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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. 1 min read
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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The product, called Base MCP, connects a user’s Base Account to AI clients such as ChatGPT, Claude and Cursor using the Model Context Protocol (MCP), an emerging standard that allows AI systems to securely interface with external tools and applications.
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- Coinbase’s Ethereum Layer 2 network Base launched “Base MCP,” a new AI integration that lets users connect their crypto wallets to AI tools like ChatGPT and Claude to send funds, swap tokens, track portfolios and interact with DeFi apps using simple chat prompts.
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