Blockchain-based venture capital and fundraising platform Neufund has announced the launch of its upgraded platform, Neufund 1.1 on the Ethereum mainnet. The company revealed that since the launch of Neufund 1.0 in May 2018, it has welcomed more than 2,000 investors, with seven companies set to tokenize their shares on Neufund.
Neufund price oracle and identity management
According to the announcement, there are three major additions to the functionality of Neufund in version 1.1 namely, price oracle, blockchain identity, and withdrawal function.
The price oracle is a functionality developed to give users an accurate idea of the real-time value of companies’ tokens Using multiple sources such as DIA for price estimation, the price oracle gives Neufund users an on-chain source of token rates that can be trusted by smart contracts. It is also upgradable, which means it can be integrated with other trustless, decentralized data sources as they become available.
Moreover, Neufund 1.1 now complies with all KYC and AML regulations without exposing the identity of its users to unauthorized entities or compromising their privacy. Explaining the framework behind this system, an excerpt from the announcement reads:
“Neufund does not store any private data on-chain, just proof that a given investor is eligible to invest. Once your verification is done, in the sidebar you will see a new Identity icon — which means we successfully verified you and stored the claim against your identity on a blockchain. The claim is stored securely and is immutable on a blockchain, while your identity remains unexposed. By issuing this claim, platform smart contracts can see at any given point that you are verified, while the KYC requirements and all your data remain undisclosed.”
Ether withdrawal function
Neufund also mentioned that the platform’s identity service is extendable, and can be adapted to any Ethereum identity standard such as ERC725 once adopted by the community.
The third new function included in Neufund 1.1 is an Ether withdrawal functions that enables users to transfer their Ether to other ETH account. Previously, users were only able to deposit and store ETH on the platform using the native light wallet, but they can now move funds around.
Finally, Neufund revealed that the next Mainnet release will incorporate a migration tool that allows all participants in the Initial Capital Building Mechanism (ICBM) to switch wallets.