Source Network
Sector
Round Size ($USD)
$10,000,000.00
Post Valuation
$40,000,000.00
Stage
Existing Commitment
Deal Type
Deal Stage
Deal Status
Ecosystem
Founder Name
Deal Source
Min Investment
Discord Thread Link
Website
Investment Memo / Deck
AMA
Data room
Date Approached
Oct 13, 2023
Description
Source Network is decentralized data management via an infrastructure database.
TGE date
Twitter
Description
Source Network is a decentralized data management solution that aims to protect, decentralize, and unify web3 data. Source Network connects the protocol layers of web3 with infrastructure data and compute layers by managing off-chain application data.
The Source Network is a combination of a decentralized infrastructure database (DefraDB) and a database trust layer (SourceHub).
DefraDB is free to use by developers:
- deployable anywhere
- decentralized schema management
- graphql first API enginge
- end-to-end encryption
- native privacy
- interoperable off-chain data
- self-verifying data models
- peer-to-peer synchronization
The SourceHub requires the OPEN token to pay for the following services:
- multiparty compute secrets management
- identity management
- zk-key management
- access control policy & permissions engine
- document anchoring & auditing
Use cases:
- off-chain data
- DEX order book
- intent-based transactions
- verifiable AI
Business Model
OPEN tokens are the payment token for accessing the SourceHub. OPEN tokens are used for user access control, key management, and authentication.
Value accrues to the OPEN token as the number of nodes increases.
Traction
- Google Cloud
- AWS
- Ethereum
- Cosmos
- Polkadot
- Sui
Go-to-Market
- Community-led marketing targeting developers and token holders.
- Attract
- Capture
- Engage
- Delight
- Retain
- Amplify
- Product-led marketing driving the adoption of DefraDB and deployment of nodes.
- Activate
- Adopt
- Adore
- Advocate
Founders
- Addo Smajic - co-founder, ceo
- John-Alan Simmons - co-founder, cto
- David Turner
- Christopher Berry
- Fred Carle
- Roy Lee
Deal
$10mm at $40mm SAFT
Deck
Commitment
Feedback
Investment Memo