Consensys’ Infura partners with Microsoft, Tencent for a DIN service

November 15, 2023 11:45 PM AEDT | By Invezz

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Consensys’ Infura partners with Microsoft, Tencent for a DIN service — Image source: Invezz

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Infura, a leading provider of web3 APIs, has partnered with Microsoft, Tencent, and other companies to build its Decentralized Infrastructure Network (DIN). Other companies in the deal are Covalent and Grove.

DIN will be a decentralized Remote Procedure Call (RPC)-as-a-service offering whose goal will be to make Web3 more accessible, reliable, and efficient.

It will also provide a new way for developers to connect to Ethereum and other leading blockchains like Polygon, Avalanche, Optimism, and Arbitrum. In a statement, E.G Lugano, the co-founder of Infura said:

“Since we announced DIN, the response from the community has exceeded our expectations. Together, we have achieved remarkable progress and eagerly anticipate the continuation of this journey as we bring the power of DIN to Web3 developers and users.”

The launch of DIN is a major step in the creation of a vibrant Web3 network. According to the statement, this service will work with existing RPC providers and to create new infrastructure that can work alongside other providers.

The RPC industry is quite competitive, with Ankr having a leading market share in the industry. The company, whose token is valued at over $257 million, provides RPC nodes across various blockchains like 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 biggest companies in the blockchain industry. It was started by Joe Lubin, a co-founder of Ethereum. It also raised funds at a $7 billion valuation in 2022. Its other products are MetaMask, Truffle, Linea, and Diligence.

Second, the developers have partnered with some of the biggest companies in the world. Microsoft is the second-biggest company with a market cap of over $2.75 trillion. Tencent Cloud is owned by Tencent, a major conglomerate worth over $386 billion. Other companies in the deal are Bloq, Chainstack, Laconic Network, and Mantle.

The post Consensys’ Infura partners with Microsoft, Tencent for a DIN service appeared first on Invezz

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