project is currently in the testnet phase, with 35,000 individuals submitting data, validating information and is expected to be mainnet in Q2/2023.
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