ConsenSys Incubation Startup, 3Box, Secures $2.5 Million To Fund Identity Solutions For dApps
The latest startup to leave the ConsenSys incubation program, 3Box has completed the capital fundraising of $2.5 million USD to fund a decentralized solution for identity issues in blockchain and tradition markets as well. The funding round was led by Placeholder Ventures, and other businesses chipping in include CoinFund, Venrock, Northzone and ConsenSys.
The startup has grown substantially in the past few months with top Ethereum dApps connecting to the Web3 based platform such as MetaMask, Aragon and Foam – the latter of which garnered more than 500 contributors so far to its open source map. The current identity issues facing the traditional markets and blockchain dApps are rooted to the centralized collection of data by the companies such as Facebook and Twitter.
The 3Box platform aims to offer the users complete control of their data from their log in credentials, profiles and transaction details made on the platform. This is made possible by leveraging the peer to peer InterPlanetary File System (IPFS) that gives users the control of their keys and in extension, their data too. Data on the platform is stored on decentralized nodes hence eliminating a single point of failure and centralized hacking attempts.
At the moment the nodes are still held by the 3Box development team with plans to distribute the nodes in the coming weeks is being put in place.
The 3Box development team (Image: Coindesk)
Benefits Of The 3Box Platform
The current dApp market lacks a social media engagement tools such as private chatting, uploading photos, liking posts and other common activities mainly connected to content generation and social interactions. 3Box platform will allow blockchain developers to integrate Web3 features into their dApps too.
Michael Sena further explained,
“We’re building a decentralized storage network on top of IPFS that allows all these services to tap into it, but it’s governed by the users’ consent. You can use 3Box anywhere that you have an Ethereum wallet, because you basically need to be able to sign a message with your key.”
The CEO of Foam, Josh King also piled praises on 3Box highlighting that users on his protocol are integrating the 3Box platform to social profiles such as Twitter and GitHub already. The platform also allows people to select the content they would like to include in social media pages while on the Foam protocol.
Future Of 3Box Platform
Identity is the only the first step for the 3Box development team as they aim to integrate more developments by the end of the year. They aim to introduce a username and password for their users who can then use it on multiple profiles.
Having total control of your data is another key feature the company is aiming to offer their users. The app will allow users to delete their data and the node storing the data will no longer access the data – meaning the data is permanently deleted. Speaking on the possibility of having a permanent delete feature, Sena said,
“The idea was to create a Google Drive or Dropbox-like interface that lets people manage their 3Box data. Users can go on 3Box.io Hub, their drive, and just delete all of their data. And they can be sure that it’s gone.”