Dozens of leading Web3 projects including Space and Time, Filecoin, EigenLayer, Layer Zero, Wormhole, Pyth, Lava, and Covalent join forces to create a decentralized compute protocol
BLOCKCHAIN, Calif., Sept. 18, 2024 /PRNewswire-PRWeb/ -- W3.io, an industry consortium focused on building open protocols to drive Web3 adoption, is building the first orchestration cloud designed specifically for smart contracts. Already proven in the Web2 enterprise environment, orchestration layers coordinate and manage multiple systems, services and apps to streamline processes, save resources and turbocharge performance. W3.io brings this approach to Web3, eliminating the disjointed and isolated processes that result in overly complex, expensive, and inefficient smart contracts. By dumbing down smart contracts—shifting complex computations off-chain where they belong— the W3.io Orchestration Cloud will simplify on-chain development, speed up transactions and lower costs.
More than 50 angel investors, including CEOs and senior executives from W3.io network's founding partners support W3.io's innovative approach to decentralized compute.
"The ability to verifiably process data at scale within the time of a transaction is a critical requirement for smarter smart contracts," said Nate Holiday, Co-Founder and CEO of Space and Time. "Space and Time's sub-second ZK coprocessor, along with the other essential services included in the W3 network, will help usher in the next generation of blockchain tech."
The Power of W3: The Network Effect
W3.io has forged strong alliances with more than 40 network partners. The 12 Alliance charter members provide essential services in the Web3 ecosystem:
- Avail, a unification layer for Web3
- Babylon, bitcoin staking protocol
- Covalent, a modular data infrastructure and decentralized network focused on long-term data availability.
- Eigenlayer, an ETH restaking protocol and new primitive in cryptoeconomic security
- Filecoin, decentralized storage network for humanity's most important information
- Lava, the access layer for blockchains
- LayerZero, a technology that enables applications to move data across blockchains
- Lit Protocol, a key management network for decentralized signing and encryption
- Pyth Network, blockchain oracle for market data
- Render, cloud application hosting for developers
- Space and Time, sub-second ZK coprocessor for data processing
- Wormhole, blockchain interoperability protocol
"As a pioneer in cryptoeconomic security through restaking, we understand and appreciate network effects," said Sreeram Kannan, CEO, EigenLayer. "What the W3 alliance is building is modeled after Web2 orchestration layers, but adds a Web3 twist that makes it even more powerful."
These partnerships will enable W3.io to deliver an orchestration protocol that unites the entire Web3 stack into a comprehensive decentralized cloud. Members of the alliance will be part of a decentralized compute network, a peer-to-peer network, where no one entity is in control and all nodes run open source software that is interoperable across blockchains.
"We believe in the core principles of open source and decentralization that are behind the W3 alliance," said Megan Klimen, Founder of the Filecoin Foundation. "As an industry, Web3 is stronger when we join forces, and we're glad that our storage services can contribute to the cause."
With their partners, W3.io boasts impressive capabilities:
- 150+ decentralized compute services, across categories like Data & Storage, AI/ML + Compute, Identity & Access, and Network/Comms
- Over 1 billion cumulative cross-chain messages sent
- 10 billion+ verified identities
- 25,000+ verified CPUs and 20,000+ verified GPUs
- 2+ exabytes of storage capacity
This powerful network enables a host of benefits:
- Simpler Contracts: Offloading complex tasks to off-chain solutions.
- Cost Savings: Lower development and maintenance costs.
- Speed: Faster transactions through off-chain compute.
- Flexibility: Customizable functionalities and seamless blockchain integration.
- Easier Development: Simplifies building and deploying on-chain applications.
Innovative Orchestration with W3 Compute Oracle
At the heart of W3.io's orchestration cloud is the W3 Compute Oracle, a powerful tool that manages the distribution of tasks across the network. This oracle's "Proof of Compute" ensures verifiable, end-to-end processes with every compute step in a hash chain, aggregated and settled on the chain of choice. The Oracle also guarantees real-time execution and security, enabling tasks to run at CPU speed without block time delays.
By the Community, for the Community
W3.io operates as an industry utility, providing a unifying force for developing technological standards, advocating for the Web3 technological stack, and increasing the total addressable market for the industry. By fostering community participation in setting best practices and standards, W3.io is driving the industry forward, making Web3 technology accessible, efficient, and secure for all.
About W3.io
Founded by a seasoned team of technologists and community builders, W3.io is dedicated to driving Web3 adoption through open protocols and standards. Joining forces across the industry, W3.io is building an alliance of like-minded web3 projects to create the first orchestration cloud for smart contracts. As industry utilities, the W3 Orchestration Cloud and W3 Compute Oracle improve the accessibility, efficiency and security of Web3 for all. To learn more or join the consortium, visit w3.io.
Media Contact
Margaret Huang, W3.io, 1 4158671626, [email protected], w3.io
SOURCE W3.io
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