KPCB Edge announced the launch of Edgecoin – a blockchain-based ledger designed to help start-up founders.
Edgecoin is a cryptocurrency based on Litecoin with a few modifications, writes the company’s blog at medium.com. The idea is that the network allows Edgecoin-holding founders and advisers to exchange data and recommendations on promising projects. The coin sent serves as a sign of trust and timestamped and tamper-proof record of founders’ interaction.
Edgecoin is a private blockchain, which means that people from outside can’t mine the coins. It is specifically built to broaden and develop the network of KPCB Edge.
According to KPCB Edge, this project will help promote underrepresented founders. It will also provide help for those who attract the attention of the company’s advisers and founders.
“Each milestone in a company’s life is often the result of the help and guidance of other founders, friends, investors, operators, and advisers,” writes KPCB.
All Edgecoin transactions are openly but anonymously recorded. The record includes time of the transaction, amount of Edgecoins transferred, the public keys of sender and recipient and the key of operation. The record can be seen by anyone, but the identities of the participants are not disclosed. If Edgecoin holders want to prove their participation in a transaction, they need to sign the transaction with their private key associated with the public key used. Then the information may stand as a proof.
KPCB Edge is a company “investing in seed stage founders working on emerging areas of technology,” as their website says. Blockchain technology is one of their six major fields of interest. The company believes this technology will make services “cheaper, faster, and more secure than ever before.”
KPCB Edge is part of KPCB (Kleiner, Perkins, Caufield & Byers) – a venture capital firm investing in early stage companies. The parent company is based in Silicon Valley and was founded in 1972.