Agoric Capitalize on Naval and Zooko Investment to Help Programmers Make Better Smart Contracts

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.

Agoric will build on JavaScript, allowing for more intuitive coding, providing an easier entry point for under-stress programmers struggling to use new technologies. From the site:

The Agoric™ ocap layer will include robust security properties beyond anything available today, and it will provide that security across substrates, from local machines to global blockchains. Compatibility with the ECMAScript (JavaScript) standards will let application developers leverage their skills in the world of smart contract and decentralized application (DApp) development, significantly increasing the pool of qualified programmers.

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.

Image Credit: Deposit Photos

AgoricNaval RavikantPolychain CapitalSmart ContractsZooko