Subscribe to Our Newsletter
Saturday June 25, 2022
Bitcoin (BTC) $21,308.00   Ether (ETH) $1,223.37
  • Events
  • News
    • Blockchain Technology
    • Capital Raising
    • Crypto Exchanges
    • Crypto Payments
    • Gaming & Betting
    • Investment Management
    • M&A
    • Mining
    • Networks & Protocols
    • Security
    • Vendor Technology
    • Wallets
No Result
View All Result
Easily Swap USDT (TRC20) & More
CryptoNinjas
  • Crypto & Blockchain Links
  • Real-Time Market Data
  • Bitcoin ATM Map
  • Token Offerings/Listings
CryptoNinjas
Home Capital Raising

Offchain Labs raises $3.7 million to develop Layer 2 scaling solution

Published by CryptoNinjas.net
04/03/2019
Offchain Labs raises $3.7 million to develop Layer 2 scaling solution

Offchain Labs, a New Jersey-based startup that aims to make smart contracts more private, secure, and scalable using a combination of protocol design, incentives, and virtual machine architecture, today announced it has raised a $3.7 million USD seed round led by Pantera Capital. Additional backing also came from Compound VC, Raphael Ouzan of Blocknation, Jake Seid (Managing Director of Stone Bridge Ventures), and others.

The funding will be used to grow the team of developers to build Offchain Labs’ blockchain-agnostic Layer 2 scaling solution, Arbitrum. Offchain Labs is close to releasing its prototype, which seeks to lower the barrier to entry for businesses seeking the advantages of blockchain, without the disadvantages that hold back adoption today.

Arbitrum is led by Professor of Computer Science at Princeton and former Deputy CTO to the White House, Ed Felten, as well as a team of academics and Ph.D. technologists, including Steven Goldfeder and Harry Kalodner. Using a mechanism design to incentivize parties to agree off-chain how a virtual machine would act, Arbitrum streamlines the execution of smart contracts in that miners only need to verify digital signatures, rather than every part of the contract, to confirm a virtual machine’s actions.

[perfectpullquote align=”full” bordertop=”false” cite=”Joey Krug, Co-Chief Investment Officer at Pantera Capital” link=”” color=”” class=”” size=””]“At Pantera, one of the biggest problems we see in the blockchain industry is that dApps face scalability challenges. The team behind Offchain Labs has developed a novel solution to this issue with Arbitrum, and we’re enthusiastic about this platform’s potential to help dApps really take off. The unique properties of Arbitrum allow it to serve as a great Layer 2 scalability solution.”[/perfectpullquote]

Arbitrum will enable both sidechains and state channels for sophisticated off-chain execution, with support for optional smart contract privacy. The Layer 2 protocol incentivizes the parties involved in a contract to mutually agree to a sequence of messages and operations off-chain, only posting a single transaction on-chain. Through the ‘AnyTrust’ consensus mechanism, Arbitrum will guarantee correct behavior for each transaction, even if only one of a contract’s validators is acting honestly. The platform’s interoperability with Ethereum and the accessibility that Arbitrum will provide in allowing programs to be coded in any computer language, provides a seamless use case for enterprise and developer adoption. Offchain Labs will target the gaming industry, financial applications, and consortium blockchains for initial use cases of Arbitrum.

[perfectpullquote align=”full” bordertop=”false” cite=”Co-founder of Offchain Labs, Ed Felten” link=”” color=”” class=”” size=”17″]“With Arbitrum, we have invented a protocol that sits on top of any blockchain, with the ability to execute code and transactions off-chain through either sidechains or state channels. With increased privacy and scalability, as well as much lower costs to run a contract, Arbitrum adds immense value to developers and enterprises. We believe it can create a new wave of quality, blockchain-based applications, and services. Arbitrum has the capability to serve as an enhancement layer to blockchains because it greatly increases speed of transactions, as well as limits the public exposure of contracts and information to companies and individuals that need to know. It adds value to developers because it is interoperable with Ethereum. Developers can easily move any service, dApp, or token from Ethereum to Arbitrum, and gain significant privacy and scalability advantages.”[/perfectpullquote]

