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With $2․4M Fundraising in Seed Round, KNN3 Network Races to Provide a Multi-Chain Relationship Aggregating Protocol for d/App and Smart Contract

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With $2․4M Fundraising in Seed Round, KNN3 Network Races to Provide a Multi-Chain Relationship Aggregating Protocol for d/App and Smart Contract

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PRESS RELEASE. Web3 relationship aggregator KNN3 Network announced it had raised $2.4M in a seed round led by HashGlobal and Liang Xinjun, former co-founder of Fosun International. Mask Network, MetaWeb Venture, Eniac Venture, Tess Venture, Stratified Capital, Fundamental lab, Incuba Alpha, Zeuth Venture, Cogitent Venture, Atlas Capital; Impossible Finance, RSS3, ShowMe and Yan Xin & Potter Li, ETHsign’s co-founders also took part in the round. KNN3 Network will utilize the $2.4M funding for protocol development and product market-fit.

From these struggles and pains on data isolation and cross-platform redundancy, it can concur that a universal solution for interoperability is the only way forward. With such a belief, these investors decided to support KNN3 Network in driving a future of multi-chain relationship aggregating and a diverse, decentralized world.

The Vision of KNN3 Network

After a paradigm shift, processors of decentralized applications are now at the centre of Web3, bringing to the world Peer-to-Peer transactions and optimized counting of state changes.

“As smart contracts and distributed virtual state machines underlie blockchains, decentralized WWW solutions truly give back ownership to the users and return democracy to the Web,” said Thomas Yu, Co-Founder of KNN3 Network. “However, there is a need to keep updating knowledge of Web3 to generate more flexible and innovative ideas constantly. Without permissionless cross-platform data collaboration, individual applications just run in silos. For example, the flywheel of Web3 will fail to set the crypto universe in motion. Therefore it is imperative to have a more sophisticated protocol to increase the reusability of web3 data. As a multi-chain relationship aggregating protocol for dApps and analytics, KNN3 Network perfectly fulfils that role.”

What is KNN3 Network?

KNN3 Network provides web3 graph solutions for relational aggregation across multiple blockchain universes to empower social dApps and AI analytics. It aims to become a community-driven data curation protocol that enables on-chain data collaboration.

“The team believes in a relationship creating meanings by converting users’ footprints into relational connectors that collectively form a massive graph network,” said Thomas Yu, “The team is excited to be a part of the Web3 wave and hope KNN3 Network can get the ball rolling.”

If a user is a web3 dApp builder, they can seamlessly retrieve the abundant web3 users’ relationships data using KNN3’s high-performance GraphQL. KNN3 Network collects and compiles multiple dimensions of relations through users’ historical behaviour and status.

If a user is a web3 analyst, KNN3 allows them to conduct structural and relational queries in one place. In addition, it provides SQL-style graph query components for any SQL-compatible BI/analytics platforms to integrate with their existing query services. Moreover, algorithm developers can build and train their AI/ML algorithms with KNN3’s Graph Computing Environment Solutions.

Permissionless Cross-platform Data Collaboration Solutions

“Although AI analytics toolkits allow people to extract data’s value on individual platforms, these applications usually function in isolation. When such applications segment the market, users navigate a highly complex environment. In short, there lacks integrated middleware to enable more advanced web3 use cases.” as Thomas Yu explained, “the company wants to press ahead without compromising the core values ​​of crypto, i.e. composability and plug & play. KNN3 Network provides such one-stop-shop solutions for on-chain data-driven dApps. Compared with conventional SocialFi dApps embedded with SaaS (Software as a service), KNN3 Network provides a trustless protocol featuring decentralization-as-a-service (DAAS) and true censorship-resistance.”

Use cases

In the current iteration, KNN3 Network provides data solutions for web3 dApps for social discovery and user empowerment. Specifically, it has already assisted some dApps in maximizing their value delivery – it provides Quest3 with Virtual Credential Service, which is the fundamental architecture for Quest3’s on-chain quest system used to validate whether a Web3 user is eligible to complete a specific task; it provides MetaMail and Shorum with social graphs. KNN3 provides a trustless analytic environment for user recommendation algorithms based on real-time on-chain data to encourage users to connect with more friends with just one click.

