Former Google executive, Sridhar Ramaswamy, created a new Web3 (third generation of the World Wide Web) tech company under the name Nxyz, CNBC reported.

Web3 is an umbrella term for the concept of a more decentralized internet that runs on cryptographic tokens and other technologies. Users are urged to reclaim control of their data from Big Tech companies that now exploit it for advertising purposes.

Nxyz combs through blockchains and the applications that are associated with them in search of data on things about NFTs and crypto wallets, and then it broadcasts that data to developers in real time.

The New Firm's First Steps

Ramaswamy led Google's advertising division from 2013 until 2018. Now, he launched this new search company. The operations formally began on Oct. 12, Wednesday, since it had already received funding from a number of prominent investors.

In May, Ramaswamy earned $40 million in finance to establish Nxyz as a separate organization from Neeva, a privacy-focused search engine that he already owns.

The crypto-focused venture fund Paradigm led the investment round that resulted in the company raising $40 million. Coinbase, Sequoia, and Greylock all contributed to the funding, as well.

On the other hand, Ramaswamy confirmed that he would continue to serve as both CEO of Neeva and Nxyz.

At the moment, members of the Nxyz team are located in three different cities: Mountain View, Austin, and New York.

Also Read: New Google Web3 Team Arrives! Here's What They Plan To Offer

The Initial Concept

A group of developers from Neeva, a search engine that does not display advertisements and bans internet monitoring tools, came up with the idea for Nxyz early this year.

Ramaswamy left his position as senior vice president of the company's $150 billion ad division a year prior and instead founded Neeva in 2019. This followed what he claimed was disappointment with Google's unrelenting emphasis on preserving growth at the expense of users.

Web3 vs. Web2

Nxyz, as Web3, searches blockchains and related apps for valuable information, such as the amount of cryptocurrency a user has in their wallet or the NFTs they have purchased. Then, it sends this information to programmers in real time via application programming interfaces (API).

For now, the platform is compatible with the Ethereum, Polygon, and Binance networks, but Ramaswamy said that more would be added in the future.

The Web3 search software developed by Nxyz isn't aimed at customers like Web2 Neeva and Google. In its place, it likes to sell clean blockchain data to large crypto corporations. As an example of an early client, Ramaswamy mentioned the crypto custody firm BitGo.

The CEO emphasized that the blockchain is inherently unstructured, making data extraction a difficult process. Tasks can be delegated to smart contracts, the programmable backbone of many crypto apps. However, after they are released into the wild, it might be difficult to ascertain what roles they play.

For instance, nine-figure breaches have occurred in blockchain bridges from Binance and Axie Infinity producer Sky Mavis due to flaws in these critical smart contracts. Having more data on how such tools perform would be helpful for enhancing safety.

Also read: Starbucks Odyssey: New Community Platform Created on Web3 Alongside Rewards Program

This article is owned by Tech Times

Written by Trisha Kae Andrada