38
SHARES
FacebookTwitterLinkedinRedditE-MailTelegram

Related News

Crypto derivatives protocol SynFutures to deploy on layer-2 Ethereum solution Arbitrum

09/02/2021
Crypto derivatives protocol SynFutures to deploy on layer-2 Ethereum solution Arbitrum

SynFutures, a crypto derivatives trading protocol, today announced that it will deploy its protocol on Arbitrum, an Ethereum layer-2 scaling protocol. With the announcement, SynFutures will become the first DeFi derivatives project to be...

Read more

Offchain Labs rolls out its Ethereum scaling solution Arbitrum One with new $120M in funding

08/31/2021
Offchain Labs rolls out its Ethereum scaling solution Arbitrum One with new $120M in funding

Offchain Labs, a provider of scaling solutions for Ethereum, announced today that their Arbitrum One mainnet will open to the public today. The company also announced it has raised $120M in funding, with its latest...

Read more

Crypto investment firms Pantera and Lightspeed invest in market maker Wintermute

01/20/2021
Crypto investment firms Pantera and Lightspeed invest in market maker Wintermute

Lightspeed Venture Partners, and Pantera Capital, investment firms focused on blockchain and cryptocurrency, today announced an investment in Wintermute, a crypto-native market maker focused on creating efficient, liquid, transparent markets. Other investors joining the...

Read more

Offchain Labs integrates Chainlink on Arbitrum’s secure off-chain smart contracts

02/17/2020
Offchain Labs integrates Chainlink on Arbitrum’s secure off-chain smart contracts

Offchain Labs, a provider of off-chain smart contracts with on-chain security, has announced the release of new capabilities for the larger Ethereum community by enabling the combined use of Arbitrum and Chainlink, which will enable Arbitrum’s...

Read more
Load More

Discussion about this post

Where to Exchange

Crypto services suite in Spanish Visit
European bitcoin exchange Visit
Swap & buy 150+ cryptocurrencies Visit
America's first regulated bitcoin exchange Visit
  • Trending
  • Latest
Input Output launches suite of sidechains for Cardano blockchain

Input Output launches suite of sidechains for Cardano blockchain

06/20/2022
Crypto-custodian Hex Trust welcomes approval for Dubai crypto-asset license

Crypto-custodian Hex Trust welcomes approval for Dubai crypto-asset license

06/21/2022
Crypto payment processor CoinPaid increases capital reserves to 5M EUR

Crypto payment processor CoinsPaid increases capital reserves to 5M EUR

06/20/2022
Polygon DAO integrates DiD service to prevent hostile takeovers and whales

Polygon DAO integrates decentralized ID service to prevent hostile takeovers and whales

06/22/2022
Crypto-gold exchange Vaultoro lowers fees, increases withdrawal limits

Crypto-gold exchange Vaultoro lowers fees, increases withdrawal limits

06/23/2022
CoinLoan integrates crypto analytics platform Elliptic to guard users from threats

CoinLoan integrates crypto analytics platform Elliptic to guard users from threats

06/23/2022
SithSwap raises $2.65M to build next-gen AMM on StarkNet

SithSwap raises $2.65M to build next-gen AMM on StarkNet

06/23/2022
Blockchain data platform Chainalysis introduces 'Crypto Incident Response Program'

Blockchain data platform Chainalysis introduces ‘Crypto Incident Response Program’

06/22/2022
  • Home
  • Directory
  • Data
  • About
  • Contact
SUBSCRIBE

© 2016 - 2022 CryptoNinjas Disclosures | Privacy Policy

  • Home
  • Crypto Links
  • Market Data
  • Blockchain Tech
  • Exchanges
  • Capital Raising
  • Vendor Technology
  • Token Offerings/Listings
  • Payments
  • Wallets
  • Bitcoin ATM Map
  • Conferences & Events
  • About
  • Contact
No Result
View All Result

© 2016 - 2022 CryptoNinjas Disclosures | Privacy Policy