GettyImages 944229988 teens on phones

Singapore’s KNN3 wants to enable social innovation for decentralized apps • Technology Flow

GettyImages 944229988 teens on phones

There is no shortage of startups trying to make sense of the explosive growth of data arising from blockchain applications. Nansen has support from a16z to provide on-chain data analysis for crypto investors. Graph provides an API for developers to query blockchain data. The latest to gain VC recognition is KNN3, a Singapore-based startup helping developers understand relational data on blockchains.

When we enter a social network, the instructions that usually follow are the first to appear. This information is based on analyzes of our digital footprint history. KNN3 wants to do the same on web3 by building graph databases that analyze users’ relationships, status, memberships, and other on-chain actions.

The blockchain data space is already very crowded, co-founder Thomas Yu admits, but there is still room for more specialized services. Nansen and Web3 development platform Alchemy come in the form of centralized SaaS products. Yu argues that the graph is “programmable”, but the data structure it supports is very “limited”.

Hence Yu together with his former BTC China colleague Errors LiuKNN3 is set to create a permissionless (and therefore decentralized) tool for developers to gain insight from cross-blockchain user data.

KNN3 is launching in Asia by targeting consumer-facing dApps. While much of Web3’s infrastructure building is taking place in the West, Asia is generally considered an innovation hub for consumer applications, highlighted by the popularity of GameFi platforms such as Axie Infinity and StepN. One of KNN3’s famous customers is Mask Network, which allows users to send cryptocurrencies over Web 2.0 services and is now building a decentralized identity system using KNN3’s technology.

In the US, by contrast, KNN3 plans to follow enterprise-facing organizations like Chainlink, which feed real-life data called “oracles” into smart contracts and where you work. KNN3 is evaluating a new product offering cloud services built on Chainlink’s oracles, which will allow developers to build and run decentralized apps and smart contracts without worrying about the “fundamental data layer.”

“What that means is that a developer can use a Web2 tool like Google Cloud, but is actually building a Web3 tool instead of writing a smart contract and working on chains. “KNN3 uses oracles to build a trustless infrastructure, and developers can run a container on it,” Yu explained.

Crypto-focused venture capital firm HashGlobal and Chinese conglomerate Fosun International have raised $2.4 million in a seed funding round led by Liang Xinjun, former vice chair and CEO, KNN3 said. The round ended in April but was only announced this month.

There is also a long string of investors involved in seed investment – ​​a popular strategy for blockchain startups to form allies early on. They include Mask Network, Metaweb Venture, Iniac Venture, Tess Venture, Stratified Capital, Fundamental Lab, Incuba Alpha, Jew Venture, Cogitant Venture, Atlas Capital; Yan Jin and Potter Li are co-founders of Impossible Finance, RSS3, ShowMe and ETHsign.

KNN3 currently has a team of 24 across Singapore, China, Europe and the US, and with the funding, it is looking to attract more tech talent from Silicon Valley. “It’s a good time to rent in a bear market because many competitors are downsizing,” Yu said.

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