Koinify has gotten another $1 million in funding. Investors include IDG Capital Partners, zPark Ventures, Brock Pierce and his AngelList syndicate, and Danhua Ventures. Combined with an earlier round, Koinify has raised a total of over $1.4 million.
The startup’s indicated aim is to stimulate the decentralized economy through Decentralized Applications (DApps), Smart Corporations and Crypto Infrastructure. Koinify says that it will employ multisig wallets and 3rd party audits.
With DApps, users would trade tokens with each other in exchange for services, and are therefore “incentivized to promote and support the product.” Tokens are run on the Counterparty protocol. Early adopters in a project that takes off are rewarded, the project’s value being reflected in the tokens.
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Smart Corporations, similar to smart contracts, aim to improve upon the “fragile paper contracts and an expensive legal system” by employing self-enforced contracts.
The venture’s co-founder, Tom Ding, was previously with eBay/PayPal and Alibaba. He commented:
“We have always been looking for really ambitious and radical ideas to disrupt the inefficient legacy system. The blockchain and smart contract technology allows developers to essentially replace the classic hundred year old corporate monopoly with lines of code. This simply wasn’t imaginable before the Bitcoin era, without significant counterparty risk.”
Koinify says that it is located in Mountainview, California.