Startup Dirt is developing a Protocol to protect the investments of major market participants. It will be based on the blockchain and allows users to observe data and to verify them. The company announced Wednesday, July 11.
In the first investment round of a startup Dirt involved is known in the cryptocurrency industry company and investment Fund Pantera Capital, venture capital, Digital Currency Group, and also exchange Coinbase co-founder Fred Er (Fred Ehrsam). Dirt all the representatives reported on the participation of 15 venture partners and 11 business angels. At the moment the project has managed to raise $3 million
The funds collected Dirt spend to write the blockchain platform and verification system, which will allow to confirm or deny the accuracy of the data. The aim of the project is to organize disparate data from all over the world and make access to them free, so that they could use for their own benefit new applications and services. As the company claims, the principle of operation of the Protocol will be similar to Wikipedia, that is, to place the information in it can anyone, but anyone can this info and check. For a detected incorrect data, the member will receive compensation in the form of tokens. The system is completely decentralized, without the presence of any of the curators from the top.
“In this new “decentralized” world, we still need some centralized reliable sources”, — says the head of Dirt Yin Wu (Wu Yin). “For example, Twitter helps us to determine who is a real person, CoinMarketCap shows the price of cryptocurrencies. We need a way to determine what is true and to build trust without the involvement of third-party “arbitrators”. Dirt does with the data the same, what Wikipedia did to the encyclopedia”.
It is worth noting that the last time the blockchain is increasingly used by large organizations not only storage, but also to verify the data. So, last month, the us payment giant Mastercard patented technology verification of your payment card customers when making purchases on the basis of the public blockchain. And at the end of last year it became known that Apple is working on a verification system timestamp based on a distributed registry .
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