Coinbase Co-Founder Issues $3 Million Primary Funding For Blockchain Startup

A new launch that is designing a protocol which is totally based on the ethereum blockchain to give opportunity to the users to confirm data via various data sets has elevated $3 million in primary funding.

DIRT which is the San Francisco-based company mentioned on Wednesday that prominent investing companies participating in the cycle involve Digital Currency Group, Pantera Capital, China-based Zhenfund and InBlockchain. Private investors like Linda Xie and Coinbase co-founder Fred Ersham also took part in the cycle.

Completing new financing operation, DIRT’s founder Yin Wu mentioned in an interview that the protocol which is called DIRT will be started in the next three to four months, along with a token that will lie in the fundament of ethereum standard ERC-20.

Wu indicated that the main objective of the protocol is to function as a platform where third-party decentralized application (dapp) creators can establish what is called a token curated registry (TRC). It is a concept to the way in which Wikipedia utilizes the society to update, change and confirm its information. Basically a TRC is an allocated data list concentrated on some theme and question that permits users to offer and confirm what information should be on the list, using tokens to elect and supporting stances.

The firm has not still solved how it will share its tokens. Wu mentioned that a token must have a “strong utility angle,” since it is used to “adjudicate whether information is correct.”

Summing up the all said, the company specified upon the protocol’s issue that it will also start a decentralized application that is developed from the inside, but rejected to reveal more information for now.