Cryptocurrency

Blockdaemon on institutionalizing the blockchain space towards mass adoption – SlateCast #34

Hull Invest

block daemon is a blockchain infrastructure company founded to enable crypto businesses to rapidly deploy and iterate innovative solutions on the blockchain. Glenn Woo, Head of Sales for Asia Pacific, joined CryptoSlate to talk about how the blockchain structure is evolving towards mass adoption.

Blockdaemon currently supports over 60 blockchain protocols. Additionally, the company offers a wide range of node operations and tools that can be used during all project stages, from early testing to post-launch. Woo summarizes Blockdaemon’s capabilities as follows:

“We provide node infrastructure. We want to be something of a cloud provider for companies that want to build on any kind of blockchain, and we have node support for that. , it’s very easy and economical to set up your own node and build any application you want…

We call it “node as a service”

Woo also mentioned the staking infrastructure, calling it “Blockdaemon’s bread and butter.” In addition to providing robust node infrastructure services, the company also runs public his validators for his 30+ proof-of-stake blockchains.

Blockdaemon has also closed its Series C funding round. Raised At $207 million, it reached a valuation of $3.25 billion. Woo said the company wants to integrate all its services to become his provider of scalable infrastructure for blockchain companies.

Promoting multi-chain adoption and institutionalization

Woo said the last 18 months have seen an increase in the number of layer 1 and layer 2 chains and bridges in the crypto industry. To accommodate this expansion, projects with a significant consumer base aim to spread across multiple chains, integrating as much as possible into these chains. Woo said Blockdaemon will help bridge this gap and facilitate a multi-chain future.

In addition to existing crypto projects looking to expand, Woo said more and more traditional institutions are entering the crypto space. Despite their enthusiasm, “these agencies have very little knowledge,” says Woo. he said:

“I think we’re doing quite a bit for the institutionalization of the universe as well.”

Woo went on to explain the hassle of building a blockchain infrastructure from scratch. “To host your own infrastructure for everything you want to build, you need to hire a lot of resources and a lot of engineers for each different feature you want to build.” But Blockdaemon makes this process much lighter. , he said, trying to be cheaper and faster.

The blockchain trilemma problem

When CryptoSlate’s Akiba asked if services like Blockdaemon would facilitate centralization of the Web3 space, Woo explained that he won’t take part in the centralization debate and will build whatever the community demands. .

Wu said:

“We are very agnostic. We build our products based on market demand. We have an in-house protocol research team that constantly monitors the number of nodes and where they are deployed. If we make a decision in favor of communization, we will coordinate that as well.”

Woo said it would be up to projects to sacrifice one end of the blockchain trilemma. While acknowledging that decentralization is essential, he also asked, “If we had a hyper-decentralized blockchain with zero scalability, what good would it be?”

GameFi is the key to expansion

Finally, Akiba asked what the community could do to bring more people into Web3. Woo said he believes the GameFi industry has great potential to embrace new people as it offers a familiar blockchain experience that can be transformed into a new Web3 experience.

Woo said gaming experiences using blockchain technology can be translated to relate to other scenarios that can be realized in the digital world.

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