Agoric Blockchain Smart Contract Project Secures $4 Million Led by Ripple’s Xpring, Outlier Ventures
Agoric, a blockchain startup focused on upgrading the security of smart contracts, was recently able to get $4 million USD from a funding round. Two of the most prominent investors of the round were the investment arm of Ripple, Xpring, and Outlier Ventures.
According to the official press release sent out by the company, several companies other than Xpring and Outlier Ventures participated in the round. Cryptos Capital, MetaStable Capital, Kilowatt Capital, Lemniscap, Interchain Foundation and Rockaway Blockchain were all part of the round, too. Companies like Polychain, the Electric Coin Company (responsible for Zcash) and Naval Ravikant invested as well.
Now, the startup wants to find a way to get even more $4 million USD. The idea is to target engineering and business development at the same time that the company is preparing its technology in order to put it on the market.
According to the reports, the next specific goal pursued by the company will be to launch the testnet of the project. After that, they will start to create an interoperable decentralized project on top of it in order to start creating a solid ecosystem for the community.
The chief scientist of the project, Mark Miller, has affirmed that smart contract technology is, unfortunately, still too prone to several errors and the main problem is that these errors can be considerably expensive if you do not solve them before you actually use the technology.
According to him, even the most seasoned veterans will simply not be immune to creating more bugs into contracts and that it is simply too hard to do it right now, which can have great losses. What is the solution to this huge problem? This is exactly what the company is focusing on right now.
If they are able to actually pull this off, they will certainly bring in a lot of value and profit for the company and secure its future.