Andreessen Horowitz Leads $40,000,000 Capital Raise for New Decentralized Data Protocol
Andreessen Horowitz (a16z) is leading a $40 million series B funding round into Golden, a decentralized protocol that aims to aggregate information on billions of topics.
In a statement, Golden says Solana (SOL) co-founder Raj Gokal, Protocol Labs, OpenSea Ventures and Farcaster founder Dan Romero all joined a16z Crypto, the crypto arm of a16z, in the funding round.
Added financial backing brings the firm’s total funding to around $60 million, according to the announcement.
Golden says it will be using the investments to build a “web3 Wikipedia” – a decentralized protocol that financially rewards the collection and verification of canonical knowledge.
Says Golden,
“Knowledge is fragmented; to find reliable information, one needs to search across centralized repositories, personal web pages, news sites, blogs, and private databases. The world lacks a standardized interface for discovering, contributing and verifying knowledge.
Creating this interface in a scalable way requires not just data; it requires the development of incentives for data entry, verification, and governance. Web3 technologies and mechanics are well suited to solve the core problems of incentivizing efficient task execution and organizing resources for protocol operations.”
Golden currently exists on the Goerli network, one of the main testnets on Ethereum.
“Having accurate data in a deeply-linked knowledge graph allows for the creation of new applications and insights that are not currently possible. We are eager to see how this resource will be applied, from classic industries to AI research.
The Golden protocol is currently live on the Goerli testnet. We aim to take this to mainnet Q2 2023 after we have ironed out all core issues.”
In May, a16z launched the $600 million Games One Fund to help build a framework of the metaverse. It also launched a $4.5 million fund to invest in emerging web3 technologies.
Last month, the venture capital firm launched a Creative Commons-inspired licensing system for NFTs.
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The post Andreessen Horowitz Leads $40,000,000 Capital Raise for New Decentralized Data Protocol appeared first on The Daily Hodl.
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Author: Rhodilee Jean Dolor
