Odsy Network Foundation, a non-profit organization focused on developing the Odsy Network ecosystem, has raised $7.5 million in funding in a bid to promote the network adoption and decentralize access control in Web3. Launched in Zug in August 2022 by Omer Sadika, David Lachmish, Sean Lee, and Yehonatan Cohen Scaly, the Foundation aims to enhance and expand its operations using the funds raised.
The funding round was led by Rubnik Ventures, No Limit Holdings, Node Capital, and Falcon X, among others, all of whom share a common belief in the transformative power of technology for the world. These funds will be used to boost research, development, education, and partnership efforts, as well as to support the Odsy dWallet Labs, a company that provides blockchain security for other Ods Based projects. In August, dWallet Labs raised $5 million in a round led by Node Capital and Coin Desk parent company Digital Currency.
The decentralized wallet, or dWallet, is regarded as a new crypto primitive due to its programmable and secure approach for all web3. This means that dWallets are designed to provide access to various Web3 protocols and platforms through transferable signing mechanisms. The adoption of dWallets aims to eliminate the need for multiple Wallets to access different networks, giving users the ability to sign transactions on practically any other blockchain.
One of the main reasons behind the creation of centralized web3 solutions is the lack of infrastructure for decentralized access. However, with the collapse of centralized web3 giants like Celsius and FTX, it has become increasingly apparent that decentralized access is needed in web3 to counter the threat posed by centralized access.
Decentralizing access control on Web3 offers a range of benefits, including giving users more control over their data and reducing the need for sharing IDs repeatedly for proofing. This, in turn, improves security and expedites processes. dWallet is a signing mechanism paired with a public key controlled by dynamic access, functioning within the decentralized machine. The network is programmable and features transferable signing mechanisms, allowing transactions to be conducted with practically any network.
Dynamic access control capabilities enable users to create their own set of instructions on who, when, and where they can sign or not sign their transactions with their private keys. This increased security and compatibility make dWallets a valuable building block that can be plugged into more complex programs, significantly impacting users’ journeys in web3.
The funds raised will support Odsy Network’s ongoing efforts to develop its ecosystem and create universal access control in web3 through the use of dWallets. As decentralized access control continues to gain traction, it’s anticipated that more organizations will follow Odsy Network’s lead and invest in the development and adoption of decentralized wallet technology.
In conclusion, the Odsy Network Foundation’s recent funding round represents a significant step forward in the development of decentralized access control in web3. By providing secure, programmable, and transferable signing mechanisms, dWallets have the potential to revolutionize the way users navigate and interact with web3 platforms and protocols. Moving forward, it will be crucial for the Foundation to continue nurturing its ecosystem and fostering innovation, as this will ultimately determine the success of dWallets and decentralized access control as a whole.