DoubleZero Foundation, a startup creating a “new Internet” to improve blockchain performance, has collected $ 28 million to an evaluation of $ 400 million, according to three people familiar with the problem, and is now looking for “strategic partners” to invest more at $ 600 million.
Dragonfly and Multicoin Capital lead the initial funding tour, said two of the people. The subsequent strategic round has not yet closed, said an initiate. Capital venture companies have jockey for any allowance they could obtain, said another.
Doublezero refused to comment.
Nabbing A valuation also high at the start of the class is rare but not unknown for cryptographic companies that have transformer systems. For the part of Doublezero, his vision is to raise a global network of private fiber optic cables, then to exploit them so that blockchains can transmit their data more efficiently than possible on the public internet.
His motto – “Increase in bandwidth, reduction in latency” or IBRL – proliferated by the Solana community even before Doublezero launched his white paper in December. The project is considered to be an enabling technology for the larger plans in Solana to treat one million transactions per second.
DoubleZero opens its test test authorized to Solana validators and RPCs, with plans to extend to other channels all over the line, said a familiar source. Its network of fiber optic cables draws from the private line operated by Jump Crypto, Rockawayx, Global, Distributed Global, Latitude and Teraswitch, and accepts more contributors.
During the Solana conference in September, the Firedancer team of Jump Crypto demonstrated its customer from Solana Superfast to Speakneck Speed. What they did not say to the crowd at the time was that the participating validators worked on a doublezero infrastructure
The president of the Doublezero Foundation, Austin Fedea, was the former head of the Solana Foundation strategy. Its other co-founders, Andrew McConnell and Mateo Ward, are in charge of the company of the main contributors of the project, Malbec Labs. Jump Crypto is also a basic contributor, also presenting the early bandwidth of the network.
Federa called doublezero as a joke as “First Infrastructure Project of Crypto” because of its massive dependence on equipment: fiber optic cables through land and sea. Instead of buying or building this expensive infrastructure, DoubleZero will rely on independent communication companies wishing to monetize their underused goods.
The whole thing recalls the Speed War of Wall Street, where commercial companies have spent a lot of money in specialized fiber optic lines to shave precious milliseconds from their orders.
In an explanatory blog, the Helius infrastructure company compared the favorite data pipes of DoubleZero to a private car service, and the Internet open to an Uber. The two will finally lead you where you are going. But the private car will do it faster, and more predictable.
“I think that the Solana community said in a very resounding way:” We would like to go beyond what is possible on the public internet “,” said Federa on a recent space, although he said that DoubleZero is “completely compatible” with any blockchain.
He compared the system to the dedicated fiber lines of high -frequency companies. “We just come to the point where the blockchains are fast enough to use them.”
