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Saga Raises $6.5 million To Build A Web3 Protocol

2 Mins read

Web3 has been everywhere in the news lately, interestingly, for the right reasons I must admit. We are about witnessing the change beyond the conventional with its emergence. The charm web3 is bringing into the digital space is one that will leave us all awed.

Let’s not get too distracted by the web3 euphoria, getting prepared for its emergence is expedient, especially in this age of disruptive and destructive change orchestrated by the 4th industrial revolution. All the big-tech we know are keeping abreast of the technological changes whilst startups are exploring the myriad of opportunities it portends.

Saga is a Web3 protocol designed to automate the deployment of applications powered by blockchains. Saga’s co-founder and CEO Rebecca Liao told The Block that the purpose and vision of Saga

“The purpose of Saga as a protocol is to ensure that developers get their own space in which to build because as more users come into web3, particularly in gaming and entertainment, the expectations around developer and user experience are going to grow higher and higher.

The vision is to make sure web3 meets the ambitions and desires of the greater developer and user community, that is why we are establishing an Innovator Program early in the life of the protocol, and we’re very excited to share details with current and future Saganauts.”

Saga uses dedicated custom blockchains that are designed for specific applications called “chainlets,” which allow developers to quickly deploy decentralized applications. Dapps are the foundation of Web3, the decentralized web which allows transactions to be made peer-to-peer using cryptocurrencies and crypto tokens.

The seed funding round entertained several crypto industry-focused investors, including Polygon Studios, Longhash Ventures, Strangelove Ventures, Maven 11, Hypersphere, Chorus One, GSR, C2X, Crit Ventures and Merit Circle. The round comes soon after the company raised $2 million in pre-seed funding led by Ignite Inc., formerly Tendermint, as part of an incubation program in late 2021, raising the total to $8.5 million.

Shortly after the fundraiser, the company will launch an Innovator Program intent on inviting new Web3 developers to build apps on the forthcoming release of its “AlphaNet” a private test network. With AlphaNet, developers will be able to build apps and launch chainlets to support them in preparation for the mainnet launch, which is slated for early next year. Saga plans to focus on expanding the functionality of the AlphaNet infrastructure and onboarding developers into the Innovator Program over the next few months, Liao adds.

The potential of Saga when fully harnessed and will open new frontiers in the decentralised internet even to the entire technological space. Some of the solutions it will proffer include job creation, potent rights, open-source platforms and immersive social interactions amongst others.

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We are the same, we may only be different in our experiences, values and exposures. Technology is a big part of my experience, learning is one of my values and writing my credible means of exposure.
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