Former Google Employee’s Blockchain Startup Atlas Protocol Gets $3 Million From 4 Venture Capital Firms
$3 Million Equity Seed for Atlas Protocol from 4 Venture Capitalists
In a recent report shared by Coin Desk, it has been revealed that a former google employee has been working towards creating an advertising platform that would maximize on transparency, user control and incentivizing users for their shared data. Most importantly, each player within the online ecosystem will supposedly get compensated for the role they serve.
The startup dubbed, “Atlas Protocol” has successfully completed its $3 million equity seed round in which venture capital firms, like that of Softbank China Venture Capital (SBCVC), Baidu’s subsidiary, BV, Danhua Capital and Fenbushi Capital has all participated in.
Many traditional online platforms like Google have been collecting a wide range of user data, which consumers to this day are unaware as to what extent the search engine digs in. The collected information is then used to lure advertisements that the user is surely to be attracted by. Google isn’t the only example, as Facebook was recently criticized for the “Cambridge Analytica Scandal.”
Some of the things that both platforms have in common consist of the lack of transparency and protection of user data and third-party control. Seeing these as problems alone, co-founders Duran Liu and Ching Li felt it was necessary to come with a solution. Since both individuals are familiar with Google, as they’ve served roles within the firm, it was easier for them to come up with a feasible solution.
According to the claims made, Atlas Protocol works to rid such a centralized system by ensuring that its own only gives control to its users. In particular, users will be the ones to decide what type of information they prefer to share, and what will be kept private.
As per the company’s quotes,
“Being implemented on the blockchain, Atlas Protocol will be fully transparent for users,” adding that it will nothing like “the data blackhole setup that characterizes the current industry landscape.”
To follow up on the Atlas Protocol roadmap, go to: https://atlasp.io/