One of the promises made by web3 entrepreneurs is putting data back in the hands of owners through decentralization. Palo Alto-based CyberConnect is among a handful of blockchain startups working to fulfill this vision, and it has recently closed a Series A financing round totaling $15 million.
The lead co-investor of the round is Animoca Brands, the Hong Kong-based company that has in recent years risen from an underdog in game development to an investment juggernaut in the web3 world. The other co-investor is Sky9 Capital, a Shanghai-based venture capital firm founded by Ron Cao, who is known for helping Lightspeed Venture Partners set up shop in China back in the day.
As such, Wei and his team are building a social graph “protocol,” the underlying rules that allow data to be shared between computers, for applications, and in web3’s case, without a centralized agent like Facebook. The end goal is that users can travel across web3 platforms with their followings and followers.
An app experience powered by CyberConnect will look like this: Users connect their crypto wallet — which has become a universal gateway to any web3 app — to a social platform, upon which they will be shown all their existing connections. They will get recommended user addresses to follow, which is based on CyberConnect’s indexing. Once they follow someone, that piece of information will be added to CyberConnect’s network and become “portable and self-sovereign.”
To date, CyberConnect has supported 23 projects including Project Galaxy and Mask Network, reaching a total of 710,000 users.
Other companies are building similar infrastructure to allow follower interoperability, such as Lens, which is operated by Aave, a decentralized lending protocol backed by Blockchain Capital.
CyberConnect’s solution, Wei tells TechCrunch, consists of two components. Similar to Lens, it offers a software development kit (SDK), a piece of software for developers to create custom apps that let end users manage their social graphs and a “social data network” that aggregates users’ behavior in web3, such as what tokens and NFTs they bought.