Blockchain Startup, DIRT, Raised Funds Totalling $3 Million, Gained Support from Coinbase Co-Founder

The Founder of DIRT, Yin Wu has recently disclosed to CoinDesk that the blockchain startup has managed to raise a gross amount of $3 million during its securities offerings. Wu also boasted on the amount of support from both leading companies and influential individuals, one being Coinbase’s Co-Founder, Fred Ehrsam.

The project behind DIRT supposedly revolves around validating information. To ensure that consumers are not dealing with falsified data, DIRT was created as a way to award those who managed to spot scam, confusion and doubtful details across several datasets.

According to the details revealed by CoinDesk, it seems that the list of firms that participated in the seed funding includes the likes of Digital Currency Group, Pantera Capital, ZhenFund China and InBlockchain. In addition, Linda Xie, Co-Founder of Scalara Capital, participated as an individual participant, like Ehrsam did.

Based on the roadmap shared by Wu, the entire DIRT project has been scheduled for launch within the next three to four months, followed by its native token. As for the token, the only piece of information that has been provided is the fact that it will be based off of the Ethereum blockchain (ERC20 Standard).

In addition to the validating purposes, which play a huge role in DIRT’s being, the need for a Token Curated Registry (TRC) has also been stressed upon. In particular, the TRC is what will house the information, which users will then validate.

Wu also elaborated on the procedures, perks of validating information, and the obvious downfalls. While he openly discussed that tokens will be rewarded to users who find a misleading piece of information and have managed to prove it to being false or harmful, sometimes such rewards can also be taken away. That is,

“In order to initiate a challenge, you need a stake token. The challenge then begins with a vote. Anyone in the network can vote with tokens […] Whoever wins the vote, wins the tokens; if you lose the vote or voted for the wrong side, then you are penalized.”

Wu aforesaid that the company values token utility, which is evident, as the entire voting process requires DIRT tokens. As for the specs of the token distribution, the team is still undergoing the details, with some uncertainty at the moment. More details will surely be available as the protocol release date comes to form.

Similarly, the Founder also vaguely unveiled that a possible internally-designed DApp is in the works, which currently remains kind of fuzzy.

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