Chainbase completes $1.5 million angel-round financing

Chainbase completes $1.5 million angel-round financing

Chainbase Team

Chainbase Team

Chainbase is excited to announce that it had raised $1.5 million in angel-round financing. The round was led by XVC, with participation from M77 Ventures and a number of individual investors. Funds from this round will be used for Product Research & Development and improving user experience.

Chainbase ( https://chainbase.online ) is a Web3 developer platform that provides developers with cloud-based API services to help connect to blockchains and easily build scalable Web3-native applications. The middleware platform offers multiple services, including multi-chain nodes, data queries, real-time data indexing, application monitoring, and other developer tools. Chainbase plans to be the Gateway from Web2 to Web3 - helping tens of millions of developers better enter the new world and build new applications.

The complexity of multiple chains is creating new challenges for developers

As more and more developers are rushing into Web3, the ecosystem of crypto-based applications is growing rapidly. However, when developers are ready to build, the first thing they face is the technical complexity of blockchains and the lack of infrastructure for interactions with blockchains.

Blockchain is essentially a distributed system composed of many nodes. One cannot access and synchronize the information on chains without nodes. It may not be difficult for an individual to run a single node, but if it is a formally launched Web3 application, the difficulty will rise exponentially. This includes the complexity of deploying different types of nodes, cloud computing costs, operation and maintenance for system stability, security issues, etc. These rising technical problems will lead to higher labor and time costs. What is even more frustrating is that if Web3 projects fail to solve all these issues, their projects will cease to operate. Even if they spend a lot of resources to solve these problems, the investment often does not directly bring effective values to the development of projects.

In addition to accessing blockchains, on-chain data indexing is also very complicated. Unlike traditional structured databases - on-chain data is presented in the form of linked lists, which means that developers cannot process data indexing using the common SQL language. Without any infrastructure services, developers need to complete a lot of work to decode different protocols, while also solving problems such as protocol deconstruction, data cleaning, real-time synchronization, etc. The most basic skill of Web2 developers - SQL - has become very difficult in Web3.

"We want developers to focus on the innovation and construction at the application layer, without worrying about the underlying complexity and high operation and maintenance costs." Mogu,founder of Chainbase, said: "This year we will focus on Product Research & Development and improving user experience, specifically, supporting more chains and solving the data interaction issue."

Built for Builder: Focus on lowering the barrier to entry for Web3 developers

Chainbase is well versed in infrastructure construction. Its team is dedicated to solving these problems and building a series of products that grant developers access to robust backend infrastructure with just a few lines of code.

Just a few months after the establishment, Chainbase launched its first-generation products: Chain API and Web3 API service. The former provides stable access to blockchains, and the latter provides the ability to efficiently index and query data on chains. During the announcement of angel-round financing, Chainbase released its second-generation product, the online deCrypto Cloud Data service.

"The online deCrypto cloud data service is equipped with a powerful real-time calculation engine, and serves as a new way to solve the problem of on-chain data indexing. Any developer can write SQL codes on this open platform based on their own needs - complete the query to get the result, and finally generate a customized API and use it for online services. This process is very intuitive and developer-friendly." lxcong, an engineer at Chainbase, said.

Rickey Yao, Partner of XVC, said: "Data-centric services have always been the core infrastructure of Web3. The underlying functions such as the governance of unstructured data, efficient data query, and real-time data analysis provided by Chainbase in a multi-chain + multi-layer environment are very useful for dApp developers. It has always been the key point to solving issues during the development of dApps. On this basis, Chainbase’s team has the opportunity to build a scaling advantage within Web3 ecosystem through security/subgraph capabilities. Mogu, Founder of Chainbase, has a great learning ability and understanding of the underlying technology. He has been steadily growing despite the cycles - there is a chance for Mogu and his team to make excellent time-tested products.

"Chainbase currently supports three blockchains: Ethereum, Polygon, and BSC ," Mogu said. "Going forward, we plan to support all EVM blockchains and other networks." However, he did not disclose the order of to-be-supported chains in this plan.

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