In one private pre-sale financing for Oasis Labs to privacy-focused smart contracts-enabled blockchain platform, some of the largest investors in the cryptocurrency space raised about $45 million.
Oasis Labs confirmed its $45 million fundraising
Oasis Labs, which contains a team of academic heavyweights, as well as security researchers from institutions that include MIT and Berkeley, confirmed its fundraising of $45 million to develop and launch what it describes as ‘a privacy-first cloud computing on a blockchain.’ The company added that this platform is going to be designed to overcome performance, as well as security and privacy limitations which have otherwise limited the scope of blockchain applications.
The platform of Oasis has the purpose to rival popular cloud computing platforms such as Amazon Web Services with enhancing privacy, as well as security protections while ramping up their efficiency with some higher performance than the current systems, even from some complex applications. The startup also contents the platform enables some advanced privacy-sensitive services such as machine learning on the blockchain.
Funding raise including Accel, Binance, and others
Led by Dawn Song, who is the chief executive and professor of computer science at UC Berkeley, the blockchain convinced many prominent venture capital firms, as well as cryptocurrency giants to back the project.
The token pre-sale of $45 million was led by the A16z of Andreessen Horowitz in a funding raise which included Accel, Binance, which is the largest cryptocurrency exchange in the world, then DCVC, Electric Capital, Foundation Capital, Pantera, Polychain, as well as others that include Coinbase co-founder, Fred Ehrsam.
The use of secure multiparty computation
Song told TechCrunch that they use a combination of trusted hardware, as well as cryptographic techniques, like secure multiparty computation, to enable smart contracts to compute over this encrypted data, without revealing anything about the underlying data. He said that it was like doing computation inside a black box, which is only going to output the computation results without showing what is inside the black box.
Oasis Lab, following the finding around, is now accepting applications from developers in order to access and test its private testnet blockchain. Raymond Cheng, the co-founder and CTO of Oasis Lab, added that the next step is to get their product in the hands of developers that align with their mission and can help notify the evolution of the platform as they develop applications upon it.