Dispatch Blockchain Raises $6M
Thanks to VentureBeat
Data-focused blockchain startup Dispatch has raised a new round of funding from China’s Fenbushi Digital to build speedy decentralized applications with zero transaction costs. The company had raised $12 million previously, and it is now adding another $6 million to the round.
Dispatch is the creator of the Dispatch Protocol, which lets developers create data-intensive blockchain applications, or those that take advantage of the transparent and secure distributed ledger technology. The company argues that this technology allows it to execute data transactions without compromising user privacy.
Dispatch has created its Zero Knowledge Analytics and Delegated Asynchronous Proof of Stake (DAPoS) technology so businesses can build fast, secure blockchain solutions with zero transaction costs that are backwards compatible with the Ethereum cryptocurrency network.
Early blockchain technologies were slow in part because they used decentralized technology to verify blockchain data, and the costs of that technology grow more expensive over time.
Dispatch said its improved technology provides faster speed, data privacy, and data sovereignty for use cases such as health care, autonomous vehicles, AI marketplaces, and smart cities’ internet of things implementations.
“We found tremendous support for this idea from a wide range of investors,” said Patrik Wijkstrom, chief operating officer at Dispatch, in an interview with VentureBeat. “We’ve been building for 11 months now.”
He said applications built on the Dispatch Protocol are compliant with such laws as the health-oriented HIPAA in the U.S. and Europe’s General Data Protection Regulation. Dispatch has launched multiple versions of its testnet distributed ledger, mobile wallet, smart contracts, and software developer kit, and it will launch its mainnet 3.0 in the fourth quarter of 2018. The company’s CEO is Matt McGraw.