One of the promises made by web3 entrepreneurs is to put data back in the hands of owners. CyberConnect has recently closed a Series A financing round totaling 15 million dollars, making it the largest financing round in the history of the company.
Animoca Brands, a Hong Kong-based company that has risen from an underestimation in game development to an investment powerhouse in the web3 world, is the lead co-investor in the round. Sky9 Capital is a venture capital firm founded by Ron Cao, who helped Lightspeed Venture Partners set up shop in China back in the day.
In web2, companies with the largest social network own users and build walls around them to stem competition and advance corporate interests, according to CyberConnect CEO and co-founding partner Wilson Wei.
The underlying rules that allow data to be shared between computers, for applications, and in web3 are being built by the team. The goal is for users to be able to travel across web3 platforms with their followings and followers.
Users will be shown all their existing connections upon connecting their wallet to a social platform, powered by CyberConnect. The recommended user addresses will be based on CyberConnect's index. Once they follow someone, that piece of information will be added to CyberConnect's network and become portable and self-sovereign.
Over 710,000 users have been reached by the 23 projects supported by CyberConnect.
Other companies are building similar infrastructure to allow follower interropability, such as Lens, which is operated by Aave.
CyberConnect's solution consists of two components. It offers a software development kit, a piece of software for developers to create custom apps that let end- users manage their social graphs and a social data network.
CyberConnect's SDK is built on top of InterPlanetary File System (IPFS), a peer to peer data storing and sharing network, and Ceramic, a network that manages mutable data without centralized server.
Smart contract-based protocols are creating value from scarce items while data on-chain costs a lot of gas. There are a limited amount of bitcoins and 10,000 NFTs in one collection.
Social context welcomes data abundance. There is only an ever-increasing number of new users, new connections, and new content and that data needs constant updates.
The social data network will include different people like data contributors, recommenders, curators, and users. The network will be permissionless, meaning anyone can join, and include incentive mechanisms revolving around query fees.
The startup is based in Palo Alto and has a team of 27 across the US, China, Canada and Europe.
Several venture investment firms, including Dragonfly, have recently warned web3 startups to prepare for a cooling industry in the wake of the recentCryptocurrencies market crash. bear markets are a great time for us to focus on building.
He says that it is crucial to keep building during downturns because of previous experiences.
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