Blockchain Firm DIRT Protocol Raises $3M from Top VCs Including Coinbase Co-Founder
The DIRT Protocol blockchain tech startup has secured $3 million (USD) in seed funding from some of the most prominent venture capitalists and angel investors in all of Silicon Valley – and the crypto and initial coin offering (ICO) space at large.
On Wednesday, Yin Wu (Founder, DIRT Protocol) – an alumnus of YCombinator and Stanford who had her previous company acquired by Microsoft – uploaded a blog post declaring the successful $3M seed-stage raise.
She described DIRT as “a protocol for decentralized information curation.” Their mission? To “organize the world’s information and to make it freely accessible.”
Coinbase Co-Founder, Leading Crypto VCs Get DIRT-y
As for who participated in the $3M seed round, Wu reeled off a string of a dozen venture capital firms, angel investors “and others;” most of whom have proven to be highly active in the vibrant blockchain and crypto space – with some having even invested directly into ICOs.
Noteworthy funds that invested in DIRT Protocol’s seed round were Pantera Capital, Digital Currency Group (DCG), General Catalyst, and Greylock Partners.
There were multiple angel investors who participated, also. Included in the blockchain startup’s seed-stage raise were some of the crypto industry’s most familiar names, including Fred Ehrsam (Co-Founder, Coinbase), Linda Xie (Co-founder, Scalar Capital; Ex-Product Manager, Coinbase), and Avichal Garg (Managing Partner, Electric Capital).
Where to Now for Cashed-Up DIRT Protocol?
The California-based team at DIRT will now focus on developing their blockchain protocol and establishing alliances with early-stage partners. Also, their whitepaper will be released “in the coming weeks,” per Wednesday’s announcement.
Upon completion of their mainnet development, DIRT will hope to have built a protocol capable of curating information based on a native token-staking mechanism that incentivizes honesty. It proposes to be similar to Wikipedia (as well as blockchain-based Everipedia), in so far as any member of the public can contribute information to DIRT.
Where DIRT begins to distinguish itself, however, is by enforcing the requirement that contributors will “need to deposit (i.e., stake) tokens to write data.” This means that DIRT – which is a protocol to build Token Curated Registries (TCRs), and not itself a TCR – will make it “economically irrational for misinformation to persist in a data set.”
1/ Hello world. Today we are announcing that we’ve raised $3M to build the protocol for decentralized information curation. https://t.co/e1udMVfNmb
— DIRT Protocol (@DirtProtocol) July 11, 2018
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