Clockwork Raises $4 Million in Seed Funding

Formerly known as Cronos, Clockwork is a decentralized automation network based in Solana. According to a statement made by the company on Tuesday, a $4 million fund has been raised in seed financing led by Multicoin Capital and Asymmetric. 

Clockwork Website

Clockwork aims to decode the automation dilemma where developers have to choose between decentralized applications (dapps) or automated applications. Clockwork co-founder Nick Garfield said his company has eliminated the need for a centralized cloud provider like Amazon Web Services (AWS) or Google Cloud to provide automated products for blockchains, such as decentralized autonomous organization (DAO) tools.

Clockwork will use the $4 million raised in the seed round to grow its team, which is building a framework for decentralizing autonomous tasks on a Solana verifier, a component of the computing power behind the ecosystem. According to a spokesperson, the business is currently collaborating with multisig wallet and DAO vehicle services to provide payroll solutions such as periodic token transfers.

Kyle Samani managing partner of Multicoin Capital said in the release:

“Clockwork answers many of the questions that prevent dapp development from progressing on the stack: How should nodes monitor and delegate scheduled tasks? What happens if a malicious node tries to execute a task earlier than planned? Is the timer error tolerant if some nodes crash? Clockwork didn’t have an answer none of these questions before.”

Validators who install network plugins can earn automation fees from starter tasks, which is the act of automating the blockchain instruction. According to the announcement, this will increase their returns.

About Clockwork

Clockwork is an open source automation engine for the Solana blockchain. Developers can use Clockwork to schedule operations and securely automate decentralized workflows.

About Multicoin Capital

Multicoin Capital is a thesis-driven investment firm that invests in cryptocurrencies, tokens and blockchain companies that are reshaping trillion-dollar markets. He manages a hedge fund and a venture fund that invests in both the public and private markets.

Today, he manages long-term capital on behalf of well-established venture capital funds, family offices, institutions and high-net-worth individuals.

 

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