Bitcoin News- According to Golden’s CEO and creator, existing data mining techniques are flawed.
- Golden presents a mechanism to penalize the entry of fraudulent data.
With this Series B funding round, decentralized data hub firm Golden has announced a $40 million cash infusion. Many prominent venture capital firms, including Opensea Ventures and executives from Solana, Protocol Labs, Figma, and others, participated in the round headed by a16z crypto VC.
It plans to utilize the money to expand its business strategy. Which is based on supplying clients with trustworthy information. And to couple Web3 with the establishment of a stable and verified information Centre. According to Golden’s CEO and creator, Jude Gomila, existing data mining techniques are flawed.
Verified Data Mechanism
According to Gomila, incentivizing consumers to participate is the only way to build this worldwide data repository. Golden presents a protocol that apparently contains mechanisms to penalize the entry of fraudulent data into the system. While rewarding users for verifying and submitting data. In addition, the protocol includes a mechanism for rewarding contributors with greater payouts when their data is among the most in-demand and widely used. Thus, there is an incentive for bringing in relevant data.
Public NFTs (non-fungible tokens) are used in the protocol’s functioning and may include data about any notion present in the network (for example, Coinbase, Open Source Software, or Pancakeswap). Efforts from users putting data into these structures will be rewarded based on the quality of such contributions, which will need to be verified.
Token sales to third parties that are interested in using the verified data are key to the protocol’s economic model. Given the unpredictability of the cryptocurrency market, these organizations may buy and “burn” tokens for steady credits that will enable them to safely preserve their data access rights.
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Source: https://thenewscrypto.com/web3-protocol-golden-raises-40m-led-by-a16z-venture-capital/