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Kim Cope, product lead at Dapper Labs

CryptoKitties Dapper Labs Raises $11 Million to Create New Blockchain

September 12, 2019 at 11:39 PM | By Jit Sutradhar News

Warner Music is collaborating with Dapper Labs, the company behind CryptoKitties, to create a new blockchain called Flow.

According to a story on Forbes Thursday, Dapper Labs has raised $ 11 million in funds for the project, including Warner’s investment. Andreessen Horowitz leads the round, with the participation of other large risk companies such as Union Square Ventures, Digital Currency Group, Venrock and Accomplice.

In an email to CoinDesk, David Pakman of Venrock said that Flow is addressed to a specific game use case:

“Ethereum and pretty much every other Layer 1 smart contracts platform [is] attempting to build scaleable networks for transactions — like payments. Decentralized gaming and things like cryptocollectibles place different scaling requirements on blockchains that sharding fundamentally doesn’t fix. So, Dapper is building Flow to allow decentralized games to scale to tens of millions of users.”

Pakman argues that the collectibles industry needs a specially designed blockchain if major brands like Warner and the NBA are going to participate and bring their fan bases for the trip.

Dapper Labs emerged from a $ 12 million risk round in 2018 that allowed him to leave its parent company, Axiom Zen. Later that year, he received an additional $ 15 million in venture capital cash, working with many of the same funds.

Created for developers

In a technical manual shared with CoinDesk, Dapper Labs says that Flow is specially designed for “composibility” in which a developer can use the code of an application in a completely different one. Writes:

“Flow empowers developers to safely and easily build on top of each others’ code, creating entirely new products and services at an accelerating pace. This feature of blockchain, known as composability, has the potential to unlock a new approach to software development.”

Ethereum has evolved slowly to meet the growing demands of network capacity. At the same time, other block chains with smart contract capabilities have emerged, such as Kadena, EOS and Harmony, ready to attract users if Ethereum stumbles on its goal of becoming “the world computer.” Flow is the last to join that line. above, but the first one that emphasizes the collectibles.

It is also noteworthy that the round includes a unique structure where sponsors initially receive capital that can then be converted into tokens to use in the chain (pending, as always, the approval of the Securities and Exchange Commission). This is a structure similar to what risk investors know as a convertible note, where debt is exchanged for shares. All right, Dapper Labs plans to launch Flow in 2020.

Photo of Kim Cope, product lead at Dapper Labs, via YouTube

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