The Odsy Foundation Raises $7.5M in Seed Round Led by Blockchange Ventures To Decentralize Access Control in Web3
The Odsy Foundation, a non-profit organization dedicated to fostering and developing the Odsy Network ecosystem, today announced it raised $7.5M in seed funding that set the Odsy Network valuation at $250M. The round was led by Blockchange Ventures with participation of VCs, strategic partners and investment DAOs including Rubik Ventures, No Limit Holdings, Node Capital, Insignius Capital, FalconX, SolrDAO, TPC and others.
Over the past decade, the need for interconnected solutions that enable real world use cases, and the lack of an infrastructure for decentralized access control, drove Web3 builders to create centralized solutions and to the increased centralization of Web3. In the past year, following the collapses of centralized Web3 giants such as Celsius and FTX, it has become evident that centralized access control is an existential threat to Web3.
The Odsy Network provides a secure and programmable access control layer for all of Web3 through a new crypto primitive – dWallets (dynamic decentralized wallets). dWallets are programmable and transferable signing mechanisms that live on the decentralized Odsy Network, and that can sign transactions on practically any other blockchain.
“In the future, our money, IDs, assets and so much more will each be represented by valuable tokens on what is almost certain to be many different blockchains”, said Ken Seiff, General Partner Blockchange Ventures. “Just as each internet account requires a log-in, each blockchain requires a different wallet – and the tracking and maintenance of different wallets present a significant challenge and headache for users. This challenge will only grow as the number of blockchain networks multiply, and could continue to be a major obstacle to widespread consumer adoption. Odsy solves this challenge, and in doing so lowers the barrier to entry for mass adoption.”
Since dWallets are programmable, Web3 builders will be able to use the Odsy Network in order to implement any access control logic in a completely decentralized way. This paves the way for Web3 builders to recreate existing solutions such as exchanges, custodians, bridges etc. in a trustless way, but also to create brand new solutions that were not possible before, like natively multi-chain DAOs or a marketplace where wallets could be traded.
While the Odsy Network is still in development, there are already over 10 projects actively building in the Odsy ecosystem, many of them VC-backed – including dWallet Labs who raised $5M in a round led by Digital Currency Group and Node Capital, and Fun who raised $3.9M in a round led by Tinder Co-Founder Justin Mateen’s JAM Fund.
“The potential of new solutions, ones that demonstrate real world use cases but cannot be built in today’s fragmented crypto ecosystems, is extremely compelling for ambitious Web3 builders. dWallets is an entirely new way to imagine how digital assets should be accessed and policy managed in a multi-chain world, which is especially important as the industry explores the emergence of tokenized assets and their corresponding risk & compliance requirements.” said Sean Lee, Executive Director at Odsy Foundation, and former CEO of Algorand Foundation.
To realize the potential of dWallets on the Odsy Network, significant improvements to the state-of-the-art in modern cryptography primitives such as MPC – Multi Party Computation – have been achieved. While existing threshold signature algorithms are centralized in nature and can only work with a small set of predefined parties, these achievements by the Odsy project teams pave the way for the Odsy Network to be the first place where users can generate signed transactions to other blockchains such as Bitcoin or Ethereum, together with a large-scale permissionless set of validators.
“The technical and scientific challenges we are facing are amongst the most complex in crypto today, and we have one of the best research teams in the world with over 10 world-class experts in modern cryptography. Over the upcoming months we will publish the cryptographic research that makes dWallets and the Odsy Network possible, and also the novel engineering framework of Odsy that will be a key driver in connecting Web3 to the real world.” said Omer Sadika, Co-Founder of Odsy Network, CEO of dWallet Labs.
To learn more about dWallets and the Odsy Network visit odsy.xyz.
Spielworks co-launches its Wombat X accelerator with Cronos, Newcoin, and more, fostering robust Web3 game development
Spielworks, a leading blockchain startup specializing in gaming and decentralized finance (DeFi) solutions, launches its Web3 gaming accelerator, Wombat X to empower Web3 gaming projects to enhance their gaming experience and grow their audiences with the Wombat ecosystem. Highlighting the list of partners in the accelerator are Cronos, the first EVM-compatible Layer-1 network built on Cosmos SDK supported by Crypto.com and more than 400 developers and partners, and Newcoin, a Web3 infrastructure integrating economic, social, and cultural exchanges into an intuitive flow, solving network fragmentation problems. Web3 games enrolled in Wombat X gain access to grants, education, and the Wombat community of gamers, the biggest Web3 gaming community.
