- Oasis Labs raised $45 million to develop blockchain platform.
- The blockchain platform is intended to compete with Amazon Web Services.
Oasis Labs cloud computing firm has generated $45 Mln through the pre-sale of a private token to build a blockchain platform intended to compete with Amazon Web Services.
The token pre-sale was led by A16z a new cryptocurrency fund by Andreessen Horowitz. According to a press release, a number of firm and persons such as DCVC, Electric Capital, Foundation Capital, Fred Ehrsam – Coinbase co-founder, Metastable, Polychain, Pantera, Binance, and Accel, has contributed.
According to Dawn Song – CEO for Oasis Labs, this investment seems to be the first ever for A16z. Dawn added that Oasis now focus on developing its central features, after which it will be tested by Oasis’s private test network and released to the public soon.
Dawn stated that the blockchain platform would allow the verification of transactions with “far less duplication while providing the same level of integrity and security guarantees.”
Dawn added this:
“In our experiments we see performance orders of magnitude greater than Ethereum. This architecture also supports far more computationally intensive tasks like machine learning and AI, which are not possible with today’s blockchain technologies.”
“Security and privacy [are] built into every layer of the network.”
Hence, Oasis Labs built the blockchain system from top-to-bottom with security and privacy in mind, making sure that verification of transactions can be carried out without any nodes seeing users’ sensitive data and also smart contracts will not expose private data.
Dawn also explained that every application that would be built on the system would also differ from those apps that are being developed currently on existing platforms. She said:
“For example, our machine learning framework enables smart contract developers to perform training and inference directly in the smart contract, while preserving privacy of data…Our platform is also backwards compatible with Ethereum, making the transition easy for any developer that is already comfortable with existing tools.”