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San Diego Startup Clockwork Gets $4M for Team Building, Community Development

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Indrani bose Follow

INDIA

Sep, 01 2022

Sep, 01 2022

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Multicoin Capital and Asymmetric jointly sponsored a $4 million seed investment for Clockwork, a decentralized automation network for Solana. An announcement on Tuesday stated that Solana Ventures also took part in the investment. 


The fund will be used to grow the company's team building a framework for decentralizing autonomous tasks on a Solana validator, a component of the ecosystem's computing power. According to a Clockwork representative, El Cap Ventures is another investor and took part in an earlier round. The new funding will also be applied to community development and partner integration support. 


With the Solana validator network, it enables programmers to plan repeatable activities and automate on-chain workflows, according to Nick Garfield, founder, and CEO of Clockwork. Decentralized environments may make it more challenging to automate processes, he added. Garfield prioritizes decentralization while bringing this technology to Solana for quick and affordable transactions. 


Due to Clockwork, developers will be able to incorporate automated processes without affecting decentralization, which addresses this problem by rewarding validators for carrying out pre-scheduled transactions. In terms of decentralized autonomous organization (DAO) tooling and payments processing, Clockwork eliminates the need for centralized cloud providers like Amazon Web Services (AWS) or Google Cloud as per the co-founder of Clockwork. By installing the Clockwork plugin, validators will be able to collect automation fees from crank operations, which is the process of automating a blockchain command. According to the announcement, this will raise their yields.  


According to a spokeswoman, the business is currently collaborating with multisig wallet and DAO tooling services to offer payroll options including periodic token transfers. 


About Clockwork :

Clockwork, formerly known as Cronos, was established in September 2021 with the initial goal of creating a payment system for Solana. Recently?it won the Solana Riptide hackathon, a global hackathon with 7,000 participants. Clockwork aims to solve the automation dilemma, in which developers have to choose between automated apps and decentralized apps (dapps).  


Others working on the same issue :

The automation issue has been addressed by others as well. AWS endorsed a rival service in August 2019 that the VDF Alliance, a blockchain software company, and the Ethereum Foundation had developed to enable decentralized automated blockchain cloud computing.  


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Indrani bose

CBW - External Analyst

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