Polybase Raises $2 Million to Build Web3 Replacement for Traditional Platforms
It is reported that Polybase, a cryptocurrency start-up, announced that it had raised $2 million in pre-seed financing. This round of financing is led by 6th M…
It is reported that Polybase, a cryptocurrency start-up, announced that it had raised $2 million in pre-seed financing. This round of financing is led by 6th Man Ventures, with the participation of Filecoin developers Protocol Labs, Orange DAO, Alumni Ventures, NGC Ventures, CMT Digital, etc. The goal of this startup is to build a web3 replacement to replace traditional platforms, such as Google’s Firebase and open source databases, such as Supabase and Postgres.
Encryption startup Polybase completed $2 million pre-seed financing
Interpretation of the news:
Polybase, a cryptocurrency start-up, has announced that it raised $2 million in pre-seed financing from 6th Man Ventures, Protocol Labs, Orange DAO, Alumni Ventures, NGC Ventures, and CMT Digital. The startup aims to create a web3 replacement to traditional platforms like Google’s Firebase and open source databases such as Supabase and Postgres.
This announcement is significant because it demonstrates investors’ and developers’ growing interest in web3 technology and decentralized applications (dApps). Web3 technologies, also known as the decentralized web, promise to bring a level of security, privacy, and transparency to the internet that was not previously possible under traditional web architecture. Web3 relies on blockchain technology and peer-to-peer networks to allow users to interact and transact without intermediaries, thereby reducing fees, enhancing privacy, and increasing trust.
Polybase’s goal is to build a web3 replacement for traditional platforms, such as Google’s Firebase and open-source databases, that are used to build and run web and mobile applications. These platforms involve centralized servers that store data and execute code, creating a single point of failure and a vulnerable attack surface. In contrast, web3 platforms use decentralized networks where data and code are distributed across multiple nodes, making them more resilient to attack and failure.
Polybase’s web3 platform will be built on the Ethereum blockchain and leverage smart contracts to allow users to store and access data and run code in a decentralized manner. By eliminating the need for centralized servers and databases, Polybase’s platform promises to reduce costs, increase security, and empower users to own and control their data.
In conclusion, Polybase’s successful pre-seed financing round highlights the growing interest and investment in web3 technology and decentralized applications. This startup’s goal of building a web3 replacement for traditional platforms is ambitious and could have significant implications for the future of the internet. With the right development and adoption, web3 platforms could create a more open, secure, and decentralized internet that puts users in control of their data and digital lives.
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