Chainwire, a startup based in San Francisco, USA / California, has recently secured $3.7 million in pre-seed funding from North Island Ventures, Breyer Capital, and Hack VC. The funding will be used to develop their innovative finality consensus mechanism, which aims to eliminate smart contract exploits and make blockchain technology more user-friendly.
The founders of Chainwire, who were previously employees at Staked, a staking company acquired by Kraken, have been involved in the proof-of-stake and decentralized finance space for six years. With their experience in handling billions of dollars for institutional clients, they are now focused on addressing the major hurdle to widespread adoption of digital assets by traditional financial systems.
According to Co-Founder Devan Purhar, their solution, dubbed “programmable finality”, will revolutionize the usability of blockchains by making exploits a thing of the past. Similar to a traditional network’s firewall, Firewall’s technology uses automated checkpoints to block harmful transactions and recover from any bypassed exploits. This approach has caught the attention of institutions managing trillions in assets, who are interested in using smart contracts but require a secure environment to do so.
The team behind Firewall has a strong track record in the field of AI and crypto threat detection, and their initial focus will be on making the rollup ecosystem more secure. They also plan to develop coordination mechanisms to integrate the social layer directly into Firewall.
The funding round was co-led by North Island Ventures, Breyer Capital, and Hack VC, with participation from Finality Capital and several notable angels. According to Travis Scher, Managing Partner at North Island Ventures, Firewall’s solution can prevent total losses of user funds, making it a crucial component for mainstream adoption of crypto.
With the growing global adoption of crypto and increased regulatory scrutiny, the timing for Firewall’s solution could not be better. Their “programmable finality” technology offers the security assurance needed to unlock trillions of dollars currently on the sidelines, paving the way for crypto to revolutionize the global financial system.
About Firewall:
Firewall is dedicated to making smart contract technology safe to use in everyday life by eliminating smart contract exploits. Their solution is akin to a robust network firewall, applied to the modular blockchain ecosystem.
For more information, please contact:
Devan Purhar, Co-Founder
Firewall
[email protected]
Share this article:
Categories:
– Blockchain
– Decentralized Finance
– Security