In the world of crypto, the words “Parity” and “Kraken” might produce an instant, volatile reaction in an investor. And there would be good reason if they’d been caught up in the high-profile, expensive hacks that took place last year. Back in November last year, a hack on Parity’s Ethereum multisig wallets saw $280 million of funds frozen, while crypto exchange Kraken have undergone repeated claims that accounts have been hacked, and even experienced a lengthy shutdown at the beginning of 2018, which resulted in a lot of lost funds.
Agoric to the Rescue
The brains behind Agoric are convinced that the issues that lead to these situations arising are related to the difficulty of using technology today. The Agoric site reads:
Creating secure smart contracts using today’s technology is inherently difficult. That difficulty has limited both the number of applications created, and the number of programmers qualified to create them. By adding an open standards-based object-capability (ocap) programming layer to existing solutions, Agoric will address both issues.
Adding Considerable Experience
It’s fair to say that the team behind Agoric bring an enormous amount of experience to the table. One of the four, Mark Miller, wrote The Agoric Papers, which outlines methods, theories and actions that could be taken to use computers as a method for economic distribution. This would of course be utterly unremarkable, but this document was written in 1988, almost thirty years before the creation of smart contracts.
Meanwhile, Bill Tulloh and E. Dean Tribble were AMiX pioneers – the first smart contracting system, and the fourth Agoric founder, Brian Warner, co-founded the Tahoe-LAFS distributed storage system, created Buildbot and built Foolscap.
Agoric have launched from a significant seed investment, backed by Naval Ravikant, Polychain Capital and Zooko.
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