MIAMI, Dec. 28, 2021 /PRNewswire-PRWeb/ -- Sarcophagus, a "dead man's switch" dApp incubated by Decent Labs, a Web3-focused venture studio, closed a $3.67M raise completely on-chain in a demonstration of the future of venture capital financing. All whitelisted Ethereum addresses eligible to participate in the raise were offered the same transparent deal terms, and as the smart contract timed out, the raise participants were revealed to include Inflection, Infinite, and Lo Enterprises, among others.
"On-chain financing is core to what we are doing as a venture studio," shared Parker McCurley, Co-Founder and CEO of Decent Labs. "We believe transparency is vitally important to any legitimate Web3 project, so by utilizing on-chain, publicly verifiable fundraising methods we're ensuring there is no favoritism. This model doesn't allow for back-room deals and everyone can see that all investors are equal and get the same terms."
By leaving funding open to all whitelisted wallet addresses, investors who believe in the project can find, fund, and take part in the launch on their own accord while being confident in the complete transparency of all investors with share deal & structure being revealed on-chain every time an investment is confirmed. On-chain fundraising makes the process of funding a project easier and friendlier for the investors and the project developers by ensuring funding, governance, and tokenomics can all be applied in a uniform way. Smaller projects can save resources and time by eliminating the need for building a pitch deck, opening a bank account, and actively seeking out investors in the traditional sense.
Sarcophagus is a general-purpose smart contract acting as a dead man's switch. It is autonomous, censorship resistant, and immutable. A dead man's switch is a mechanism that triggers when the user fails to perform an action. The Sarcophagus digital DMS offers an elegant solution to private key holders, ensuring a crypto investor's keys are not lost forever when they die, instead forwarding the information to their heirs automatically. Other significant uses for a DMS can include political activism; if an activist is in possession of critical intelligence, the activist can use a DMS to release the information upon their detainment, imprisonment, or assassination.
Decent Labs is proud to help launch such an innovative, open-source project like Sarcophagus," stated Adam Gall, Co-founder and CTO of Decent Labs. "The wide spectrum of real-world use cases that Sarcophagus brings to the table can empower, protect, and guarantee that users control their own information in the best manner they see fit. Sarcophagus also offers assurance against suppression and accidents."
For media inquiries, please contact Jonathan Duran at Jonathan(at)MelrosePR(dot)com
About Decent Labs
Decent Labs is a Web3-focused venture studio that aims to create a more equitable society by building groundbreaking projects with decentralization and transparency at their core. Since 2017, Decent Labs has incubated over 30 products in its design & technology agency, with customers including Celsius, ShapeShift, and BRD, the latter of which was recently acquired by Coinbase. Decent Labs now functions to identify gaps in digital financial markets and develop solutions from the ground up, from vision through development, design, launch, and scale.
About Sarcophagus
Sarcophagus is a 100% open-source project using the Unlicense. It has been built by a global team of software developers, crypto enthusiasts and security experts. It has not yet been audited; use at your own risk.
Media Contact
Jonathan Duran, Melrose PR, (310) 260-7901, [email protected]
SOURCE Decent Labs
Share this article