One of the largest cloud computing startup Oasis labs has now successfully raised an amount of $45 million, in a private token pre-sale to build a platform for blockchain as a rival to Amazon Web services.
According to a press release, this funding is led by Accel, Binance, Pantera, Polychain, Metastable, Foundation Capital, Electric Capital, DCVC and Coinbase co-founder Fred Ehrsam and this was the first ever funding the company has raised, Oasis CEO Dawn Song told CoinDesk The startup is now working on building a core feature the CEO said, which first of all will be tested in the company private network and then will be open to the public soon. The startup is now focusing on developing its core features, Song said, which will be deployed to the company's private test network – slated to be opened to the public “soon.”
According to Song, its architecture allows transactions to be verified with “far less duplication while providing the same level of integrity and security guarantees.” She added: “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,” she continued. As a result, the blockchain is built “top-to-bottom” with those two features in mind, ensuring that transactions can be verified without nodes seeing sensitive data and smart contracts will not leak private information. The application which has been built upon the network is also different from the one which is developed for the existing platform.
“For example, our machine learning framework enables smart contract developers to perform training and inference directly in the smart contract while preserving the privacy of data.” “Our platform is also backward compatible with Ethereum, making the transition easy for any developer that is already comfortable with existing tools,” she said.