Root Protocol Raises $10 Million at $100M Valuation to Build a User-based Operating System and Mission Control for Web3
NEW YORK, Jan 24, 2024 – (ACN Newswire) – Recently, Root Protocol announced the close of $10M in funding across two rounds, bringing the total valuation of the project to $100M.
The funding rounds, which gave Root Protocol a $100 million valuation, were led by Animoca Brands and included contributions from a slew of other notable investors, including Shima Capital, DFG Group, Signum Capital, Ankr Network, Digital Strategies, CMS Holdings, Double Peak, GenBlock Capital, Cypher Capital and Basics Capital. New investors announced are Dao5 and Gate Labs Ventures.
The founding team members, collaborators and advisors of Root Protocol are from Consensys, Bankless Ventures, Ontology, Polygon, CoinShares, Morgan Stanley, DCG, Stanford University and MIT, and are a group of longtime crypto and Web3 builders and enthusiasts. Highlighted Advisors and Angels include Meltem Demirors, Evin McMullen, Ben Lakoff, and Tekin Salimi.
Root Protocol’s raise comes as the market sees renewed interest into decentralized identity protocols, especially those that saw high growth during the bear market: Root Protocol’s B2C product, Isme.is, has almost 500,000 unique and human readable .isme (e.g. satoshi.isme) DID accounts claimed and over 250,000 verified (via social linkages) DID accounts active.
“We are confident in the vision of data sovereign individuals and so are our great investors and collaborators. Just like the traditional banking model had been revolutionized by crypto, the dominant web2 platform model will be revolutionized by DIDs, blockchain technology, and users having data sovereignty and data leverage-ability, whether on-chain or off-chain. Thankfully, some of the key building blocks are now well in place for us to achieve this fully: Our new architecture built on the top of Layerzero (interoperability) and Celestia (Rollup & DA). Root Protocol is the root of Web3.”,CEO and Co-Founder Dylan Dewdney
According to CoinDesk “Funding in Web3 projects saw a decline during the bear market of the last 18 months as they were possibly seen as risky and unproven by investors. Root Protocol raising a healthy sum at the seed stage may then be a sign that things have changed.”
This fresh capital will help Root Protocol in their new, more comprehensive vision of building an operating system with the composition of an intent-centric aggregator of digital identity, social network, and more, to enable unified access to Web3. It consists of four main components, including the Root Operation Executor, Root Chain (Rollup), Root Account, and Root Indexer, all of which operate together to facilitate effortless interoperability, scalability, and composability. They believe that most of the complexities of an any online experience that utilizes web3 technologies can be abstracted away at the user account level, where they can have a UI and UX that is tantamount to a Web3 back-ended, data sovereign, and individual mission control type of setup.
At the highest level, Root Protocol wants to put you in full control of your digital identity and become a one-stop station for all things decentralized identity for the next billion users engaging with the new architecture of the internet — Web3.
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Company: Root Protocol
Contact: Media Team
Website: https://root.xyz/
WOM Protocol, a blockchain-based protocol that rewards user-generated content and replaces traditional ads, has announced a partnership with growth agency, BVW. This partnership brings together WOM Protocol’s cutting-edge MarTech solution with BVW’s expertise in launching, scaling and measuring e-commerce brands, Saas/S companies, and Web3 projects. In 2023, the global digital advertising market is valued at $626.9 billion, accounting for 67.4% of the overall expenditure on media ads (eMarketer). Considering that Web2’s largest revenue stream is advertising, the opportunity to disrupt traditional advertising methods with user-generated content that has the authenticity of word-of-mouth and is native to platforms is significant. This could lead to more effective and engaging advertising campaigns for brands, as well as a more personalized and authentic experience for consumers. The WOM Protocol helps both Web3 projects and Web2 brands find, track and reward UGC content. Through partnerships with “TikTok” of Web3 app, BULLZ, and lifestyle brand collaborations app, YEAY, WOM has accumulated more than 185k+ authenticated videos and grown beyond a 120k+ user base. All videos are peer-reviewed on average by more then 400 authenticators, who act as content nodes that quality-control and bring trust into all WOM-approved content. To kick-start content creation, both apps have launched their own dedicated Campaign Managers that enable Web3 projects and lifestyle brands to request content from users of the respective apps through campaigns. In addition brands can gain distribution and reach by incentivizing creators to share the content on their wider social media accounts. This covers a holistic content marketing approach, by incentivizing influencer marketing, UGC creator marketing and the ultimate word-of-mouth content marketing. BVW is a cutting-edge digital marketing agency divided in two segments, BVW Social with a focus on e-commerce brands and Saas/S companies, while BVW agency has a focus on Web3 and NFT-based