Ola Muse and Karthik Kalyanaraman, two former executives of the Coinbase crypto exchange are trying to carve a niche into the blockchain node operation process. Under their company Scale3, Muse and Kalyanaraman have managed to gather $5.3 million (roughly Rs. 43 crore) in funds, which will be used to simplify working for blockchain node operators. The complex process of node operation requires advanced technical support that could trigger rapid responses in times of urgency. Blockchain nodes, in themselves, serve as the communication hubs for various network tasks for the blockchain. Their job is to conform the legality of network transactions.
The seed funding round for Scale3 was led by Redpoint Ventures, with participation from Mysten Labs and Howard University, the company said.
“Simplifying the operational processes associated with maintaining blockchain nodes is key to ensuring the smooth, reliable and scalable operation of decentralised networks,” said Adeniyi Abiodun, the Chief Product Officer of Mysten Labs.
In addition to finetuning its data and analytics tools required for node operations, Scale3 is also looking to add monitoring and observability layers to its services dashboard.
The first tool announced by Scale3 is called the Autopilot, which will act as a platform to monitor and maintain blockchain nodes and networks.
1/ Hello world! We’re a web3 infrastructure company building developer tools. We’re excited to announce (a) our first product – Autopilot, a platform to monitor and maintain your blockchain nodes and networks, and (b) our $5.3M+ fundraise!https://t.co/ApX9kP452H
:thread: :point_down:
— Scale3 (@Scale3Labs) October 6, 2022
Autopilot aims to simplify and automate the process of standing up, monitoring, and upgrading blockchain nodes while assisting node operators to reduce the overall cost of operations.
The platform comes with the capability to provide node operators with community intelligence and ecosystem specific insights.
“We know first-hand, the challenges of operating and managing node infrastructure at scale,” said Karthik Kalyanaraman, CTO of Scale3. “We are leveraging best practices and best in class open-source tools to reduce the total cost of operations for the industry,” said Karthik Kalyanaraman, CTO of Scale3.
Despite the recent market slowdown, investments in the crypto sector do not seem to have slid down.
The crypto industry has bagged $14.2 billion (roughly Rs. 1,13,500 crore) with 725 deals in the first half of this year, KPMG said in its recent report.
The findings had also highlighted that crypto-centric investment figures for the first half of 2022 alone have doubled all years prior to 2021. Trade Republic, Fireblocks, FTX crypto exchange, and ConsenSys have emerged as the top four venture capital firms to have invested in crypto.