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Tuesday, 7 July 2020   Subscription to updates  RSS
10:39, 10 July 2018

A16z, Binance Lead $45 Million Pre-Sale for Blockchain Startup Oasis Labs

A16z, Binance Lead $45 Million Pre-Sale for Blockchain Startup Oasis Labs

A16z, Binance Lead $45 Million Pre-Sale for Blockchain Startup Oasis Labs

Some of the greatest investors in the cryptocurrency space have raised $45 million in a private pre-sale financing for Oasis Labs to privacy-focused smart contracts-enabled blockchain platform.

Comprised of a team of academic heavyweights and safety researchers from institutions including MIT and Berkeley, Oasis Labs confirmed its $45 million fundraising to develop and launch what it describes as &lsquoa privacy-1st cloud computing [answer] on a blockchain&rsquo. This platform, the firm adds, will be made to &lsquoovercome overall performance, safety and privacy limitations&rsquo that have otherwise restricted the scope of blockchain applications.

The Oasis platform aims to rival well-liked cloud computing platforms like Amazon Web Services by enhancing privacy and safety protections while ramping up their efficiency with greater efficiency than current systems &ndash &lsquoeven for complex applications&rsquo. The startup contends the platform enables sophisticated privacy-sensitive services like machine finding out on the blockchain.

Headed by chief executive Dawn Song, professor of laptop science at UC Berkeley, the blockchain has convinced a number of prominent venture capital firms and cryptocurrency giants to back the project.

The $45 million token pre-sale was led by Andreessen Horowitz&#8216s a16z in a funding raise that included Accel, Binance &ndash the globe&rsquos largest cryptocurrency exchange, DCVC, Electric Capital, Foundation Capital, Pantera, Polychain and other folks, like Coinbase co-founder Fred Ehrsam.

&ldquoWe use a combination of trusted hardware and cryptographic tactics (such as secure multiparty computation) to allow intelligent contracts to compute over this encrypted data, with out revealing anything about the underlying information,&rdquo Song told TechCrunch. &ldquoThis is like undertaking computation inside a black box, which only outputs the computation outcome with no displaying what&rsquos inside the black box.&rdquo

Following the funding round, Oasis Lab is now accepting applications from developers to access and test its private testnet blockchain. &nbsp&#8220The subsequent step is obtaining our item in the hands of developers who align with our mission and can support inform the evolution of the platform as they construct applications upon it,&rdquo added Oasis Lab co-founder and CTO Raymond Cheng.

Featured image from Shutterstock.

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Published at Tue, ten Jul 2018 09:36:21 +0000

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