projects.This makes BVW well-equipped to deliver customized marketing solutions for businesses operating in both the Web3 and Web2 domains. The partnership with WOM Protocol provides BVW with access to a growing UGC creator base as well as the Campaign Manager tools to launch creator-driven marketing campaigns. Together both can drive awareness and client adoption and ultimately showcase the conversion power of word-of-mouth marketing. Huzaifa Majeed, Founder of BVW: “Having launched successful e-commerce brands and Saas/S companies, we know the importance of metrics like CAC and ROAS in driving clear-cut ROI. We’re excited to partner with the WOM Protocol, as they offer powerful tools to drive conversions with word-of-mouth and are both Web3 and Web2 agnostic. We look forward to delivering exceptional growth and success for our clients.” Melanie Mohr, Founder of WOM Protocol: “We’re thrilled to partner with BVW and expand our digital marketing solution to reach new brands and projects. BVW’s expertise in the Web3 and Web2 marketing landscape make them the ideal partner for launching more creator-driven campaigns with conversion power around word-of-mouth marketing.” About the WOM Protocol WOM (word-of-mouth) Protocol is revolutionizing the world of marketing with its blockchain-based protocol that enables brands, content creators, publishers, and social networks to monetize word-of-mouth recommendations on any website, app, or platform. WOM is backed by seasoned investors from around the globe. For more info about WOM: https://womprotocol.io About BULLZ BULLZ provides community rewards and Web3 discovery of trending projects. The BULLZ Challenge Launchpad lets users create airdrop campaigns, the BULLZ app enables users to discover and share web3 projects while getting rewarded, the BULLZ Campaign Manager gives brands the opportunity to launch user-generated content campaigns with creators. With the “create to earn” model, users are rewarded with WOM Tokens within the platforms. For more information about BULLZ: https://bullz.com. About YEAY YEAY takes the hassle out of creator-brand collaborations. The YEAY Campaign Manager gives brands the tools to create simple and effective UGC briefs and invite creators that meet their targeting requirements to join collaborations. Participating creators are given clear deadlines for submitting video content to the collaboration and sharing the link on their socials for maximum content reach. Brands have the tools to measure and track the success of their campaigns. For more information about YEAY: https://www.yeay.com/ About BVW BVW Agency is an innovative marketing agency that specializes in scaling Web3 projects for growth and adoption. BVW.Social provides growth hacking services in the ever-evolving digital landscape to launch successful e-commerce brands and Saas/S companies. With a proven track record of success, the BVW team provides customized solutions for both Web3 and Web2 businesses, including: web development, SEO, social media, influencer marketing, paid advertising and more. For more information about BVW: https://www.bvw.agency/ / https://www.bvw.social/ Tag Protocol, a Digital Autonomous Organization (DAO) that uses NFT technology to monetize social media hashtags, is launching on Binance Smart Chain. The project’s ecosystem contains many unique NFT-based products targeted at creating decent earning opportunities for its users. The products on this Decentralized Finance (DeFi) suite are launching subsequently according to the road map. Some products such as Tagcoin, the native token for the project, are already live. The digital token is available in PanCake Swap and SushiSwap. The project operates hashtag registration, staking, and trading services. It will allow users to register their social media hashtags and officially own them, just as people register and own domains names. Users will receive a newly minted Hashtag NFT token upon registering a unique hashtag. The NFT will be sent to their wallets and they can stake them in staking pools to earn Tagcoins (the native token for the Tag Protocol ecosystem). Tagcoin holders can exchange them for other cryptocurrencies such as Binance (BNB) and BUSD (Binance USD) on the Tagcoin Exchange platform. Tokenized hashtags can also be traded for other cryptocurrencies on the Hashtag Auction Market place. According to the project founder, Tag Protocol is a performance-based NFT project that ventures into an unexplored area (Social media hashtags) with many opportunities. “NFT’s is a new niche in the blockchain and cryptocurrency world has allowed people to monetize items that the world never imagined could be monetized. People are tokenizing and selling anything from artwork to tweets to rocks. Why can’t we monetize performance-based items such as Twitter hashtags, which allows a vast majority of social media users to earn? It is for this reason that we have come up with Tag Protocol, “said the project’s founder and CEO Vishal Gupta. “People of all age groups use social media, especially Twitter, and we believe it is the right niche to help users monetize their efforts,” he added. The project also offers other earning opportunities apart from staking Tagcoin and trading tokenized hashtags. It has a referral program where referrers receive a 25% commission on every sale. Additionally, users can deposit the native token to the liquidity pool and earn passive income. One can also register as an oracle to earn from