Consensys and Hashkey-backed $50M accelerator launches for CARV data layer

CARV has launched a $50 million accelerator for projects capable of driving mass adoption of its data layer protocol.

The $50 million accelerator received backing from notable blockchain venture capitalist (VC) funds, including HashKey Capital and Consensys.

CARV, the modular data layer for gaming and artificial intelligence (AI) applications, aims to support projects building the future of decentralized data, according to Victor Yu, co-founder of CARV.

The co-founder told Cointelegraph:

“Our goal is to enable a decentralized data ecosystem for broader innovation. Building sustainable data infrastructure hinges on creating a dynamic data flywheel, which requires modular infrastructure and a critical mass of high-quality applications post-PMF.”

The need to regain control over user data became apparent in 2018 when Cambridge Analytica leaked the data of over 87 million Facebook users.

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Decentralized data layers: giving back ownership of user data

As a decentralized data solution, CARV enables users to monetize their online data through CARV ID, which aggregates data from Web3 and Web3 sources like emails, social accounts, or crypto wallet addresses.

This enables users to profit off their digital data, which could ultimately grow in value, explained Yu:

“As the protocol grows, the value of data increases and users earn rewards for their data contributions. This model turns user data into a passive income stream, allowing individuals to benefit financially from the data they generate, while businesses can access reliable, consent-based data...”

This can enable the true ownership of online user data, unlike most data-harvesting Web2-specific platforms that monetize user data, added the co-founder:

“A modular and decentralized data layer, like CARV's, is crucial because it empowers users with full ownership, control, and privacy over their data across various platforms.”

This decentralized approach contrasts with the traditional centralized data silos typical for Web2 applications.

CARV has surpassed $50 million raised in total funding from forms including IOSG Ventures, Hashkey Capital, COnsensys, OKX Ventures, Alibaba and Arweave, according to a July 1 X post.

CARV $50 million in total funding. Source: CARV

Other decentralized, blockchain-based data solutions include the Graph, an indexing protocol for organizing and accessing data from different blockchain networks, widely used by developers behind decentralized applications (DApps) .

Top AI Big Data tokens. Source: CoinMarketCap

The Graph’s utility token ( GRT ) is the 51st-largest cryptocurrency and the seventh-largest among the top artificial intelligence (AI) and big data coins tracked by CoinMarketCap.

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AI and Web3 gaming needs data infrastructure

Decentralized data layers are essential for Web3 gaming and AI due to the data-intensive nature of these applications and the necessity for high-quality, verified user data.

However, CARV could also be tapped by decentralized finance (DeFi) applications, added Yu:

“CARV’s technology is also applicable in areas like DeFi, digital identity, social networks, and the broader Web3 ecosystem. Any project that values data privacy, ownership, and fair value exchange between users and platforms can drive CARV’s mass adoption, making it a versatile solution beyond just gaming and AI.”

The $50 million accelerator will provide projects with funding, go-to-market and growth strategy, tokenomic advisory and infrastructure support. 

Decentralized data layers have the potential to play an important role in Web3, offering users greater control and ownership over their personal browsing data.

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