Moca Network, Animoca Brands’ identity ecosystem, has ambitious plans. They are about to release their own layer-1 blockchain that will enable Web3 projects by giving them user identification and verification capabilities. The new blockchain is designed to make those verification processes easier without relying on centralized platforms. After the news came out, Moca Network’s MOCA token jumped to $0.077, an increase of more than 6% in less than two hours.
The Moca Foundation first revealed these plans in a Wednesday morning email, which included news of their forthcoming launch of a new layer-1 blockchain. The blockchain will provide a way for Web3 projects to more easily recognize and authenticate users. Perhaps more importantly, it will enable verification apart from all powerful, centralized actors.
As Yat Siu, co-founder of Moca Network, recently said, “Personal data is the new oil." He understands it to be a much-needed, key missing piece of the network. The speed and impact of the launch of this layer-1 blockchain lays an impressive foundation to making this vision a reality.
"Moca Chain is creating a digital ecosystem where users can finally own their data, reputations and contributions," - Yat Siu, Founder of Moca Network.
A testnet for Moca Network’s layer-1 blockchain is expected to go live in the third quarter of this year. The mainnet launch is now expected to come before the end of this year.
What it is: The popular Web3 investment behemoth. Moca Network goes by MOCA, for short.
Jamie Crawley of CoinDesk on the announcement. Crawley was the news team’s second addition in as many months, joining CoinDesk in February 2021. His areas of focus are breaking news, Bitcoin tech & protocols, and crypto VC.
