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Tuesday, December 7, 2021

a16z leads funding spherical for startup attempting to construct a crypto social credit score rating

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A startup that desires to create a Net 3.0 model of Quora simply raised $3.1 million in a brand new funding spherical led by a16z.

Launched in Could 2021, Mem Protocol is a part of the latest wave of entrepreneurs searching for to enhance present social media companies with decentralized architectures. To start out, the agency will launch a Q&A utility akin to Quora or the now-defunct Yahoo! Solutions.

The aim is to weed out spam and customers who lack a sure degree of experience on a given subject, stated co-founder Abhi Vyas. With present centralized Q&A platform’s “you may’t belief that somebody claiming to be a professor in math is one,” Abhi Vyas argued.

Mem Protocol, nevertheless, will retailer info on community contributors — together with social media historical past, on-chain exercise, {and professional} expertise — in cryptographically secured “vaults.” That knowledge is managed by the customers, somewhat than Mem Protocol, and may function a “social credit score rating”—or social graph—when a consumer provides a inexperienced mild.

As for the spherical, different buyers embrace former Coinbase CTO Balaji Srinivasan, Polychain’s Olaf Carlson-Wee, and Charlie Cheever.

Nonetheless, Mem’s ambitions for the protocol are broader than only a Q&A utility. In the end, the staff expects its structure can be utilized for a variety of purposes together with product evaluations, social media, and job searching.

“You’ll be able to take your social graph and social capital throughout the net,” stated Don Walpola, Mem Protocol’s CTO. A former machine studying engineer at Comcast, Walpola stated {that a} potential Net 3.0-version of LinkedIn may construct on prime of Mem to investigate the talents of potential staff. e-Commerce websites may implement the protocols into their product assessment course of to tailor evaluations for every particular person consumer.

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