Web3 gaming was still able to raise $4.5 billion in venture capital last year despite harsh market conditions. Still, an overall developer shortage and a flawed UX plague the industry, effectively holding the industry back in its efforts to poach traditional gamers. Furthermore, many critics also point the finger at the lack of sustainable models and solid content-creator strategies as reasons for Web3 not being able to be a reliable gaming ecosystem.
The Wombat X accelerator enables innovative Web3 games to register and to bootstrap Wombat’s audience. With Wombat’s massive audience and Cronos’s established Web3 ecosystem, each game will receive invaluable exposure to its gaming audience for free, coaching and fast-tracking in Cronos’s own grant program. For Newcoin, its Web3 graph infrastructure emphasizing high-end fashion and creators makes it a natural fit for Wombat X’s focus on gaming to enhance the user experience.
The program includes three yearly classes covering the industry’s best practices, with at least five games being accepted per class. Ultimately, Wombat X revolves around providing members with the tools to build a strong foundation, with a focus on furthering growth opportunities through user acquisition and developing superior infrastructures.
Other participants in the Wombat X accelerator include:
- Avicenne: a Web3 development studio creating digital products in a decentralized space, helping startups build and ship impactful MVPs.
- EOS Network Foundation: a nonprofit supporting the EOS Network, which powers the Web3 economy by providing a robust smart contract functionality that enables developers to build quality dApps.
- Lifty: a Web3 gaming platform providing analytics for numerous blockchain games, empowering users to assess projects before joining.
- Beamable: a Web3 gaming infrastructure platform allowing users to rapidly add social, commerce, content, and LiveOps features through an in-game marketplace.
To apply for Wombat X, applicants must meet these requirements:
- A playable demo release
- Integration with Wombat as preferred login option
- Integration with Cronos or one of Wombat’s supported blockchains (Wax, Polygon, BNB Chain, Ethereum, EOS, and more)
- A share of 0.3 percent of your token supply for Wombat’s audience
- Integration with Wombat’s Tracking software development kit (SDK)
Spielworks has built one of the fastest-growing blockchain gaming ecosystems in the market, featuring over of 3 million signups and 65,000 daily users. The ecosystem incorporates its multi-chain non-custodial Wombat Wallet, crypto rewards platform Womplay featuring 40 AA and AAA supported titles, and Top 20 NFT staking game Wombat Dungeon Master counting 1.5 million staked NFTs.
“Web3 gaming is in a beta stage currently and there is a pressing need to establish best practices around game development to ensure the industry’s long-term sustainability,” says Adrian Krion, Spielworks’ CEO and Co-Foudner. “By working with a wide range of promising Web3 gaming projects and startups, Wombat X aims to facilitate a more mature ecosystem. Our unique program provides a diverse educational curriculum while exposing our participants to Spielworks’ Wombat platform, the biggest Web3 gaming platform. Needless to say, we and all our partners can’t wait to launch.”
WOO’s first land sale set for Valentine’s Day
Wrestling Organization Online (WOO) has scheduled its first land sale for February 14. At this time, whitelisted users will be able to buy packs containing in-game cities within the game’s first available territory. If there are still packs remaining on March 16, the sale will be opened to the general public. These cities will have various stats, similar to WOO’s other assets.
In WOO, players create and manage a wrestling organization with a roster of unique wrestlers backed by NFTs and the Hive ecosystem. Managers, promotions, championships and now cities can be staked and wagered in an effort to be the best of the best.
Founder and CEO Ian Withey says this is the latest step in making WOO the premier digital wrestling experience.
“Wrestling Organization Online brings old-school territory wrestling to the #HIVE blockchain,” he said. “With our first territory land sale, we will be one step closer to making that vision a reality.”
To get on the whitelist, players must be one of the top 200 holders of in-game assets including NFTs, unopened packs from previous sales and $WOO tokens, so there is still time to get on the list before the sale.
Whitelisted users will have until March 14 to buy as much land as they can before the territory moves into a general sale two days later, if supplies last. Due to the limited number of whitelist slots and the abundance of users in the running, the WOO team anticipates fierce competition for the top slots.
