Decentralized ID management platform MetaBlox recently held a private seed round in which several major blockchain firms took part. The round concluded successfully with a combined backing that exceeded $2 million in total.
Seeding the Growth
Synergis Capital and Collab+Currency led the seeding round as major backers, while several other cryptos focused firms such as Future Life, CrowdCreate, Slope, NFT Technologies and SNZ Holdings also participated. With such big names in the web3.0 and blockchain arena, the MetaBlox team is proud of the faith these firms have put in it.
The seed round was held to raise capital for the MetaBlox Protocol’s development funds. The raised amount will be used to fast-track the development of the protocol as well as expand the existing team, as more members will be onboarded to cope with the accelerated timeline.
While development and manpower is one thing, the marketing and promotional aspects cannot be ignored and the funds raised will also be utilized here, with marketing network growth, community management and social media presence. A portion of the funds will also be set aside for user benefits, such as passive income and other financial generation programs.
Decentralized Identities
One of the biggest concerns in the modern blockchain world is the protection of identity. While anonymity is one of the founding principles, there are several instances where proving one’s ID is paramount. This creates a clash of concepts and currently, using standard web2.0 methods is compromising on the security of personal identification data.
MetaBlox Protocol uses the latest W3C standards to create DID (Decentralized ID) and VC (Verifiable Credentials). This will protect users' personal data and at the same time give them a unique ID that can be used to verify their credentials without exposing any of their private information. Currently, MetaBlox plans to help the public create and manage their digital identities through three specific components (Decentralized Identifiers, Identity Management and Embedded Encryption).
With its Decentralized ID basis and a chain agnostic approach, MetaBlox can also be bootstrapped with any dApp or platform, offering its digital ID management to be integrated into their systems. This means that wherever KYC and AML regulations need to be complied with (DeFi, decentralized banking, GameFi and airdrops and other services), MetaBlox Protocol can come in handy.
Decentralized Computing
MetaBlox Protocol is more than just a digital identity management tool. It creates its own globe-trotting WiFi network. Users of the protocol will be able to connect with the decentralized WiFi network anywhere in the world using their unique ID and totally free of cost.
Apart from the high speed decentralized wireless access, MetaBlox Protocol will also be offering cutting edge decentralized computing services, including data cache and storage. This will help dApp and other decentralized developers to launch their services more easily.
From Users to Operator
While anyone can join the MetaBlox Protocol network and after obtaining a unique DID, they can use the network and its services, such as DeFi offerings, and people can become more than just users.
Becoming a network validator gives users the satisfaction of knowing that they are protecting their favorite network and, at the same time, they receive mining rewards. MetaBlox has designed its mining protocol to use low consumption and be environment friendly, so anyone can join it. Community governance is also an option through staking the native MBLX tokens.
Considering that the world is rapidly working on different metaverse projects, web3.0’s transition is inevitable and MetaBlox Protocol comes at a unique time to offer a decentralized internet and computing services along with ID management.
