Quick take:
- The funds were raised in 2022 from 1kx, Protocol Labs, and a community of angel investors.
- Web3mine is building a staking protocol that promotes the development of community-owned and governed internet infrastructure.
- A graduate of the Alliance DAO accelerator, Web3mine has built two main products over the past year, hardware monetisation and liquid staking.
Web3mine, a Web3 staking protocol based in Lichtenstein has emerged from stealth with a $6 million Seed round from 1kx, Protocol Labs, and a community of angel investors.
The company is building a platform that promotes the development of community-owned and governed internet infrastructure. A graduate of the Alliance DAO accelerator, Web3mine will use the capital to accelerate the development of its platform that empowers the world to “collectively coordinate capital and hardware to build an open, performant and resilient compute infrastructure for everyone.”
According to the announcement, the company’s open-source innovation lab offers tools that promote the development of community-owned and -governed internet infrastructure. Over the past year, Web3mine has launched two products that are key to its mission.
Hardware monetisation tool allows owners to easily deploy and monetize their assets and the utility that they provide including hard drives for storage, circuits for computational workloads and networking equipment to move data by completing jobs.
On the other hand, the liquid staking feature allows crypto holders to help in ecosystem growth campaigns by deploying their tokens. In return, they are given staking rewards for their participation.
Commenting on the announcement, Vukašin Vukoje, founder of web3mine said: “Time and time again we have seen how the Web2 model for storage and compute poses massive challenges: Cloud providers lock users’ data, are slow to innovate, and command sky-high prices and governments across the globe come to have power over citizens far outside their jurisdictions. By providing common infrastructure for storage, compute, and liquidity providers, we’re driving the next iteration of the cloud.”
Web3mine’s technology will first be deployed in the Filecoin network in a bid to optimize and open access to the process of mining FIL.
Michael Hua, Research Analyst at 1kx said the company is solving one of the Web3 industry’s biggest challenges, liquid staking. “Creating a liquid staking layer for infrastructure networks has vastly different challenges than building a Layer 1 liquid staking layer and web3mine is uniquely qualified to address all of them,” he said, adding that there are plans to expand into other established and emerging decentralized networks.
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