It also provides AI-friendly solutions to Algorithm Registry. KNN3’s easy-to-use graph database and open algorithms allow the latter to establish an open platform allowing users to choose algorithms independently and submit their algorithms. In the future, KNN3 Network aims to be a data collaborating building block to empower mix-dApp, SocialFi, open AIs, etc.

Target Customers

KNN3 Network’s permissionless relational aggregating solutions and virtual credential services mainly target SocialFi, on-chain credits protocols and web3 campaign tools. KNN3 Network also provides ecosystem tools to enable analytics platforms to expand their database to seamlessly incorporate web3 multi-chain relational data. The vision of KNN3 Network is to empower NFT/DAO/GameFi promoters to onboard more Web3 users while providing them with a better on-ramp experience with its profiling/enabling toolkits. It also allows Web3 dApp builders to provide a better Web3 social experience with its multi-chain graph solutions.

About KNN3 Network

KNN3 is a Web3 cross-chain relationship aggregator that enables social discovery and user empowerment. KNN3 Network provides graph solutions for web3 multiverse relational aggregation to empower Social d/App and AI analytics. KNN3 aims to become a community-driven data curation protocol for on-chain data collaboration.

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4 On-Chain Metrics Show the Bitcoin Price Is Primed for Bullish Explosion

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4 On-Chain Metrics Show the Bitcoin Price Is Primed for Bullish Explosion

Amid recent macroeconomic extremes, Bitcoin has maintained a quiet stance, almost eerie for its HODLers. Nonetheless, its hashrate and accumulation are soaring — what could this mean for its price?

Bitcoin has been consolidating in a narrow range between $18,800 and $20,200 since the mid-Sept price fall. In volatile markets like cryptocurrency, similar quiet periods of consolidation are rare. 

Recent Glassnode findings show that the current BTC price action resembles both pre-crash November 2018 and pre-rally March 2019. Despite price downturns, mining and accumulation statistics are improving. Let’s look into what this means for the health of the network.

Bitcoin hashrate makes new ATH 

Last week, the Bitcoin hashrate made a new all-time high of 242 exahashes per second.

Source: Glassnode

In the chart below, we can see that Bitcoin’s longer-term, slower hash ribbon was once again overtaken by the faster ribbon, indicating improved mining conditions in late August. Since the price saw no major uptick during this time, the rise in hashrate was likely due to more efficient mining hardware and more mining rigs working in general.

Source: Glassnode

Historically, these hash ribbon moving average swaps precede price gains. Historically, when the hash-rate drops and subsequently recovers, major BTC price bottoms have been made. 

Is a price bottom in?

Apart from the hashrate, Bitcoin accumulation levels also reached a 7-year high. CryptoQuant data shows that 6-month-old and older Bitcoins now make up 74% of the realized cap. During the 2019 and 2015 bottoms, this score sat at 70% and 77%, respectively.

Source: CryptoQuant 

Lastly, for the first time in this cycle, the percentage of supply in loss has reached the 50% level.

CryptoQuant data shows that the price bottoms during previous cycles normally occur when the percentage of supply in loss reaches 50% or more.

Source: CryptoQuant

The current data shows the highest percentage of losses at 52% on the daily chart, 50.4% on the weekly (7DMA), and 48% on the monthly (30DMA). 

While quite a few metrics suggest that BTC should be near a bottom, the overall momentum will likely still depend on macroeconomic conditions as well as its correlation with the Nasdaq and S&P 500. 

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Bitcoin price sees first October spike above $20K as daily gains hit 5%

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Bitcoin price sees first October spike above $20K as daily gains hit 5%

BTC price action sees a new October peak amid a declining U.S. dollar and a successful prior day’s trading for U.S. equities.

