- New funding of $7.5 million has been secured by SendingNetwork from various sources, including Symbolic Capital, Nomad Capital, and Balaji Srinivasan.
- Online communications are intended to be decentralized by the DePIN initiative.
A seed extension financing round has garnered $7.5 million for SendingNetwork, a decentralized physical infrastructure network (DePIN) initiative centered on web3 communications.
According to SendingNetwork on Tuesday, a number of investors have joined the round, including Gabby Dizon, co-founder of Yield Guild Games, and Nomad Capital, Symbolic Capital, Web3.com Ventures, Galxe, SWC Global, and Balaji Srinivasan.
Mason Yang, co-founder of SendingNetwork said that the financing was set up as a simple agreement for future equity (SAFE) and that it concluded in October of last year. On valuation, he declined to say.
After a $12.5 million seed round early in the year, SendingNetwork has raised $20 million in total funding thanks to the seed extension round.
Sending Network Explained
A DePIN project called SendingNetwork seeks to create a new transmission control protocol/internet protocol (TCP/IP) stack in order to decentralize communications. A collection of protocols called TCP/IP controls internet connectivity and makes data transfer between devices easier.
Yang stated that a number of opportunities arise as we reconstruct the TCP/IP stack and integrate it with application layer protocols such as XMPP/SMTP/HTTP/FTP but beginning with web3 XMPP [extensible messaging and presence protocol]. These include better streaming, better CDN [content delivery network] performance, and faster decentralized storage retrieval.
All things considered, SendingNetwork seeks to provide developers and consumers with a communication experience that is more effective, safe, and adaptable. For example, it claims to be creating a “decentralized router” that will use wallet addresses in place of IP addresses.
Transitioning from Web2 to Web3
Prior to creating SendingNetwork in 2022, Yang and his business partner Joeyz Yu founded MoboTap, which produced Dolphin, one of the first Android browsers with more than 200 million users worldwide. In 2014, Dolphin was mostly purchased for $91 million by ChangYou.com, a Nasdaq-listed company.
Yang and Yu turned their attention to web3 in 2022 following the purchase of Dolphin, “inspired by the rise of Ethereum and reflecting on the challenges faced during Dolphin browser’s delisting,” according to Yang. In 2022, Google removed Dolphin from the app store due to alleged abuses of API access.
Yang added that Dolphin was reinstated as a result of user outrage, and this event reinforced his faith in web3’s decentralized promise and made him realize the value of community support.
SentingNetwork is being developed on top of Consensys’ Linea.
Technically, Yang explained, it will support any chains that are compatible with the Ethereum virtual engine, including the Ethereum Layer 2 blockchain.
In addition, Yang stated that SendingNetwork is developing SendingMe, a decentralized program that combines trade, talking, and socializing to provide users total control over their social layer.
Plans for SendingNetwork’s launch
It is anticipated that SendingNetwork would deploy a number of testnets this year and its mainnet in the first quarter of 2025.
SendingNetwork presently employs around thirty individuals, and Yang stated that the company hopes to grow by adding more developers.
Although Yang acknowledged that the web3 communications vertical is still in its “very early stages,” he also stated that it views its competition as “only friends or allies” rather than adversaries. One such ally is XMTP Labs, which is developing a decentralized communication protocol.
“The giants of web2,” who command enormous user bases, data, processing power, and capital, are SendingNetwork’s true rivals. To shake them up, we are only getting started,” Yang remarked.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