Each pack sold in this first Territory of 10,000 cities will cost $20, payable through PayPal, Hive, HBD, BTC, and LTC, meaning assets can be purchased with both fiat and cryptocurrency.
WOO will release 20 territories over time, but this will be the only land sale before the game’s official release later in 2023.
Several big names in wrestling are partnering with WOO to create an experience aimed at wrestling fans and crypto enthusiasts. Perry Saturn, Raven, Sonny Onoo and Terri Runnels have all signed on to do their part.
Partnered wrestlers receive 10% of the upcoming sale, a move Withey says is meant to pay back those who paved the way to what wrestling has become.
“We’re looking to leave wrestling in a better state than we found it,” he said. “Wrestlers in this country are seen as independent contractors, so they don’t receive the same benefits as many employees. To help with this, we have profit sharing with our partners, but what we’re really trying to do is bring awareness to this issue.”
As the newest professional partner, Runnels says she is excited to see this technology being used to bring light to something that is important to wrestling fans all over the world. The former manager, TV host and wrestler brings her experience with WCW, WWF and WWE to the newest era of fans with WOO.
“It is so great to see how the WOO team regards old-school wrestling and the traditions that so many have worked so hard for over the years,” she said. “They have somehow taken the newest technology and used it to pay respect to something that is near and dear to all of us, and I am looking forward to seeing it grow.”
WOO offers a full rundown of land and its mechanics at https://peakd.com/hive-167922/@wrestorgonline/woo-land-complete-utility-guide
ITM showcases the world’s first EV dNFT to achieve trust from edge of vehicle history reports
Award-winning Taiwanese blockchain solutions provider International Trust Machines Corporation (ITM) showcased its dNFT (dynamic non-fungible token) technology which ensures data integrity of electric vehicles at the 2022 MIH (Mobility In Harmony Open EV Platform initiated by Foxconn) Demo Day, the annual technical advancements event that aims to drive the future of the EV industry.
ITM’s breakthrough would allow users to tie large amounts of dynamic data generated by an electric vehicle to a dNFT, which has the ability to adapt in real time in response to external data. It would make data such as the vehicle’s maintenance and trade history tamper-proof, and ensure that the vehicle owner controls and owns trustworthy and legitimate information.
“Currently, car manufacturers use traditional static NFT technology which binds data to a central database outside the blockchain. It is difficult to confirm the integrity of the data, or they need to rely on a trusted third party to do so,” said Julian Chen, CEO and co-founder of ITM.
ITM’s technology could upload a large amount of data onto the blockchain at a low cost, making data secure on the Web3 architecture. “Electric vehicles generate a large amount of digital data, and the data is exactly what makes EVs valuable,” Chen explained.
Data as an asset
With an ongoing commitment to transform the transportation industry, ITM joined the MIH Consortium as a Contributor Member in 2022, and actively participated in its Security & OTA working group as well as the Web3 vehicle development interest group to develop security frameworks for the EV industry.
The Foxconn-initiated MIH Consortium aims to create an open EV ecosystem that develops key technologies and design standards of electric vehicles, which will lower the barrier for parties to enter the industry.
MIH currently has more than 2,500 members from 65 countries and regions, and holds an annual technical exhibition MIH Demo Day that invites EV start-ups from around the world to explore new business opportunities. The 2022 MIH Demo Day was held on November 8 in Taipei in 2022; and MIH will showcase their solutions at CES 2023.
Jack Cheng, CEO of MIH Consortium, said that in order to ensure electric vehicles operate normally in a digitalized environment, information security is the key. “MIH will create a brand new environment for the automobile industry. In terms of vehicle data and traceable vehicle history, we will focus on three main areas: supply chain cybersecurity management, the cybersecurity solutions of vehicles, and the protection of user data to return the data ownership to its owners. And the decentralized blockchain technology will play an indispensable role in the process.” The goal of MIH is to combine emerging technologies such as decentralization identifier (DID), Web3 and NFT, so that the control of the data can be returned to car owners.
With technology designed by companies such as ITM, in the future, after an electric vehicle leaves the factory, its driving behavior, maintenance and transaction history, as well as other data generated by the vehicle will be recorded on the blockchain with the consent of the owner.
The data could be downloaded and verified through the dNFT bound to the EV. With this credible information at hand, dNFT holders can then approach insurance, finance, energy, and ESG providers with credible information, which will maximize the asset value of EVs.