Oasis labs a new blockchain project that combines secure software and hardware to enable privacy-preserving smart contracts, today announced it had raised $45 million from major investors as part of its plan to help business adopt blockchain technology.
University of California Professor Dawn Song (CEO and co-founder of Oasis Labs ) described its plans to develop a “decentralized internet” by resolving businesses’ “concerns” about implementing the blockchain technology.
“Blockchain” is 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. The Oasis platform aims to give users control over their data, and at the same time deliver superior performance and privacy capabilities. Our goal is to build the scalable and secure decentralized internet that puts users first.”
Oasis has gained investment support from a broad spectrum of the blockchain ecosystem including venture capital, crypto funds, and hardware manufacturers. The pre-sale was led by Andreessen Horowitz’s new A16z crypto fund; other investors included Accel, Binance, Pantera, Polychain, Metastable, Foundation Capital, Electric Capital, DCVC and more
Jake Flomenberg, the partner at Accel, commented:
“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.”
The company released its testnet today. Oasis protocol enthusiasts and developers are invited to apply for access to their private testnet.
According to Song, The Apps built upon Oasis lab blockchain will also differ from those currently being developed for existing platforms. “For example, our machine learning framework enables smart contract developers to perform training and inference directly in the smart contract while preserving the privacy of data”, she explained and added, “Our platform is also backward compatible with Ethereum, making the transition easy for any developer that is already comfortable with existing tools,”