Beacon Demo Day: Betting on a Multichain Future
Introduction
Beacon, an early-stage web3 accelerator program, recently held its second cohort graduation, featuring a demo day where 10 companies showcased their startups. Unlike other accelerators that focus solely on nascent companies, Beacon takes a broader approach and accepts startups at various stages, from pre-seed to Series A. The program runs twice a year and accepts around 15 to 20 applicants per cohort. Beacon's mission is to foster innovation in the web3 space and help companies build multi-chain or chain-agnostic products.
Startups and Subsectors
The startups in Beacon's second cohort covered a range of crypto subsectors, including infrastructure, gaming, decentralized social media, and decentralized finance (DeFi). Among the startups were Cube3.AI, which develops a real-time web3 transaction security solution, Ryu Games, which aims to become the "Steam of web3" by decentralizing gaming distribution, and Wasabi, an NFT options protocol that enhances liquidity in NFT economies.
Cube3.AI: Real-time Web3 Security
Cube3.AI focuses on inspecting smart contracts deployed on blockchains to identify potential risks and exploits. By using artificial intelligence, the startup aims to protect DeFi and web3 platforms from attacks. Cube3.AI helps other entities in sectors such as marketplaces, bridges, gaming, and NFTs to better protect themselves by identifying threats before attacks occur. The startup provides services to block exploits without impeding user experience.
Ryu Games: Decentralizing Gaming Distribution
Ryu Games aims to disrupt traditional gaming distribution by building a protocol that decentralizes game stores and launchers. This protocol, referred to as the "Steam of web3," offers lower fees and plans to decentralize user-generated content in the future. The startup's public beta is currently open, and it is actively seeking investors for a strategic round.
Wasabi: Derivative Infrastructure for NFTs
Wasabi is an audited NFT options protocol that aims to create more liquid NFT economies. By leveraging market volatility and hedging against price declines, Wasabi helps users earn premiums on their NFTs. The startup is interoperable and supports decentralized applications that work with options, derivatives, and metamarkets. It is currently raising $2 million for its seed round.
Beacon VC Database
In addition to the demo day, Beacon also launched its VC database, which aims to help founders find funds actively deploying capital into web3 startups. The database features over 200 funds, ranging from generalist funds with a crypto arm to crypto-focused funds. It includes funds of various sizes, from micro funds to mega funds with over $1 billion in assets under management. Beacon plans to decentralize the database over time, allowing investors to update their information in real-time.
Insights and Analysis
Beacon's second cohort graduation and its VC database launch showcase the growing interest and investment in the web3 space. With startups focusing on infrastructure, gaming, decentralized social media, and DeFi, it is evident that entrepreneurs see potential in the intersection of blockchain technology and various industries. The fact that Beacon embraces a multi-chain approach further highlights the belief in a future where different blockchains coexist and collaborate.
The web3 industry is still in its early stages, and there are challenges to overcome, such as scalability, user experience, and regulatory uncertainty. However, startups like those in Beacon's cohort demonstrate the innovation and creativity in addressing these challenges. By leveraging AI, decentralization, and new financial instruments, these startups are pushing the boundaries of what is possible in the web3 space.
Editorial: Embracing a Multichain Future
As the web3 industry evolves, it is becoming increasingly clear that a multichain future is not only possible but also necessary. The concept of a single dominant blockchain may be appealing for simplicity's sake, but it is unlikely to be the reality. Different blockchains offer unique features and cater to different use cases, and it would be a mistake to limit ourselves to just one.
Embracing a multichain future brings several advantages. First, it fosters competition and innovation among different blockchain networks. Just like how different operating systems compete in the tech industry, different blockchains can compete to offer better features, performance, and security. This competition drives constant improvement and benefits users and developers.
Second, a multichain future allows for specialization and customization. Not all blockchains are created equal, and some may excel in specific areas like scalability, privacy, or smart contracts. By allowing developers to choose the most suitable blockchain for their needs, we can unlock the full potential of blockchain technology across various industries.
Third, a multichain future promotes interoperability and collaboration. Different blockchains can work together to enhance cross-chain communication and asset transfers. This interoperability enables seamless integration of decentralized applications and facilitates the exchange of value across different blockchain networks. It creates a network effect that benefits the entire ecosystem.
Conclusion: Navigating the Multichain Future
For entrepreneurs and investors in the web3 space, it is crucial to embrace the multichain future and navigate the complex landscape of different blockchains. Adopting a multi-chain strategy allows for flexibility, diversification, and access to a broader market.
However, it is essential to consider the challenges and risks associated with a multichain approach. Each blockchain has its own technical specifications, community dynamics, and regulatory environment. Startups and investors must carefully evaluate the trade-offs and choose the most suitable blockchains to develop and invest in.
Additionally, collaboration and knowledge-sharing among different blockchain communities will be crucial in building a cohesive and interconnected multichain ecosystem. Standards and protocols that enable cross-chain compatibility should be encouraged and supported.
In conclusion, the startups showcased at Beacon's demo day illustrate the growing interest and potential in the web3 industry. By embracing a multichain future and leveraging the unique features of different blockchains, these startups are at the forefront of innovation. As the web3 industry continues to evolve, it is essential for entrepreneurs, investors, and regulators to navigate the complexities of a multichain future and seize the opportunities it presents.
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