While the idea of a decentralized internet – commonly referred to as the Web 3.0 – seems attractive to many in the blockchain industry, creating an infrastructure to support it is at least one goal that needs to be completed first.
It's a challenge that Haja Networks is taking on with a new database protocol and a database network. Both of these open-source products would enable interoperability between different blockchains and allow users to sell or lease their data to businesses while maintaining control over what information is accessible to third-parties, said CEO Samuli Pöyhtäri.
The startup recently completed a funding round lead by Outlier Ventures and featuring Polychain Capital, BigchainDB and Creathor Ventures. Outlier also joined Haja as a strategic partner. The total amount raised was not disclosed.
Lawrence Lundy, Outlier's head of research, noted that solving interoperability for databases – including blockchains – is key to helping develop the new internet. And the Haja team, composed of former Protocol Labs and IPFS developers, is on its way there with OrbitDB, an open-source database project.
Pöyhtäri told CoinDesk that "we see a lot of problems with the current web, with data being settled and data being monopolized by companies. There's a problem with data being centralized, there's [infrastructure issues], there's censorship possibilities and it's inefficient."
As such, he wanted to develop a way to make databases easily communicate while maintaining a trustless, peer-to-peer framework, he said, adding: "We can't really build the user experiences that we need to [in order] to be able to compete with the current web so that's essentially what we're enabling here, by building decentralized protocols to make data secure in trustless ways."
This would just be the first step in building the infrastructure to support a decentralized web, he said, adding that this infrastructure would in turn help solve scalability issues, which can help fuel adoption.
According to Pöyhtäri:
"If we look at the usage of decentralized apps right now, it's pretty bad in a way. I think everybody would like to see a lot more adoption and usage but essentially it's not there. Part of that problem, a big part of that problem, is the scalability problem, which I believe is a topic right now ... with different projects working on it."
Server rack image via Shutterstock
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
InvestmentsWeb 3.0PolychainOrbitDBHaja NetworksOutlier Ventures
Coinbase Adds First Ethereum Token to Professional Trading Platform
Crypto exchange startup Coinbase is adding the 0x protocol token to its professional trading platform, Coinbase Pro.
Announced Thursday, the exchange said in a blog post that it had begun accepting
SpankChain Says Hacker Returned Stolen Crypto Funds
A hacker who stole 165.38 ETH from the SpankChain platform has returned the funds.
The payment platform focused on the adult industry announced Thursday that the hacker, who stole the funds from th
Korea's Largest Bitcoin Exchange Sells Stake in $350 Million Deal
Bithumb, currently the largest cryptocurrency exchange in South Korea by trading volume, just confirmed it has sold more than 38 percent of its total ownership to a blockchain consortium based in Sing
Nevada's Utilities Agency Eyes Blockchain for Energy Credit System
The Public Utilities Commission of Nevada, a government agency charged with supervising and regulating power utility services in the state, is looking to implement blockchain for its energy credit tra
Fake News Site Used New Zealand Prime Minister to Pump Bitcoin Startup
A fake news site has used the likeness of New Zealand Prime Minister Jacinda Ardern to promote articles on Facebook aimed to pump a crypto startup.
Local media source Stuff reported Friday that sev
FinCEN Blasts Iran's 'Malign' Use of Crypto to Bypass Economic Sanctions
A U.S. regulator is urging domestic exchanges to help prevent the Iranian regime from using cryptocurrency to bypass economic sanctions.
The Financial Crimes Enforcement Network (FinCEN) published
3 Bitcoin Price Factors That Suggest Bears Are in Charge
The prospect of a deeper drop in bitcoin prices has increased, price-volume analysis indicates.
The world's most valuable cryptocurrency, which had been trading sideways since September 22, fell sh
Leading Auction House Christie's to Record Art Sales on a Blockchain
London-based Christie's, one of the oldest and most noted art auction houses in the world, is turning to blockchain tech to securely store sales and provenance data.
The firm, which has a history g