Victor Ugochukwu · Dec 14, 2020 . 5min read
Ethereum based Web3 Push notifications service EPNS raises $750k Seed
In its bid to making EPNS the standard for push notification services for Web3 applications, it raised $750k from Balaji Srinivasan, Kenneth Ng Scott Moore and a few VCs
By Victor Ugochukwu · Dec 8, 2020 . 9min read
Mumbai based EPNS, an Ethereum protocol built to enable Web3 applications such as wallets, smart contracts etc. receive push notifications to their users, raises $750,000 seed from top industry veterans.
Notable among the contributors in its seed round are Balaji Srinivasan, former CTO of Coinbase and founder of Earn.com, Kenneth Ng from the Ethereum Foundation. Scott Moore Co-founder, Gitcoin where EPNS secured a finalist spot in its Gitcoin’s Kernel Fellowship; an8-week virtual accelerator for blockchain rising stars. Other notable individual contributors MarianoConti (Fmr Head of Smart Contracts, MakerDAO), AnthonySassano (EthHub / TheDailyGwei), DeFiDad (COO, Zapper.fi), Ravindra Kumar (Founder & CEO, Frontier), PreethiKasireddy (Fmr Partner at a16z), Andrew Chen (Prescient Capital), Rezo & EvgenyZandman (BR Capital), LukaSucic, Ben Lakeoff, AurynMacmillan (Gnosis), DannyChrist (Moonwhale), GaneshramGunalan, ThomasKasengAo and KathikGarg (Bridge Capital LLC).
VCs equally participated in EPNS’ seed funding round. TheLao, MetaCartel, Fourth Revolution Capital, BlockRock Capital, LDCapital, ProofSystems and MoonwhaleVentures also participated in EPNS’ $750,000 raise at a valuation of $5 million.
Harsh Rajat is the founder of EPNS with an education in Computer Science. He equally possesses eleven years of industry experience working among top Mobile, Web Services, SaaS, Blockchain solutions. Speaking on his company seed raise,
“Notifications are a basic necessity for dApps and smart contracts and should not be an option for a popular smart contract, but a communication layer that should be accessible to everyone.”
EPNS’ push notification a missing link in early Web3 applications, it aims to solve this as it raises seed
User experience has been one of the major factors that hold Web3 applications back. But with decentralized push notifications coming to Web3 applications, perhaps the game will change. The industry already records giant strides, especially since Ethereum‘s creation. Rajat while addressing this said
“Innovation drives enthusiasts but adoption needs user ease and engagement. We are truly grateful and happy to have the funding that will go into building the world’s first decentralized notification protocol!”
Among applications benefiting a great deal from EPNS innovation are DeFi protocols. Decentralized governance one of the critical components of DeFi protocols is through voting. But as research shows, most protocols suffer from low vote participation. Most DeFi applications depend on centralized applications like Twitter or even Medium to announce protocol proposals. This is after publishing on their websites of course. Definitely, not every token holder might be on these networks. China even bans some of these applications, to begin with. Chinese and other Asians are among top DeFi applications enthusiasts.
Richa Joshi, Co-founder of Ethereum Push Notifications Services brought up these points while commenting on EPNS seed raise.
“While blockchain keeps on delivering innovations and taking leaps in technology, it still is unable to notify a user when their loan is liquidated, or an NFT is available, or a DAO governance proposal is put up, or a gaming auction happens or even when your blockchain domain expires. Are you foreclosed by your bank without them notifying you… No, but in blockchain, that happens oh so often, it’s a thing people are scared of constantly.”
A standard for Web3 push notifications
Hence, EPNS aims to become the web3 standard for notifications. It also allows applications that are leveraging its technology to award crypto to its users. And as a way of fostering the adoption of the technology among protocol developers, EPNS enables splitting the fees generated among all crypto wallets/infrastructure that builds on top of it using decentralized governance and claims to have partially solved the monetization issue plaguing the wallets, without sacrificing the service interest or users centric approach of the protocol