PRESS RELEASE. KNN3 Network, a Web3 relationship aggregator, announced that it raised $2.4M in a seed-round led by HashGlobal. Liang Xinjun (former co-founder of Fosun International) was also involved. The round also included MetaWeb Venture and Eniac Venture as well as Tess Venture, Stratified Capital and Fundamental lab. Also, Cogitent Ventures, Atlas Capital, Impossible Finances, RSS3, ShowMe, Yan Xin & Potter Li (ETHsign's cofounders), participated. KNN3 Network will use the $2.4M funding to fund protocol development and product-market-fit.
These struggles and pains regarding data isolation and cross platform redundancy can be seen as a sign that interoperability requires a universal solution. These investors agreed to support KNN3 Network's vision of a multi-chain relationship aggregation future and a diverse, decentralized global world.
The Vision of KNN3 Network
A paradigm shift has seen processors of decentralized apps placed at the center of Web3, bringing to life Peer-to Peer transactions and optimized counting state changes.
"Smart contracts and distributed virtual states machines underlie blockchains, so decentralized WWW solutions really give back ownership and return democracy to Web," Thomas Yu, Co-Founder, KNN3 Network. Individual applications will run in silos without permissionless cross-platform collaboration. Web3's flywheel will not set the crypto world in motion, for example. It is therefore imperative to use a more advanced protocol to improve the reusability and usability of web3 data. KNN3 Network is a multi-chain relation aggregating protocol for analytics and dApps.
What's the KNN3 Network?
KNN3 Network offers web3 graph solutions to enable social dApps, and AI analytics. It is a community-driven protocol for data curation that facilitates on-chain data collaboration.
"The group believes in relationship creating meanings through converting users' footprints to relational connectors which collectively form an enormous graph network," stated Thomas Yu. "The team is excited and hopeful that KNN3 Network will get the ball rolling."
A web3 dApp developer can use KNN3's high performance GraphQL to effortlessly retrieve their web3 users' relationships data. KNN3 Network compiles many dimensions of relationships through historical behaviour and status.
KNN3 is available to web3 analysts who can conduct both structural and relational queries from one location. It also provides SQL-style graph queries components that can be used with any SQL-compatible BI/analytics platform to integrate with existing query services. KNN3's Graph Computing Environment Solutions allows algorithm developers to create and train their AI/ML algorithms.
Cross-platform Permissionless Data Collaboration Solutions
Although AI analytics toolskits can be used to extract data's value from individual platforms, they are usually isolated applications. Users navigate highly complex environments when such applications segment the market. As Thomas Yu stated, "The company wants to push ahead without compromising core crypto values, 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
KNN3 Network is providing data solutions to web3 dApps that enable social discovery and empower users in its current version. It has helped a few dApps to maximize their value delivery. KNN3 Network provides Quest3 with Virtual Credential Service. This is the core architecture of Quest3's on chain quest system. It validates whether a Web3 user can complete a task. MetaMail and Shorum also get social graphs from it. KNN3 offers a trusted analytic environment that allows users to create user recommendations based on real-time data from the on-chain. This encourages users to make more connections with friends in a single click.
It also offers AI-friendly solutions for Algorithm Registry. KNN3's graph database and open algorithms make it easy to create an open platform that allows users to select algorithms and submit them. KNN3 Network aims at being a data collaborating building block that empowers mix-dApps, SocialFi, and open AIs.
Target Customers
KNN3 Network's permissionless relationship aggregating solutions, virtual credential services and virtual credentials services mainly target SocialFi and on-chain credit protocols. KNN3 Network provides tools that enable analytics platforms to integrate web3 multi-chain relational information seamlessly into their databases. KNN3 Network's vision is to enable NFT/DAO/GameFi promotors to onboard more Web3 users and provide them with a better onboarding experience through its profiling/enabling tools. With its multi-chain graph solutions, it allows Web3 dApp developers to offer a better Web3 social experience.
About KNN3 Network
KNN3 is a Web3 cross chain relationship aggregator that empowers users and enables social discovery. KNN3 Network offers graph solutions for web3 multiverse relationship aggregation to enable Social d/App or AI analytics. KNN3 is a community-driven curation protocol that facilitates on-chain data collaboration.
This is a press release. Before taking any action related to the promoted company, or any of its affiliates, or services, readers should do their research. Bitcoin.com does not assume any responsibility for any loss or damage caused by the content, goods, or services 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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