Preparing for Testnet Debut: Encrypted Blockchain Initiative, Financially Backed by A16z, Secures $7 Million
In the rapidly evolving world of blockchain technology, a new player is set to make waves. Seismic, an encrypted blockchain developer, is gearing up for a launch that could potentially reshape the industry. Founded by Lyron Co Ting Keh, a first-time entrepreneur, Seismic is poised to tackle specific challenges that have long plagued the blockchain L1 space: forced transparency and limited scalability.
For Co Ting Keh, the inspiration for Seismic stemmed from a desire to own his own company. After months of attempting to build on existing chains, he and his team found themselves unable to achieve the desired properties, leaving them with a clear vision for their own platform.
Seismic's goal is to provide solutions to these long-standing issues, with encryption forming the foundation of the chain, rather than an afterthought. The platform is designed to support apps with investment vehicles tailored to long-term positions and apps where social experience is built into everyday payments.
To address forced transparency, Seismic employs privacy-enhancing cryptographic techniques such as zero-knowledge proofs and encryption layers. This allows for private transactions while still maintaining the trust and auditability features of blockchain. The platform also offers permissioned or hybrid blockchain environments, where data access is controlled and only transparent to authorized parties.
Regarding scalability, Seismic utilizes layer-2 scaling technologies, sidechains, and high-performance consensus mechanisms inspired by scalable chains like Solana and BNB Chain. Decentralized storage and distribution mechanisms are also implemented to move data efficiently across the network, reducing bandwidth strain and bottlenecks.
The company recently raised $7 million in a funding round led by Andreessen Horowitz's crypto investment arm A16z Crypto, with participation from Polychain Capital, Alliance, DAO5, NGC Ventures, and 1kx. The funds will be used to accelerate the development of Seismic's platform, with the aim of launching the developer testnet in a month and the mainnet by the end of the year.
With Seismic's innovative approach, the company hopes to facilitate institutional onboarding, enhance market access, and enable scalable, secure digital asset ecosystems. The future of blockchain technology just got a little bit brighter.
Seismic, equipped with encryption as its foundation, aims to tackle transparency and scalability issues in the blockchain L1 space, providing solutions for long-term investments and social payment apps. Raising $7 million from prominent investors like A16z Crypto, Polychain Capital, and others, Seismic intends to launch its developer testnet within a month, followed by the mainnet by the end of the year, potentially revolutionizing the blockchain finance industry with its technology.