aggregating and ranking Twitter performance data to aid in the Tagcoin distribution program for staked hashtags. Tag Protocol is launching at a time when the majority of the people are coming to terms with the reality that NFTs are here to stay. The market is becoming more stable and predictable. The market is experiencing steady growth with many creators, investors, and collectors joining the movement. Vishal Gupta is an experienced software architect who has worked with many ventures across multiple industries including software development, luxury goods, advertising, consumer internet, and financial services. Currently, the tech enthusiast is focussing on Blockchain and cryptocurrency technologies, which he believes holds great opportunities for many industries, especially the financial sector. Web: https://www.tagprotocol.com/ Twitter: https://twitter.com/tagprotocol Telegram: https://t.me/joinchat/hXU5C0blSLc1ZDBl The whitepaper on Doge Protocol’s quantum resistance blockchain states the following: It highlights the fact that without a post-quantum cryptographic scheme, not only blockchains but also internet security protocols like TLS will be broken by quantum computers. This is because the underlying cryptographic schemes used in TLS currently are RSA or ECDSA, which are vulnerable to quantum computer attacks using Shor’s algorithm. The impact of quantum computers on blockchains is more critical as they can be rendered invalid without possible recovery. This is because the authenticity of transactions can no longer be trusted. Doge Protocol addresses this problem by a hybrid proof-of-stake system, that will eliminate the need for proof-of-work mining, which faces the quantum threat due to Grover’s algorithm. Another quantum computer algorithm, known as Shor’s algorithm, can break current digital signature cryptography schemes and is more critical to the blockchains depending on RSA and ECDSA cryptography. Doge Protocol will mitigate this threat by using one of the round 3 candidates for Digital Signatures, listed in the NIST PQ cryptosystems. Another feature of the Doge Protocol blockchain is that it will be extensible so that multiple digital algorithms can be used at any time. The signature will include additional context to indicate the signature scheme used. This will enable the blockchain to dynamically detect the signature scheme used for that user account or validator or smart contract. Based on the comparison of NIST PQ cryptosystems and after evaluating the attack vectors, one of Falcon-512 or Falcon-1024 will be used in the initial release of Doge Protocol. Doge Protocol leads the way in enhanced security against quantum computer threats and is the only blockchain using NIST PQ cryptosystems along with features like multi-signature scheme and key rotation support. Categories The HUMAN Protocol Foundation, the team behind HUMAN Protocol, have announced today that the Protocol’s native utility token, HMT, is now listed on Bitfinex. Deposits for HMT on Bitfinex opened at 09:00 UTC on Monday, September 20th, and trading opened today at 09:00 UTC. In a recent token sale, HMT was purchased by 63,000 new addresses, a number which broke the CoinList participation record. HMT is the utility token of HUMAN Protocol; all services within the network, such as data sanitation, quality verification of responses, and the final payout to Workers, is denominated in HMT. “HMT is designed to transform the way people work,” said Haryjot Singh, Director of Technology at the HUMAN Protocol Foundation. “To be a truly practical solution, HMT needs to be accessible to Requesters, and attractive to Workers. Each listing demonstrates the broader vision to increase the circulation of the token, and to increase its utilization.” Bitfinex is one of the most popular crypto exchanges in the world. It consistently performs as one of the top exchanges, based on factors including trading volume, liquidity, website visits, and compatible fiat currencies (USD, EUR, etc.) “For a long time, Bitfinex has been one of the most powerful, popular, and robust exchanges in the world,” said Haryjot. “We are delighted to list HMT on Bitfinex, and to offer users a new way to buy, sell, and trade HMT.” About HUMAN Protocol HUMAN Protocol is a way to manage and pay a distributed workforce. It is a software infrastructure that facilitates the creation of markets on top of it. Because it is automated, recorded and settled on the blockchain, there is no need for trust, and any kind of work (even microwork) can be paid for. The first job market is for data labeling; a process whereby Workers are paid for doing valuable tasks that contribute to the future of AI. But this is only the beginning, and only one possibility of potential applications; the Protocol is designed to manage and pay any workforce, working or collaborating to complete any kind of task. Because it is permissionless, developers can bring the tools they want to the Protocol. Media Contact
WOM Protocol Partners With Growth Agency BVW To Prove Conversion Power of Web3 Marketing
Tag Protocol Launches The first NFT Project for Social Media Hashtags
Doge Protocol, a Community-Driven Blockchain Project, Released Its Quantum Resistance Whitepaper
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HUMAN Protocol (HMT) Now Listed on Bitfinex
Brand: HUMAN Protocol
Contact: Media Team
E-mail: nishan@hmt.ai
Website: https://www.hmt.ai/
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