Project focused on shared security within distributed systems, Othentic, announced it raised $4 million in a seed funding round, led by venture capital firms Finality Capital Partners and Breyer Capital, accompanied by contributions from Coinbase Ventures, HashKey Capital, Collider Ventures, BanklessVC, Robot Ventures, Everstake, PUNK DAO, alongside numerous angel investors. The injection of new funding will enable the firm to bolster its development initiatives.
Othentic aims to facilitate the development of distributed computation services by offering a self-deploy infrastructure to spin up systems with shared security. The Othentic Stack manages and simplifies this shared security framework, enabling AVS developers to self-deploy customized computational services within trustless execution environments. Additionally, it facilitates the creation of a network of Operators capable of running arbitrary compute tasks.
An AVS, or Autonomous Verification System, encompasses any system that necessitates its unique distributed validation semantics for verification purposes. It includes sidechains, data availability layers, novel virtual machines, keeper networks, oracle networks, bridges, threshold cryptography schemes, and trusted execution environments.
Furthermore, Othentic emphasizes that the Othentic Stack is an evolving system. As development progresses, new modules will be incorporated, providing developers with additional options to plug in and configure.
1/ We’re thrilled to announce our seed funding led by @FinalityCap and @BreyerCap as we work towards facilitating the creation of innovation on @eigenlayer and @babylon_chain! pic.twitter.com/JssAWxq70j
— Othentic (@0xOthentic) April 22, 2024
Framework For Stateless Rollups: Pioneering Decentralized Compute Scalability
The project works on a framework for stateless rollups, representing a promising approach to decentralized compute scalability as it offers a flexible and secure environment for conducting off-chain computations. Stateless rollups function as computing networks that deliver services to various blockchains or applications, independent of constraints imposed by any particular chain. This framework enables the development of co-processors, zero-knowledge (ZK) provers, privacy-focused computations, decentralized order books, AI inference networks, and systems for the prevention of security breaches, among other services.
Using a library of pre-built elements designed for production, AVS developers can concentrate on their main services, reduce the need for extensive engineering work, and hide the complexities of low-level implementations and potentially problematic infrastructure details.
The post Othentic Raises $4M Funding From Breyer Capital To Advance Development Of Modular Networks In Shared Security Environment appeared first on Metaverse Post.