Multicoin Capital announced Monday that it has led a $2.5 million seed round in a company that makes it easier to gather data from public blockchains.
A team called The Graph is building open source software that indexes all that information so it can be quickly accessed by anyone building decentralized applications.
In an announcement post Monday, Multicoin says that companies using this data for their applications have had to build their own data tools for accessing what they need.
The Graph proposes to index everything in a way everyone can use forever, so no one will need to build such a tool again.
"Virtually everyone in the web3 development community has come to recognize how important and underserved this layer of the web3 stack really is. The Graph has emerged as the market leader, with dozens of teams using the service in closed beta right now."
The Graph has brought a popular software tool from the existing web to the new decentralized one.
It is building its protocol using software from Facebook called GraphQL, which the social media giant open-sourced in 2015.
Additional investors in the round include Compound VC, CoinFund, DTC, Kilowatt, Reciprocal Ventures, SPC and others, according to Graph project lead Yaniv Tal.
"Web3 is an evolving platform that's open, secure, stable, and verifiable but it's still difficult to build usable applications with this nascent technology," Tal told CoinDesk in an email.
"The Graph will enable developers to build the next wave of applications on a solid foundation."
Multicoin Capital Leads $2.5 Million Seed Round for Blockchain Data Index
Published on Jan 28, 2019
by Coindesk | Published on Coinage
Coinage
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.