Shards Protocol announced the successful completion of a $2 million funding round that will accelerate the development of their Web3 identity products, including Aura Protocol.
Shards Protocol and Web3 Identity
In the rapidly evolving world of Web3, the importance of trust and reputation is becoming evident. Shards Protocol aims to create a decentralized identity platform that transforms user actions into dynamic reputation scores.
Aura Protocol: Building On-Chain Reputation
Aura Protocol analyzes user interactions with various blockchains. It collects data on actions like token swaps and governance participation to create a comprehensive user profile and assign a reputation score.
Significance of Funding for Aura Protocol
The recent $2 million funding was secured from notable firms like Animoca Brands and Yield Guild Games. This capital will aid Shards Protocol in developing Aura, focusing on expanding functionality and integrating with new decentralized applications.
The secured funding represents a pivotal step toward establishing functional decentralized identity. Shards Protocol continues to advance Aura, potentially reshaping the approach to reputation in Web3.
