Decentralized Web3 Protocol Golden Raises $40 Million Backed by A16z – Defi Bitcoin News

Golden, which is an innovative startup that wants to establish a data hub decentralized, raised $40 Million in a Series A funding round. A16z crypto led the round. It will give the company an opportunity to build its core concept of combining data submission with validation and Web3-based token rewards.

For the Decentralized Encyclopedia, Golden raises $40 million

Golden, the decentralized data hub company has just announced that it had raised $40 Million in Series B. This round was led by a16z cryptocurrency and included many prominent names from the VC sector, including Opensea Ventures leaders and those associated with Protocol Labs, Figma and Solana.

Web3 and the creation of an information hub will enable the company to use funds to expand its business model which revolves around providing data for customers. Jude Gomila is the CEO of Golden and the founder. According to Gomila, current data mining algorithms have proved to be unstable.

Gomila believes that there is only one way to construct this global data repository. This can be done by providing incentives for people to get involved. Golden offers a protocol to reward users who verify and submit data. It also ostensibly provides ways for punishing those who introduce fake data into the system. Users who submit more data are eligible to receive higher rewards. This incentivizes the use of data.

Modular Business Model

Public NFTs are non-fungible tokens that provide information on any network concept (e.g., Coinbase or Open Source Software) and allow the operation of the protocol. These structures allow users to contribute data and are validated.

Protocol’s business model is built on selling tokens to others who want the data. Due to the volatility in the cryptocurrency market these institutions will have the ability to purchase and burn tokens to secure stable credits which allow them to retain this right to data access more safely.

Although the protocol is still in testing, 35,000 people have already downloaded it and participated in validation. It is set to go live in the mainnet during Q3 2023.

This story contains tags
A16Z, Decentralized, figma, golden, incentives, jude gomila, Marketplace, NFTs, Protocol Labs, Solana, Web3

Let us know your thoughts on Golden’s $40 million Series A funding round. Comment below.

Sergio Goschenko

Sergio is a Venezuelan cryptocurrency journalist. His entry into the cryptocurrency world in December 2017 was when it saw a price surge, and he describes himself as being late to this game. He is a Venezuelan computer engineer with a background in social engineering and has been influenced by cryptocurrency’s boom on a personal level.

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