Infura, a leading provider of web3 APIs, is working with Microsoft, Tencent and other companies to build its Decentralized Infrastructure Network (DIN). Other companies in the deal include Covalent and Grove.
DIN will be a decentralized Remote Procedure Call (RPC)-as-a-service offering with the aim of making Web3 more accessible, reliable and efficient.
It will also provide developers with a new way to connect to Ethereum and other leading blockchains such as Polygon, Avalanche, Optimism and Arbitrum. In a statement, Infura co-founder EG Lugano said:
“Since we announced DIN, the community response has exceeded our expectations. Together we have made remarkable progress and we eagerly look forward to continuing this journey as we bring the power of DIN to Web3 developers and users.”
The launch of DIN is an important step in the creation of a vibrant Web3 network. According to the statement, this service will work with existing RPC providers and create a new infrastructure that can work alongside other providers.
The RPC industry is quite competitive, with Ankr having a leading market share in the sector. The company, whose token is valued at over $257 million, offers RPC nodes for several blockchains such as Arbitrum, Aptos, Ethereum and Polkadot. The other popular RPC node providers are GetBlock, Lava Network, and Syndica.
Infura’s DIN is notable for a few reasons. First, the network was developed by Consensys, one of the largest companies in the blockchain industry. It was founded by Joe Lubin, co-founder of Ethereum. It also raised money in 2022 at a $7 billion valuation. The other products are MetaMask, Truffle, Linea and Diligence.
Secondly, the developers work with some of the largest companies in the world. Microsoft is the second largest company with a market capitalization of over $2.75 trillion. Tencent Cloud is owned by Tencent, a major conglomerate valued at over $386 billion. Other companies in the deal include Bloq, Chainstack, Laconic Network and Mantle.
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