By
Andy Watson
April 4th, 2024
By bringing transparency into the industry with over 13 billion users, the Kandola Network intends also to shape future IoTs.
The internet has morphed the Earth into a highly interconnected village. According to research, there were over 13.8 billion IoT devices as of 2021. Of importance, the figure is predicted to go up by over 100 percent in three years.
Indeed, a major market opportunity. Moreover, more electronic devices are getting interconnected via the internet.
However, a sense of insecurity is dawning on most individuals and governments around the world. Remember, most of the Web2 companies that have dominated the tech industry hold critical personal information.
As a result, proper platforms are required to connect the IoT via Web3. One major player is the Kandola Network which has positioned itself strategically to tap into the intersection between Web3 and IoT.
James McDowall from Arcanum Capital recently said:
“The Kandola team brings a wealth of expertise and experience from the Web 2.0 IoT world and in our opinion have chosen the right time to innovate by applying Web 3.0 technologies to IoT. With a pre-existing client base and a solid vision of where the sector is evolving, Arcanum Capital is confident Kandola will become a leader in the field.”
Kandola Network: the IoT and the Web3
In a bid to kickstart the mission, the Kandola Network has raised a pre-seed round of $450K from investors like Alpha Wave Global, Sandeep Nailwal (founder of Polygon), and Harsh Rajat (Ethereum Push Notification Services), and others. The funding round also saw participation from Arcanum Capital, a seed-stage VC firm focused on investments in decentralized protocols and applications for the global blockchain ecosystem.
By bringing transparency into the industry with over 13 billion users, the Kandola Network intends also to shape future IoTs.
“Kandola is building an IoT3 Network which will perform real-time transactions and finality at unprecedented scale on Web3. We will deliver this value to IoT devices, manufacturers, and consumers. Our components and modules are generic and can be used in other domains in Web3 where there is a trust deficit between what is produced, processed, and delivered to consumers and require real-time communication. Once in motion, we envision a steady power shift from centralized enterprises to the true owners, the value creators,” elaborated Ragul Kumar, Chief Technology Officer of Kandola Network.
A lot of crypto startups are looking into the IoT for scalability purposes. While they remain decentralized, the security of the ecosystem is guaranteed by the increase in the good players.
The IoT and Web3 have opened opportunities for companies like Ripple Labs which is now a billion-dollar company.
Furthermore, scaling involves real IPs on the ground thereby ensuring real-world utility for the blockchain technology.