Atlantis: Blockchain to save water

Irthu Suresh and Nakul Reddy are building Atlantis, a decentralised network that rewards users for conserving water with tokens. The core is an engine comprising intelligent maps, integrated markets, and oracles.

Thursday May 19, 2022 , 3 min Read

Hello Readers,

Atlantis was launched in 2019 by childhood friends Irthu Suresh and Nakul Reddy to tackle water woes in Bengaluru.

The decentralised, peer-to-peer (P2P) water management project rewards users for conserving water with tokens. Its core is an engine comprising intelligent maps, integrated markets, and oracles.

“Only decentralisation makes it possible to build a people’s network. However, since water is a physical, operationally-intensive industry, we realise some of our efforts will be in Web2 while some others will be in Web3,” Irthu tells DecryptingStory.

Users can map their water systems, monitor water quality and supply at a specific location on the map, discover water solutions, set up water conservation solutions at their premises, participate in network activities, and earn tokens while performing all these activities.

“We are building the network on Ethereum and Polygon, and currently have a prototype that will be tested by 5,000 users in the next few months,” the co-founder adds. Read more.

Atlantis was named among 25 blockchain projects in YourStory & Buidlers Tribe's list of top Web3 innovations.

Editor’s Pick: Go Colors

Gautam Saraogi started GoColors in 2010 after he sensed a business opportunity in the women’s bottom wear segment. Its parent company Go Fashion made a stellar debut on BSE in November last year.

Its Rs 1,014-crore IPO was subscribed 135.46 times at Rs 1,310 per share against the issue price band of Rs 655-Rs 690. The Chennai-based company closed FY 2022 at Rs 401.31 crore turnover. Read more.

Startup Spotlight

Fixing India’s broken medical supply chain

Due to cold-storage requirements, most medicines in India have to go through multi-tiered distribution processes before reaching the consumers, leading to delays.

Founded in 2019 by Vivek Jaiswal, Anurag Savarnya, Shivansh Shrivastava, and Amit Kumar, B2B (business-to-business) pharma startup Saveo offers a technology solution to pharmacies, which enables them to procure medicines easily and quickly. Read more.

News & Updates

Edtech unicorn Vedantu is laying off seven percent of its workforce. Founder and CEO Vamsi Krishna pinned the reason on external environmental factors, such as the war in Europe, the likelihood of recession, US Fed interest rate hikes, and correction in stock market values.

Amazon announced the rollout of 'digital dukaans' at its flagship annual event—Amazon Smbhav Summit 2022. A new initiative, Smart Commerce, launched by the Indian arm of the ecommerce giant is expected to transform local stores into digital stores.

BharatPe will now offer peer-to-peer (P2P) investment and bank deposit products to its merchant partners, as the company looks to diversify its offerings for merchants and further expand its network. It has tied up with LenDenClub and Liquiloans to offer P2P investment products.

PhonePe is set to acquire wealth management firms WealthDesk and OpenQ. The company is reportedly expected to buy WealthDesk for about $50 million and OpenQ for nearly $25 million.

Coinbase announced the launch of its Ethereum DApp wallet and DApp browser. The wallet will help users buy NFTs (Non-Fungible Tokens) on marketplaces, trade on decentralised exchanges, as well as borrow, lend, or swap through DeFi platforms.