Clockwork, a decentralized automation network based in Solana, announced the completion of a $4 million seed funding led by Multicoin Capital and Asymmetric.
According to a press release published on Tuesday, Solana Initiatives also participated in the funding. According to the watch business representative, El Cap Ventures is also an investor and has participated in the previous round.
With the Solana validator network, developers can schedule recurring transactions and automate on-chain workflows based on: Nick Garfield, Founder, and CEO of Clockwork.
He added that it could be more difficult to automate things in decentralized setups. Clockwork addresses this issue by paying validators to perform scheduled transactions, allowing developers to integrate automated operations while maintaining decentralization.
Increasing funding will build community, expand the team, and encourage partner integrations. According to a spokesperson, the business is currently collaborating with multisig wallet and DAO tool services to provide payroll solutions such as periodic token transfers.
Managing partner of Kyle Samani Multicoin Capital said in the release:
“Clockwork answers a lot of questions that keep Dapp development from moving up the stack: How should nodes track and delegate scheduled tasks? What if a malicious node tries to execute a task ahead of schedule? Is the timer fault tolerant if some nodes crash? None of these questions had an answer before Clockwork.”
Verifiers installing network plug-ins can earn automation fees from cranking tasks, which is the act of automating blockchain instruction. According to the announcement, this will increase their returns.
The watch business was originally set up in Kronos, known as Solana, to develop a payment system for September 2021. He recently won the Solana Riptide hackathon, a worldwide hackathon attended by 7000 people.