5 Blockchain Startup Success Stories
Blockchain has been one of the most talked about topic in the technology world for quite some time now.
But first of, what is Blockchain?
Blockchain, also called as Distributed Ledger Technology (DLT), makes the history of any digital asset unalterable through the use of decentralization and cryptographic hashing.
A simple analogy for blockchain technology is a Microsoft Office 360. When we create a document and share it with a group of people, the document is distributed instead of copied or transferred. This gives access to the document at the same time. No one is locked out awaiting changes from another party, while all modifications to the file are being recorded in real-time, making the changes transparent.
With that in mind, Blockchain technology is being used by a lot of tech companies for client’s security, transparency and stamps out fraud.
Here are some examples of blockchain companies who have great success stories, starting up.
Axie Infinity became the world’s valuable NFT collection. What does it do? Players can earn money by playing.
Axie Infinity is a new way of using Ethereum blockchain technology for purposes of fun, namely by combining it with a play-to-earn model. They are a Vietnam-based company that was able to raise $7.5 million funding and now, their value is at $3 billion knowing that it just started in 2018.
Avalanche is a new blockchain platform that was able to raise $42 million in less than five hours during the first public sale of its digital currency token.
They are a new mechanism for efficiently verifying and securing blockchain networks without significant energy expenditure, centralization or performance degradation.
Avalanche is the first smart contracts platform that performs transactions in less than 1 second, supports Ethereum – the second-largest cryptocurrency after Bitcoin – and enables millions of producers of blocks, or nodes.
Biconomy, which was founded by Indians, has raised $9 million in a private funding. The startup is building a blockchain-based platform meant to simplify crypto transaction experiences.
Biconomy was launched in 2019 and offers 2 products to its customers. This includes one that allows DeFi apps to pay gas fees on behalf of their users, while the other allows users to pay gas fees using stablecoins and the ERC-20 token that runs on the Ethereum blockchain.
Forte, which provides blockchain solutions for game publishers, has raised $725 million in a Series B funding round. They help game developers to integrate blockchain technology, enabling features such as NFTs.
They are currently live in over 10 titles and have nearly 20 million monthly active users across Forte-powered games. The firm’s massive Series B round comes just 6 months after it raised $185 million in its Series A round at a $1 billion valuation. The Series B round brings the firm’s total funding to more than $900 million this year.
Arcana Network, a blockchain startup, has raised $2.3 million in a funding round.
Arcana Network aims to be the most developer-friendly decentralized storage option amongst the other storage platforms such as IPFS, Filecoin, Storj, Sia, etc., and gives developers a privacy stack in addition to storage to help apps securely manage data with complete privacy preservation.
Hearing these stories can be motivating to start and follow your venture. What’s yours? We might be able to help you get ideas and jump start your own tech brand.
Author: Nica Layug