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Automata Network Launches With $1M in Funding to Help Keep Dapps Private
The seed round was jointly led by KR1, Alameda Research, IOSG Ventures, Divergence Capital and Genesis Block Ventures.
Updated Sep 14, 2021, 1:47 p.m. Published Mar 8, 2021, 4:00 p.m.
Decentralized service protocol Automata Network has announced its official launch, backed by a $1 million investment.
- The seed funding round was co-led by various blockchain and decentralized protocol investors, including Genesis Block Ventures, IOSG Ventures and Sam Bankman-Fried's Alameda Research.
- Automata Network provides what it calls "middleware-like" services for decentralized applications (dapps), helping them maintain privacy while allowing frictionless integration onto platforms like Ethereum and Polkadot.
- The protocol harnesses a cryptographic scheme called "oblivious RAM" to conceal data access patterns, while its privacy relayer will offer functionalities such as tamper-proof data sourcing and anonymous voting.
- Automata will attempt to "capture an immediate market demand for privacy-preserving DeFi applications without having to rewrite them," according to IOSG partner Xinshu Dong.
See also: SecretSwap Is the Secret Network’s Answer to DeFi Privacy
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