The team at Dirt Protocol is using blockchain technology to create a new approach to verify information.
The startup doesn’t plan to launch its platform until later this year, but it announced today that it has raised $3 million in seed funding from General Catalyst, Greylock, Lightspeed, Pantera Capital, Digital Currency Group, SV Angel, Avichal Garg, Elad Gil, Fred Ehrsam Linda Xi and others.
Founder Yin Wu previously created lockscreen startup Echo (acquired by Microsoft in 2015) and laundry startup Prim. She told me that after becoming interested in the cryptocurrency industry, she was concerned about the fear, uncertainty and doubt around coin offerings — after all, we’ve covered several ICOs where companies appear to have disappeared with people’s money.
“The market today is still unregulated, with high incentive for people to spread misinformation for personal gain,” Wu said.
Her solution? Build databases where anyone can contribute information, but where they have “skin in the game,” so there’s a financial penalty if they’re not truthful.
Dirt Protocol isn’t trying to create a single, definitive data repository, but rather to provide the tools for developers to build their own databases. Those databases might focus on things like ICOs (providing …read more
Source:: TechCrunch – Startups