Singapore’s KNN3 Aims to Facilitate Social Discovery within Decentralized Applications
The blockchain and web3 ecosystems are experiencing explosive growth, generating vast amounts of data that need to be analyzed and made sense of. This is where KNN3 comes in – a Singapore-based startup that’s leveraging graph databases to help developers and organizations navigate the complex relationships between users, assets, and actions on different blockchains.
A Brief History of Blockchain Data Analysis
In recent years, several startups have emerged with innovative solutions for analyzing blockchain data. Nansen, for example, offers on-chain data analysis for crypto investors, while The Graph provides an API for developers to query blockchain data. However, KNN3’s approach is unique in that it focuses specifically on relational data across blockchains.
The Vision Behind KNN3
Co-founder Thomas Yu explained the reasoning behind KNN3’s development: "When we get on a social network, the first thing that surfaces is normally suggestions for following. This information is based on analyses of our digital footprint history." KNN3 aims to replicate this experience in web3 by building graph databases that analyze users’ relationships, status, memberships, and other on-chain actions.
The Challenge of Centralized SaaS Products
Yu acknowledged the crowded nature of the blockchain data space: "The blockchain data space is already quite crowded, but there’s still room for more specialized services." He argued that centralized SaaS products like Nansen and web3 development platform Alchemy have limitations. "Nansen and The Graph are ‘programmable’, but the data structure they support is quite ‘limited’," Yu said.
A Decentralized Approach
KNN3’s solution lies in its permissionless, decentralized architecture. As a permissionless tool for developers to draw insight from cross-blockchain user data, KNN3 offers a more flexible and scalable approach. "We’re building a permissionless (hence decentralized) tool for developers to draw insights from cross-blockchain user data," Yu emphasized.
Targeting Consumer-Facing dApps in Asia
KNN3 is starting out by targeting consumer-facing dApps in Asia, where the innovation hub of consumer applications is centered. "Much of web3’s infrastructure building is happening in the West, but Asia is generally regarded as the innovation hub of consumer applications," Yu noted.
Notable Customers and Partnerships
KNN3 has already gained traction with notable customers like Mask Network, which enables users to send cryptocurrencies on Web 2.0 services and is now building a decentralized identity system using KNN3’s tech.
Expanding into the U.S. Market
In the U.S., KNN3 plans to target enterprise-facing organizations like Chainlink, which feeds real-life data called ‘oracles’ into smart contracts. "We’re weighing a new product that would provide cloud services built on top of Chainlink’s oracles," Yu revealed.
Cloud Services Built on Top of Chainlink Oracles
KNN3’s proposed cloud services will allow developers to build decentralized applications (dApps) with greater ease and efficiency. "Our goal is to enable developers to build dApps that can interact seamlessly with the real world, using data from oracles like Chainlink," Yu explained.
Recent Funding Round
In a significant milestone for KNN3, the startup recently secured funding in a round led by [funding source]. The exact amount of funding has not been disclosed, but it’s clear that this investment will help propel KNN3’s growth and development plans.
Conclusion
KNN3 is poised to revolutionize web3 with its innovative approach to decentralized graph databases. By providing a permissionless platform for developers to analyze complex relationships between users, assets, and actions on different blockchains, KNN3 has the potential to unlock new levels of scalability and efficiency in the web3 ecosystem.
What’s Next?
As KNN3 continues to grow and develop its technology, we can expect to see significant advancements in the field of blockchain data analysis. With its focus on decentralized graph databases, KNN3 is well-positioned to become a leading player in the web3 space.
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Stay tuned for further updates on KNN3’s progress and development in the world of web3!
