PRESS RELEASE. Web3 relationship aggregator KNN3 Network announced it had raised $2.4M in a seed round led by HashGlobal and Liang Xinjun, former co-founder of Fosun International. Mask Network, MetaWeb Venture, Eniac Venture, Tess Venture, Stratified Capital, Fundamental lab, Incuba Alpha, Zeuth Venture, Cogitent Venture, Atlas Capital; Impossible Finance, RSS3, ShowMe and Yan Xin & Potter Li, ETHsign’s co-founders also took part in the round. KNN3 Network will utilize the $2.4M funding for protocol development and product market-fit.
From these struggles and pains on data isolation and cross-platform redundancy, it can concur that a universal solution for interoperability is the only way forward. With such a belief, these investors decided to support KNN3 Network in driving a future of multi-chain relationship aggregating and a diverse, decentralized world.
The Vision of KNN3 Network
After a paradigm shift, processors of decentralized applications are now at the centre of Web3, bringing to the world Peer-to-Peer transactions and optimized counting of state changes.
“As smart contracts and distributed virtual state machines underlie blockchains, decentralized WWW solutions truly give back ownership to the users and return democracy to the Web,” said Thomas Yu, Co-Founder of KNN3 Network. “However, there is a need to keep updating knowledge of Web3 to generate more flexible and innovative ideas constantly. Without permissionless cross-platform data collaboration, individual applications just run in silos. For example, the flywheel of Web3 will fail to set the crypto universe in motion. Therefore it is imperative to have a more sophisticated protocol to increase the reusability of web3 data. As a multi-chain relationship aggregating protocol for dApps and analytics, KNN3 Network perfectly fulfils that role.”
What is KNN3 Network?
KNN3 Network provides web3 graph solutions for relational aggregation across multiple blockchain universes to empower social dApps and AI analytics. It aims to become a community-driven data curation protocol that enables on-chain data collaboration.
“The team believes in a relationship creating meanings by converting users’ footprints into relational connectors that collectively form a massive graph network,” said Thomas Yu, “The team is excited to be a part of the Web3 wave and hope KNN3 Network can get the ball rolling.”
If a user is a web3 dApp builder, they can seamlessly retrieve the abundant web3 users’ relationships data using KNN3’s high-performance GraphQL. KNN3 Network collects and compiles multiple dimensions of relations through users’ historical behaviour and status.
If a user is a web3 analyst, KNN3 allows them to conduct structural and relational queries in one place. In addition, it provides SQL-style graph query components for any SQL-compatible BI/analytics platforms to integrate with their existing query services. Moreover, algorithm developers can build and train their AI/ML algorithms with KNN3’s Graph Computing Environment Solutions.
Permissionless Cross-platform Data Collaboration Solutions
“Although AI analytics toolkits allow people to extract data’s value on individual platforms, these applications usually function in isolation. When such applications segment the market, users navigate a highly complex environment. In short, there lacks integrated middleware to enable more advanced web3 use cases.” as Thomas Yu explained, “the company wants to press ahead without compromising the core values of crypto, i.e. composability and plug & play. KNN3 Network provides such one-stop-shop solutions for on-chain data-driven dApps. Compared with conventional SocialFi dApps embedded with SaaS (Software as a service), KNN3 Network provides a trustless protocol featuring decentralization-as-a-service (DAAS) and true censorship-resistance.”
Use cases
In the current iteration, KNN3 Network provides data solutions for web3 dApps for social discovery and user empowerment. Specifically, it has already assisted some dApps in maximizing their value delivery – it provides Quest3 with Virtual Credential Service, which is the fundamental architecture for Quest3’s on-chain quest system used to validate whether a Web3 user is eligible to complete a specific task; it provides MetaMail and Shorum with social graphs. KNN3 provides a trustless analytic environment for user recommendation algorithms based on real-time on-chain data to encourage users to connect with more friends with just one click.
It also provides AI-friendly solutions to Algorithm Registry. KNN3’s easy-to-use graph database and open algorithms allow the latter to establish an open platform allowing users to choose algorithms independently and submit their algorithms. In the future, KNN3 Network aims to be a data collaborating building block to empower mix-dApp, SocialFi, open AIs, etc.
Target Customers
KNN3 Network’s permissionless relational aggregating solutions and virtual credential services mainly target SocialFi, on-chain credits protocols and web3 campaign tools. KNN3 Network also provides ecosystem tools to enable analytics platforms to expand their database to seamlessly incorporate web3 multi-chain relational data. The vision of KNN3 Network is to empower NFT/DAO/GameFi promoters to onboard more Web3 users while providing them with a better on-ramp experience with its profiling/enabling toolkits. It also allows Web3 dApp builders to provide a better Web3 social experience with its multi-chain graph solutions.
About KNN3 Network
KNN3 is a Web3 cross-chain relationship aggregator that enables social discovery and user empowerment. KNN3 Network provides graph solutions for web3 multiverse relational aggregation to empower Social d/App and AI analytics. KNN3 aims to become a community-driven data curation protocol for on-chain data collaboration.
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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
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By: Media
Title: With $2․4M Fundraising in Seed Round, KNN3 Network Races to Provide a Multi-Chain Relationship Aggregating Protocol for d/App and Smart Contract
Sourced From: news.bitcoin.com/with-2%e2%80%a44m-fundraising-in-seed-round-knn3-network-races-to-provide-a-multi-chain-relationship-aggregating-protocol-for-d-app-and-smart-contract/
Published Date: Fri, 09 Sep 2022 11:00:41 +0000
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