What’s Going On?
Dozens of the world’s leading venture capital and private equity players have backed a blockchain security project designed to deliver nothing short of a “secure decentralised internet”.
Why Does It Matter?
California-based Oasis Labs is working on a platform to deal with blockchain technology’s performance, security, and privacy limitations, reported VentureBeat. The aim is to make blockchain tech more useful to a broader range of companies and industries.
More than 75 investors have backed the project, including a16zcrypto (in its first investment since launch), Accel, Binance, DCVC (Data Collective), Electric Capital, Foundation Capital, Metastable, Pantera, and Polychain, reported TechCrunch.
Why So Much Interest?
In an official announcement, Oasis Labs said its new platform will create privacy and security protections currently not possible on a blockchain and provide processing capabilities that have “orders of magnitude greater performance” than existing systems.
The Oasis Labs team is led by CEO Dawn Song, a MacArthur Fellow and Professor of Computer Science at University of California, Berkeley. Song is described as the most cited scholar in computer security. Other members of the founding team have previously led successful startups focused on security and deep learning.
“Blockchains are poised to revolutionise much of the way we live, but many developers and organisations have understandable concerns about performance and privacy limitations that are currently hindering their ability to embrace the technology,” said Song. “The Oasis platform aims to help users leverage and reclaim control over their data, and at the same time deliver superior performance and privacy capabilities. Our goal is to build the scalable and secure decentralised internet that puts users first.”