Andreessen Horowitz has led fundraising in blockchain startup Dfinity, which now totals $102 million. Other leading investors in the company include Polychain, SV Angel, Village Global and Aspect Ventures, with a large portion of the money raised being put towards hiring new staff and expanding the company in order to meet the requirements for their ambitious new project.
In essence, Dfinity are creating a decentralized cloud computing network, which they aim to stand as a rival to companies such as Amazon and Microsoft. More specifically, the firm are building a blockchain-based supercomputer that, if successful, could not only take on the big mainstream competition, but also the likes of Ethereum. Dubbed “Cloud 3.0”, the technology boasts transaction fulfilling speeds of under 5 seconds, which would place it as being several hundred times faster than the Ethereum network.
Back in February, when Andreessen Horowitz and Polychain also led the first round of funding, Ryan Zurer, a venture partner at Polychain Capital, told CNBC: “This is extremely important for scalability and transaction throughput on the network and will be important for any use-case that requires high-frequency transactions such as IoT or enterprise solutions. This will be the beginning of an architecture that becomes the new internet”.
In Their Own Words
According to Dfinity themselves, “DFINITY is building a new kind of public decentralized cloud computing resource. Our vision is one of Internet 3.0, in which the fabric of the Internet starts to act as a giant computer with radical new properties that could be extraordinarily disruptive. Enterprise IT systems running on this computer will be unstoppable and won’t need to involve complex components such as databases, backup and restore systems.”
Meanwhile, miners wanting to get involved with the Dfinity project prior to its launch can visit their mining portal in order to contribute.
Do you think Dfinity can rival the big guns? Let us know your thoughts.