The startup DIRT attracted $3 million to create a tokenized data validation protocol

The startup DIRT attracted $3 million to create a tokenized data validation protocol

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The startup, which is developing a protocol based on blockchain Ethereum, which will allow its users to validate information in various data sets, attracted $3 million of initial funding.

American startup DIRT said on Wednesday that such well-known investors as Digital Currency Group, Pantera Capital, Zhenfund and InBlockchain took part in its campaign. On the rights of individual investors, funding was provided by Linda Xie and Coinbase co-founder Fred Erem.

The founder of DIRT, Yin Wu, in a conversation with CoinDesk said that the funding received will allow his company to issue the same protocol and ERC-20 token in the next 3-4 months.

Wu explained that the purpose of the protocol is to serve as a platform by which developers of third-party decentralized applications can create supervised tokenized registries (TRCs). Their working principle will be similar to the Wikipedia model, where users help to update and verify data. In fact, TRC is a specialized distributed database into which users can add information and verify it using tokens as a tool for voting and approval of their position.

“If someone on the network finds the wrong information, he can open a claim and state that the information is incorrect. To open a claim, you must lock the tokens. Then the voting begins. Any member of the network can vote using tokens. The one who wins the vote gets tokens. If you find yourself on the losing side, you will be fined,” Wu said.

The company has not yet decided how to distribute its tokens, but intends to do this among the largest possible number of users. Wu added that the token should have high practical utility, which is determined by its role as a tool for determining the correctness of information.

The company also said that, along with the launch of the protocol, will present its own decentralized application, but refused to disclose the details.

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