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Bitcoin price sees first October spike above K as daily gains hit 5%

Bitcoin (BTC) saw its first trip above $20,000 on Oct. 4 as traders expected familiar resistance to cap gains.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Multi-week dollar lows fuel Bitcoin bulls

Data from Cointelegraph Markets Pro and TradingView showed BTC/United States dollar climbing prior to the Wall Street open, up over 5% in 24 hours.

The pair had shaken off macroeconomic concerns at the start of the week, with trouble at Credit Suisse and the escalating Russia-Ukraine conflict failing to slow performance.

Now, the short-term analysis focused on a run potentially topping out closer to $21,000 — as was the case late last month, as sell-side pressure at that level remained significant.

“20500-21000 is a sell zone. If price gets there, which should, don’t be too bullish,” popular trader Il Capo of Crypto told Twitter followers on the day.

Razzoorn, an analyst at international trade group The Birb Nest, noted that the current charge was Bitcoin’s fifth attempt at escaping a major liquidity cloud in several weeks.

Despite the potentially limited upside opportunity, Bitcoin rallied in line with a broader risk asset tide which saw United States equities finish noticeably higher the day prior.

At the same time, the U.S. dollar suffered, the U.S. dollar index (DXY) extending losses to approach 111 points and threaten support in place since mid-September.

U.S. dollar index (DXY) 1-day candle chart. Source: TradingView

“Up the market goes,” a more optimistic Michaël van de Poppe, CEO and founder of trading platform Eight, continued:

“Flipping $19,500 for support. Now, if range-high at $19,600 holds for Bitcoin, I assume we’ll continue towards $22,400.”

Altcoins attempt to change sticky trend

Across major altcoins, it was Ether (ETH) and Ripple (XRP) leading daily performance at the time of writing. 

Related: CoinShares’ Butterfill suggests ’continued hesitancy’ among investors

ETH/USD traded above $1,350, still yet to break out of its sideways trend in place for several weeks since major losses entered during the post-Merge breakdown.

ETH/USD 1-day candle chart (Binance). Source: TradingView

XRP, on the other hand, faced a more stubborn band of resistance after prior gains, bouncing off multi-week support just below $0.45.

XRP/USD 1-day candle chart (Binance). Source: TradingView

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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McDonald’s starts to accept Bitcoin and Tether in Swiss town

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McDonald’s starts to accept Bitcoin and Tether in Swiss town

The global fast food chain is among the first to participate in a crypto-friendly experiment in the town of Lugano.

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McDonald’s starts to accept Bitcoin and Tether in Swiss town

Multinational fast food chain McDonald’s started to accept Bitcoin (BTC) as a payment method in the 63,000-populated city of Lugano in Italian Switzerland, which is becoming a hotspot for crypto adoption in Western Europe. 

A one-minute video of ordering food on McDonald’s digital kiosk and then paying for it at the regular register with the help of a mobile app was uploaded on Twitter by Bitcoin Magazine on Oct. 3. The Tether (USDT)  logo could be spotted next to the Bitcoin symbol on the credit cash machine, which is not surprising, as in March 2022 the city of Lugano announced it would accept Bitcoin, Tether and the LVGA token as a legal tender.

On March 3, 2022, the city signed a memorandum of understanding with Tether Operations Limited, launching the so-called “Plan B.” According to this plan, Tether has created two funds — the first one is a $106 million, or 100 million Swiss francs, investment pool for crypto startups, and the second is around $3 million, or 3 million Swiss francs, attempt to encourage the adoption of crypto for shops and businesses across the city.

In addition to allowing Lugano residents to pay their taxes using crypto, the project will extend payments to parking tickets, public services and tuition fees for students. More than 200 shops and businesses in the area are also expected to accept crypto payments for goods and services.

Related: Swiss Post’s banking arm developing in-house crypto custody platform

Speaking to Cointelegraph in June, Paolo Ardoino, chief technology officer of Tether and Bitfinex, claimed that Plan B “is going great,” announcing a two-week educational activity on blockchain and cryptocurrencies in the city.

In September 2021 El Salvador became the first country in the world to allow using Bitcoin as a legal tender. Since that time, McDonald’s has been accepting Bitcoin at all its 19 outlets in the country.

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