Introduction to DoubleZero Foundation
DoubleZero Foundation is making waves in the blockchain world with its ambitious project aimed at creating a “new internet” designed to enhance blockchain performance. Recently, the startup successfully raised $28 million, achieving an impressive valuation of $400 million. According to insiders, DoubleZero is now actively seeking strategic partners for a subsequent funding round estimated to value the company at around $600 million.
Backing from Leading Venture Capitalists
The initial funding round saw major contributions from prominent venture capital firms such as Dragonfly Capital and Multicoin Capital. The enthusiasm among investors is palpable, with many firms scrambling for a share of this transformative opportunity. While the details of the next funding round remain under wraps, the interest from the venture capital community indicates high expectations for DoubleZero’s potential.
Innovative Infrastructure for Blockchain
DoubleZero is not just another blockchain startup; it aims to build a global network of private fiber optic cables. This innovative infrastructure is designed to facilitate more efficient data transmission for blockchains compared to the limitations of the public internet. With a motto of “Increase Bandwidth, Reduce Latency” (IBRL), DoubleZero has already garnered attention within the Solana community, especially after the release of its white paper in December.
Testing and Expansion Plans
The foundation is currently launching a permissioned testnet for Solana validators and Remote Procedure Calls (RPCs), with plans to expand its offerings to other blockchain networks in the future. The network will utilize private fiber lines operated by companies such as Jump Crypto, RockawayX, Distributed Global, Latitude, and Teraswitch, while also welcoming additional contributors to enhance its capabilities.
Performance Demonstrations at Industry Events
During Solana’s Breakpoint conference in September, the Firedancer team from Jump Crypto showcased their ultra-fast Solana client. Interestingly, the validators involved in this demonstration were utilizing DoubleZero’s infrastructure, highlighting the practical applications of their system in real-time scenarios.
Leadership and Strategic Vision
Leading DoubleZero is President Austin Federa, who previously held the position of head of strategy at Solana Foundation. Co-founders Andrew McConnell and Mateo Ward are steering the project through their company, Malbec Labs. Jump Crypto also plays a crucial role as a core contributor, offering early bandwidth support for the network.
The Infrastructure Revolution: A Parallel to Wall Street
Federa has humorously dubbed DoubleZero as “crypto’s first infrastructure project,” emphasizing its dependence on physical hardware like fiber optic cables. By partnering with independent communications firms, DoubleZero can monetize underutilized infrastructure rather than incurring the high costs associated with building it from scratch. This model draws parallels to Wall Street’s speed race, where trading firms invest heavily in specialized fiber optic lines to minimize transaction times.
A Faster Future for Blockchains
In an insightful blog post, Helius compared DoubleZero’s fiber optic network to a private car service, with the open internet likened to an Uber. While both can transport data, the private network offers speed and reliability advantages. “I think the Solana community has very resoundingly said, ‘We would like to exceed what’s possible on the public internet,’” Federa stated during a recent discussion on X Spaces, reaffirming that DoubleZero’s technology is compatible with any blockchain.
Conclusion
As DoubleZero continues to carve out its niche in the blockchain infrastructure landscape, it stands poised to redefine how data is transmitted across networks. By leveraging advanced technology and strategic partnerships, the foundation aims to enhance the speed and efficiency of blockchain operations, paving the way for a new era in internet connectivity.
