7 O’Clock Capital’s Investment, Idavoll Network DAO Platform Partners with Huawei Cloud International
About 7 O’Clock Capital
7 O’Clock Capital is a crypto asset venture fund focused on DeFi. Through financing and providing launchpad for early stage DeFi projects, 7 O’Clock Capital accelerates implementation of DeFi in real world and nurtures DeFi ecosystem worldwide. At the same time, 7 O’Clock Capital also pays close attention to other blockchain sectors such as public chains, Web3, distributed storage, NFT so as to help blockchain better adapt to the existing global financial system and boost liquidity of digital assets.
Idavoll Network Investment Background
Idavoll Network is a decentralized organization platform that provides infrastructure and services to users of the Idavoll Network and Polkadot ParaChains. Each Idavoll Network’s individual organization exists as a set of modules that define the organization’s stakeholders and their associated rights and privileges. Idavoll Network will implement Idavoll Court in the future, developed and maintained by Idavoll Network token holders. The Idavoll Court can be used by organizations to resolve subjective disputes with binary outcomes utilizing Idavoll’s unique on-chain solutions.
Idavoll Network, Polkadot Ecosystem DAO infrastructure, has closed $1.5 million in strategic funding with participation from dozens of institutions, including DFG, 7 O’Clock Capital, Spark Digital Capital, Oasis Capital, YBB Foundation, Hashwei Ventures, Chain Capital, GAINS As sociates, ZBS Capital (Cryptodiffer), ZBG Capital, AC Capital, Gate io, Bitblock Capital Onemax Capital, Blockhunter Capital, Magnus Capital, etc.
Idavoll Network is happy to announce that the DAO platform will be integrated into Huawei Cloud. Despite the many advantages of blockchain technology, Idavoll Network has found two major issues with existing blockchain-enabled cloud solutions:
- Blockchain-Cloud compatibility
The first form of difficulty is that when blockchain is used in cloud applications, it often faces technical difficulties due to technical characteristics of blockchain, some of which are considered advantages. For example, in a pure decentralization environment (such as a public blockchain), a strong autonomous working mode is available.
However, in many realistic situations, a lack of control in this mode is seen as a flaw. For a variety of factors, such as legal disputes or legislative responsibilities, centralization-based governance cannot be completely abandoned.
By offering a single view for orchestrating and regulating blockchain services, the DAO platform incorporated into Huawei Cloud addresses the issue of blockchain and cloud compatibility. Idavoll Network DAO, for example, as a BaaS, can deliver a range of resources to users by securely integrating blockchain technologies, such as a transaction management database, smart contracts, and consortium governance.
- Needs of blockchain service models
Formulating and implementing blockchain service models is another common problem. The lack of effective service models is a major stumbling block for blockchain deployments. Our mission with DAO incorporated into Huawei Cloud is to provide infrastructure or applications that suits in an On-demand Pay (ODP) environment, where blockchain technology struggles with data sharing/exchanging as multiple blockchain networks are combined. As a result, the DAO network aims to reshape current models and discover an efficient service model that serves both clouds and blockchain, which is in high demand. DAO network users can now orchestrate consortia/nodes on DAO Blockchain OPs in Huawei Cloud thanks to the integration.
We decided to solve this issue through the concept of DAO architecture to promote the control of computing services from various cloud providers in a homogeneous manner as we work toward defining our second specific capability after agnosticism, which is multi-cloud. This maintains the cloud computing’s pledge of simplicity and adaptability.
Users may choose which cloud/region to create and run their DAO services (e.g. blockchain nodes, apps) using a Multi-cloud architecture while being blockchain agnostic. The DAO platform’s software and technologies will be available on the Huawei marketplace, which now has 3500 applications and offers from over 13000 industry partners. With an emphasis on accelerated application creation and rollout, as well as prototype apps culled from Idavoll Network’s ecosystem’s real-world implementation experiences.
About Huawei Cloud International
Huawei Cloud International is a leading cloud service provider, which brings Huawei’s 30-plus years of expertise together in ICT infrastructure products and solutions. Huawei Cloud International is committed to providing reliable, secure, and cost-effective cloud services to empower applications, harness the power of data, and help organizations of all sizes grow in today’s intelligent world. Huawei Cloud International is also committed to bringing affordable, effective, and reliable cloud and AI services through technological innovation.