Decentralized knowledge protocol Golden has closed a $40 million funding round led by venture capital firm Andreessen Horowitz, or a16z, with additional participation from Protocol Labs, OpenSea Ventures, and Solana founders Dropbox, Postmates. and Twitch, among others.
In addition to leading the Series B funding round, Andreessen Horowitz General Partner Ali Yahya will join Golden’s board of directors alongside a16z co-founder Marc Andreessen. The funding provides Golden with additional resources to further build its protocol, which is designed to standardize knowledge discovery and verification in the Web 3.0 era.
Specifically, Golden is developing a decentralized interface that encourages the compilation and verification of canonical data. The company claims that more than 35,000 users participated in the first phases of the protocol’s testnet.
Although venture funding for the cryptocurrency sector has slowed recently, 2022 has seen record inflows for blockchain-focused startups. Recently, Hedge fund Pantera Capital upped the ante by revealing its plans to raise $1.25 billion for its second blockchain fund. Specialized projects in Web3, referring to a future iteration of the Internet, have attracted a great deal of interest from the venture capital community.
Describing his product, Golden said the incorporation of Web 3.0 technologies is “well suited to solving the core problems” of incentivization. Golden plans to use native tokens to reward “good actors,” but also specified that the end product “is not just ‘a Web 3.0 Wikipedia.'” The launch of the mainnet is planned for the second quarter of 2023.
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