Oasis Labs have raised $45 million in a private presale, for their “privacy-first, high-performance cloud computing platform on blockchain”. The presale was led by the a16z crypto fund from Venture Capital firm Andreessen Horowitz, as well as Accel, Binance, Pantera, Foundation Capital, Electric Capital, DCVC, Polychain, Metastable, and Fred Ehrsam – the co-founder of Coinbase. According to the Oasis Labs site:
“Our technology offers… privacy-preserving smart contracts: providing codified and self-enforceable privacy protection without relying on any central party. In our platform, privacy is built into each layer of the stack, from the application all the way down to hardware.”
Oasis believe that their blockchain architecture will enable faster confirmation of transactions but without security being compromised in any way. The CEO of Oasis, Dawn Song, told CoinDesk:
In our experiments we see performance orders of magnitude greater than Ethereum. This architecture also supports far more computationally intensive tasks like machine learning and AI, which are not possible with today’s blockchain technologies.
Other features of the platform include reverse compatibility with Ethereum and an advanced machine learning framework. And investors are excited about the prospect of Oasis’ new concept. Accel partner Jake Flomenberg said:
Today’s internet is experiencing significant growing pains when it comes to providing effective security and privacy protections, which is only compounded by the rise of data-intensive services like AI… At the same time, however, the opportunity has never been greater to responsibly leverage data in the web’s next phase of products and innovation. Oasis Labs is forging a new path by giving people control over their data while delivering a high-performance blockchain platform that will reshape the future of the cloud.
Meanwhile, Song claims that the funding also represents the first investment that a16z have made. The fund, which was established at the end of June this year, will provide $300 million in funding to crypto-focussed startups, and includes Andreessen Horowitz’s new general partner Kathryn Haun as co-lead.
Image Credit: Deposit Photos