THE DAILY ENCRYPT

September 30, 2022

$4 Million Raised by Solana Based Auto Payment Firm Clockwork

To facilitate automated payments, the decentralized network uses the Solana validator....
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Photo by Moritz Kindler

To facilitate automated payments, the decentralized network uses the Solana validator.

Clockwork, a Solana-based network, has raised $4 million seed funding to expand its team. The company announced Tuesday that it is building a framework for decentralizing autonomous tasks on a Solana validateator, which is a component to the computing power behind the ecosystem.

Cronos was the former name of Clockwork. It aims to solve the automation dilemma in which developers have to choose between decentralized apps (dapps) or automated apps.

Clockwork’s co-founder Nick Garfield told CoinDesk his company eliminates the need to use a centralized cloud provider like Amazon Web Services (AWS), or Google Cloud in order to provide automated products that can be used for blockchains such as payment processing or decentralized autonomous organization tooling (DAO).

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Other people have tried to solve this automation problem.

AWS supported a competing service that was created by VDF Alliance, a Blockchain software company, and supported in part by the Ethereum Foundation to decentralize automated cloud computing.

Garfield hopes to bring this technology to Solana to facilitate fast, cheap transactions and prioritizing decentralization.

His goal was to “rewrite a lot automation tooling that is on cloud service providers and make them work for decentralized internet.

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Multicoin Capital and Asymmetric led the round, with Solana Ventures participating.

Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".
Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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