Encryption startup Polybase completed $2 million pre-seed financing

It is reported that Polybase, a cryptocurrency start-up, announced that it had raised $2 million in pre-seed financing. This round of financing is led by 6th Man Ventures, with the participation of Filecoin developers Protocol Labs, Orange DAO, Alumni Ventures, NGC Ventures, CMT Digital, etc. The goal of this startup is to build a web3 replacement to replace traditional platforms, such as Google’s Firebase and open source databases, such as Supabase and Postgres.

Interpretation of this information:

Polybase, a cryptocurrency start-up, has recently announced a significant achievement after raising $2 million in pre-seed financing. Six investors – 6th Man Ventures, Protocol Labs (the developer of Filecoin), Orange DAO, Alumni Ventures, NGC Ventures, and CMT Digital – have reportedly spearheaded this funding. Polybase’s mission is to create a web3 replacement that can substitute conventional platforms like Google’s Firebase and open source databases.

Polybase aims to decentralize the internet by enabling applications to operate on a blockchain network instead of a centralized one. According to Polybase, blockchain technology is very secure because it does not rely on a single entity, and it is difficult to falsify. Since blockchain technology is decentralized, it ensures transparency, functional efficiency, and data accuracy. By using Polybase’s technology, businesses and developers will benefit from lower operational costs since they would be able to operate their applications on a blockchain network that circumvents high cloud fees.

Polybase’s technology leverages on-chain and off-chain computation resources to enable database transactions in a decentralized and secure way. This would ensure that the network remains efficient, scalable, and less expensive than traditional platforms. Polybase believes that this new technology could be used in creating e-commerce applications, social networks, and financial apps.

Polybase’s pre-seed funding round is a significant milestone for the company because it enables the company to develop and test its technology. As web3 technology is relatively new and complex, it requires substantial funding to carry out research and development activities. Polybase is elated to have garnered such significant support since it shows a general interest in the technology they are developing.

In conclusion, Polybase intends to introduce blockchain and web3 technology as a replacement for conventional platforms. They have raised $2 million in pre-seed financing, which will enable them to further develop and test their technology. Overall, Polybase seeks to enable businesses and developers to deploy applications on a blockchain network that circumvents high cloud fees.