New cloud computing startup Oasis Labs has hit the mark of $45 million in a private coin offering pre-sale. The pre-sale is to raise capital for their new developmental blockchain platform purposed to compete with Amazon Web Services.
The sale, run by Andreesen Horowitz’z new A16 Crypto Fund, received funds from Accel, Binance, Pantera, Polychain, Metastable, Foundation Capital, Electric Capital, DCVC and CoinBase’s co-founder. According to the press release, the two most notable figures who made contributions were Fred Ehrsam of CoinBase and Oasis Labs CEO Dawn Song. The new startup is aiming to develop core features, Song stated, to be opened for public use very soon.
We are excited to introduce Oasis Labs! We’re building a privacy-first, high-performance cloud computing platform on blockchain. Learn more and join us! https://t.co/a3MBEEQbby pic.twitter.com/VQTfmogSoA
— Oasis Labs (@OasisLabs) July 9, 2018
The startup’s blockchain is mostly what is gathering so much attention from investors. Song staed that the new architecture of the platform gives users the ability to verify their identity with less duplication while keeping the integrity of the system secure.
In the experiments performed on the platform, they saw orders with greater impact than even that of Ethereum. It’s the infrastructure of the system that carries more computational power with aspects of Artificial Intelligence and Machine Learning, in ways that are not possible with the current blockchain technology available.
Security and privacy are placed into each layer existing on the network. The result is a blockchain with security running through top to bottom. Two other important features available on the system are the ability to ensure transactions are verifiable, not requiring nodes to see private data or smart contracts leaking sensitive information.
The new apps built on the system are also different because they are already being created for previously existing system. An example is the machine learning infrastructure that gives users developing smart contracts the ability to operate training and inference right inside the smart contract, at the same time protecting the secure data within it.
The platform is also compatible with Ethereum’s platform, making for a seamless transition that will be easy for any developer to take advantage of. The platform will be easily used with tools that already exist, making it comfortable for the people using it.