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Parami Protocol has raised $3 million in a funding round.
Web3 advertising protocol Parami Protocol has successfully completed a $3 million funding round to boost the privacy of data on blockchains and Web 3 applications. The funding round welcomed top blockchain investors including NGC Ventures, CMS Holdings, Genesis Block Ventures (GBV), Digital Finance Group, Genblock Capital, Signum Capital, Axia8 Ventures, Spark Digital Capital, PNYX Ventures, and YBB Foundation.
Other investors in the round include Crypto Discover, DCI Capital, AU21 Capital, AC Capital, GBIC, Ruby Capital, PetRock Capital, Digital Renaissance, Titans Ventures, Kyros Ventures, Gate.io Labs, Bella, Blockark, Weblock, Infinite Decentralization Capital, OIG Investment Group, Legion Ventures, IBC Capital, Regain Ventures and some core members of Parity.
The funding will be used to build privacy protocols on blockchains, enhance user control over their data and identity, and boost user acquisition on the platform. According to a statement from the Parami team, additional funds will be allocated to building the paradigm proposed by Parami Protocol for Web3 ideal (AD 3.0), funding privacy-preserving blockchains, and finding new ways to connect the user with these blockchain entities.
Parami is one of the pioneer firms in personal data space and privacy protocols on blockchain to ensure personal identity and data remain fully in control of the users. Speaking on the latest funding round, GBV co-founder Leslie showed support for Parami’s privacy-preserving goals, stating:
“We are very interested in the privacy-preserving nature of blockchain and how it can be used to connect people and entities. Parami is one of the pioneers in the personal data space and we are excited to work with them to push development forward.”
Launched in 2021, Parami provides users with democratized data options via its AD 3.0 paradigm powered by blockchain for Web 3 applications. The paradigm aims at offering a “human-centric and privacy-preserving network, where users are smart-rewarded for their data and attention while protecting their self-sovereign identity on a trust free protocol,” Dorian, the lead architect of Paradigm said in a statement.
The data privacy network includes a parachain built on Substrate and offers users on Polkadot and Kusama parachains democratized data privacy through relay chains.
In the past few years, data privacy has become a key component for any application with companies such as Facebook facing massive backlash from governments for not protecting users’ data and identities. Despite blockchain applications having “anonymous transactions”, a trail can still be created rendering anonymity worthless. Additionally, most applications sell and use users’ data for a profit but rarely ever share these profits with their customers.
The Parami AD 3.0 model offers solutions to these problems via its trust-free protocol, which is a necessary step in boosting global Web 3.0 adoption rates, CMS Holdings CEO, Dan Matuszewski stated. He added:
“Parami is a crucial player in the Web3 ecosystem. We believe their strong team and groundbreaking tech will bring about a better version of the internet, and we want to support the development of such a powerful project.”
Parami leverages Decentralized Identity (DID) networks and Zero-Knowledge Proof (ZKP) protocols to safeguard users’ privacy and identity. Parami DID is the self-owned identity with blockchain-powered privacy protection and secure transaction functionality. Users will be able to reevaluate the worth of their attention and turn their attention into assets, matching this asset with advertisers’ willingness to pay for their attention.
In the latest partnership, Bilal Junaid of Genblock Capital praised the decision to fund Parami in the latest round aiming to build on the incentivization of users. As a “key-value proposition” to the project, Junaid believes token incentivization is the future of the decentralized identity sector hence the early investment in Parami. Therefore, AD 3.0 users have absolute sovereignty over their own identity and data. He said:
“We see the tokenized reward of attention and data as a key-value proposition for Parami that other DID-based platforms have overlooked. The added yield farming support incentivizing individuals to partake in the Parami ecosystem is something we have yet to see within the DID sector.”
For more information, contact Mora Zhu at [email protected]
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