Polychain, Outlier Ventures Back Blockchain Startup’s Plan for Web 3.0

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Whilst the idea of a decentralized internet – more commonly known as the Web 3.0 – seems attractive for many in the blockchain industry, creating an infrastructure to support it’s a minumum of one goal that should be completed first. It is challenge that Haja Networks is taking on with a brand new database protocol and database network. Both of these open source products will allow interaction between different blockchains and allow users to sell or rent their data to enterprises while maintaining control over what information is accessible to third parties, said CEO Samuli P&ouml, yht&auml, ri. The startup lately completed a financing Round lead by Outlier Ventures and comprising Polychain Capital, BigchainDB and Creathor Ventures.

Outlier has also joined Haja as a strategic partner. The total amount raised wasn’t disclosed. Lawrence Lundy, Outlier’s head of research, noted that solving interoperability for databases – including blockchains – is essential to helping develop the new internet. And the Haja team, composed of former protocol laboratories and IPFS programmers, is on its way there with OrbitDB, an open source database project. P&ouml, yht&auml, ri told CoinDesk that we see a lot of problems with the current web, with data being settled and data being monopolized by businesses. There is a problem with data being centralized, there’s to be capable to compete with the current web so that is essentially what we are enabling here, by building decentralized protocols to make data secure in trustless ways.”.

This could just be the initial step in building the infrastructure to support a decentralized web, he said, adding that this infrastructure would in turn help solve scalability issues, that might help fuel adoption. According to P&ouml, yht&auml, ri: If we look at the usage of decentralized apps right now, it’s pretty bad in a way. I think everyone would like to see a lot more adoption and usage, but essentially it isn’t there. Part of the problem, a big part of the problem, is the scalability problem, which I think is a topic right now. With different projects working on it.”. Server rack picture via Shutterstock. A leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Sources:
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