Taiko’s $37M Funding Boost for Web3 and Free Internet

Taiko, a web3 startup, has recently raised $37 million to build infrastructure for a censorship-free internet. Founded by Daniel Wang, Taiko aims to decentralize various aspects of human activities, particularly social platforms, using blockchain technology.

Wang’s vision is for a future where people can freely express themselves online without fear of censorship.

The startup’s focus is on creating decentralized applications (dApps) on Ethereum, a blockchain that supports smart contracts.

However, Wang realized that Ethereum’s Layer 2 solutions, designed to scale transactions, were not truly decentralized. This led to the inception of Taiko in March 2022, aiming to provide the necessary infrastructure for decentralized social apps.

Taiko’s funding rounds have attracted significant investment, with its Series A round closing at $15 million. The round was led by Lightspeed Faction, Hashed, Generative Ventures, and Token Bay Capital, bringing the company to unicorn status. The funding will support Taiko’s mainnet launch and a $30 million grant allocation for developers.

Wang envisions Taiko as a public good, similar to Ethereum, where no single entity owns the network. This structure supports the development of a truly decentralized social network, a concept that many current platforms claiming decentralization have failed to achieve.

The development of Taiko and its recent funding highlight the growing interest in decentralized solutions for the internet, aiming to give users more control and freedom in their online interactions.