Home / Crypto Currency / Polychain, Outlier Ventures Back Blockchain Startup’s Plan for Web 3.0

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

While the idea of a decentralized internet – commonly referred to as the Web 3.0 – seems attractive to many in the blockchain industry, creating an infrastructure to support it is at least one goal that needs to be completed first.

It's a challenge that Haja Networks is taking on with a new database protocol and a database network. Both of these open-source products would enable interoperability between different blockchains and allow users to sell or lease their data to businesses while maintaining control over what information is accessible to third-parties, said CEO Samuli Pöyhtäri.

The startup recently completed a funding round lead by Outlier Ventures and featuring Polychain Capital, BigchainDB and Creathor Ventures. Outlier also joined Haja as a strategic partner. The total amount raised was not disclosed.

Lawrence Lundy, Outlier's head of research, noted that solving interoperability for databases – including blockchains – is key to helping develop the new internet. And the Haja team, composed of former Protocol Labs and IPFS developers, is on its way there with OrbitDB, an open-source database project.

Pöyhtäri told CoinDesk that "we see a lot of problems with the current web, with data being settled and data being monopolized by companies. There's a problem with data being centralized, there's [infrastructure issues], there's censorship possibilities and it's inefficient."

As such, he wanted to develop a way to make databases easily communicate while maintaining a trustless, peer-to-peer framework, he said, adding: "We can't really build the user experiences that we need to [in order] to be able to compete with the current web so that's essentially what we're enabling here, by building decentralized protocols to make data secure in trustless ways."

This would just be the first step in building the infrastructure to support a decentralized web, he said, adding that this infrastructure would in turn help solve scalability issues, which can help fuel adoption.

According to Pöyhtäri:

"If we look at the usage of decentralized apps right now, it's pretty bad in a way. I think everybody would like to see a lot more adoption and usage but essentially it's not there. Part of that problem, a big part of that problem, is the scalability problem, which I believe is a topic right now … with different projects working on it."

Server rack image via Shutterstock

The 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.

Read more

Check Also

“Bitcoin (BTC) Prices Yet To Hit Rock Bottom”: Bitcoin (BTC) Technical Analysis (June 18, 2018)

With every slide in the cryptocurrency market, Bitcoin dominance increases. As a matter of fact, Bitcoin ball park control stands at 40 percent in the last seven days or so. That’s when bears took more than $30 billion despite supportive news from the SEC. Going forward, it could be worse for cryptocurrency portfolios because any break below $6,000 and we might see BTC valuation dropping 85 percent from its ATHs to $3,000. Let’s have a look at these charts: From the News It is attack after attack but in the case of BitGrail, ordinary account holders are set to suffer. A while back, this Italian exchange was hit by hackers who made away with $187 million worth of Nano coin. Even though the operations of the exchange took a hit, they resumed normal services a few days later. However, with formal announcement by the exchange that they were not in a position to reimburse user funds because they strongly believe hackers took advantage of Nano’s blockchain weakness, the Nano Foundation refutes these claims. We have temporarily disabled the BitGrail exchange pending further notice. — BitGrail Exchange (@BitGrail) May 2, 2018 This inevitably means the court is the only center of arbitration and now through the orders of a Florence Court, where bankruptcy petition for BitGrail is on-going, BitGrail’s digital assets are under state custody. We cannot make solid conclusion as the hearing continues. 3000 users of the #BitGrail fiasco have filed a petition asking an Italian court to declare the entities that operated the Bitgrail exchange bankrupt.https://t.co/x3wfor4qe1 — DeusExMachina (@d1rtydan) April 27, 2018 Then again the CEO of BitGrail has been clear that there is nothing since the exchange is following court orders. Regardless, it’s clear that the exchange is in a poor financial situation and probably won’t repay victims. As litigation continues in Italy, authorities in South Korea are planning on creating a special economic zone for blockchain companies in the city of Busan. “We need a place to concentrate on the cryptographic industry in Korea like the Crypto Valley in Switzerland” This comes at the back drop of the country’s initial steps of totally banning ICOs and fostering an environment that isn’t supportive for crypto traders in general. #SouthKorea intends to launch a #blockchain center in Busan city to incubate companies and projects working in the sector. Modeled as “#Crypto Beach,” the development is reportedly inspired by Switzerland’s “Crypto Valley” in Zug.#Bitcoin #btc $btc $bitcoin #ETH #EOS #ICX — Hitman (@Hitman637) June 17, 2018 Because of this, most blockchain start-ups in South Korea offer their ICOs in other countries. So, to prevent loss, the only approach is to thaw their regulatory grip by creating such blockchain friendly zones. Of course, all things constant, this is positive for Bitcoin in the long haul. Bitcoin (BTC) Technical Analysis Weekly Chart Bitcoin Weekly Chart by Trading View Talking of Bitcoin hitting $3,000 may be pessimistic but here is the thing: Any break below $6,000 this week or within the next month and it would be catastrophic for coin holders in general. The web might even spread considering the positive correlation between Bitcoin prices and altcoins as we have been seeing in the last couple of days. Besides, even Trustory CEO thinks BTC prices are yet to bottom out and unwind the effect of Q3 and 4 2017 Tether pump. Price wise, it’s clear that BTC prices are trending around a key inflection point, a double bottom as the weekly chart shows. Overly, bears are in charge and we can draw a simple trend line between Q1 and recent Q2 highs to demonstrate that. In our previous projections, any up-thrust that lifts BTC prices above $8,000 will mean bulls are in charge and buying in line with the new shift of trend is practical. Conversely, it will be a journey back to $3,000 if sellers break below $6,000 as we have mentioned before. Daily Chart Bitcoin Daily Chart by Trading View Announcement by the SEC on June 14 was by all means timely. As we can see from the daily chart, that’s right at the main support line and initial bear targets at $6,500. Now, our trade plan based on these new events proposes buying but only when buyers push prices ideally past $7,000 and for conservatives at $7,800. Of course, with the past three candlesticks moving within tight trading ranges, patience would be an asset and would mean buying only once our trade conditions are met. On the reverse side where sellers drive below $6,000 and it would be a slide to $3,000. The post “Bitcoin (BTC) Prices Yet To Hit Rock Bottom”: Bitcoin (BTC) Technical Analysis (June 18, 2018) appeared first on NewsBTC.

Leave a Reply

Your email address will not be published. Required fields are marked *

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.