A team of experienced academics have secured $45m in funding to build a better performing and more security-conscious blockchain technology. The investors, which include blockchain and cryptocurrency companies such as 16zcrypto, Accel, Binance, Pantera, Metastable and Polychain hope the Oasis Labs team will finally create a blockchain computing system with the necessary capabilities to take the technology into the mainstream.
Co-founder team at Oasis Labs
The Oasis Lab team, which is led by MacArthur fellow and professor of computer science at the University of California, Dawn Song, are focused on two objectives. The first is to significantly improve the technology's processing capabilities by a factor many times of what is currently available, regardless of the application's complexity. The team has also been focusing on ensuring the technology is much more secure than alternatives, so that it can also be used for more privacy-sensitive projects.
Commenting after the successful round of funding, Song said, "Blockchains are poised to revolutionize much of the way we live, but many developers and organizations have understandable concerns about performance and privacy limitations that are currently hindering their ability to embrace the technology."
Visit Innovation Enterprise's Product Innovation Summit in Boston on September 27-28, 2018
The number of companies investing in the lab, which is predominantly made up of other blockchain-powered companies, speaks not only to the faith placed in this particular team and its ability to deliver, but also the many possible applications of the technology.
"The opportunity has never been greater to responsibly leverage data in the web's next phase of products and innovation," remarked Jake Flomenberg, a partner at Accel. "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."