Home / Blockchain / StarkWare collects $ 30 million to solve Blockchain's privacy and scalability issues

StarkWare collects $ 30 million to solve Blockchain's privacy and scalability issues

StarkWare, a blockchain specialist based in Israel that markets a zero-knowledge system, has earned $ 30 million from high-profile names within the cryptocurrency ecosystem, including Consensys, Coinbase Ventures, Intel Capital, Pantera and Sequoia.

Starting the Zero-Knowledge protocol StarkWare collects $ 30 million

StarkWare Industries, based in Netanya, founded at the beginning of 2018 to develop its "full proof stack for STARK's zero-knowledge protocol", secured its first $ 6 million from 11 investors, including Pantera, Floodgate and Naval Ravikant in a seed on January 31 round.

The October 28 Series A raised $ 30 million from 15 investors, including Sequoia Capital, Atomico, Scalar Capital, Floodgate, Wing Venture Capital, Collaborative Fund, ConsenSys, Paradigm, Intel Capital, Pantera Capital.

The StarkWare fundraising was the first investment led by Paradigm, a venture capital company co-founded by Matt Huang, former partner of Sequoia.

The Israeli company has welcomed the board of directors of Paradigm, Matt Huang, who will advise the company together with Fred Ehrsam, former co-founder of Coinbase. Ehrsam commented on the investment on Twitter.

"The zero knowledge tests are a key element for the scalability and privacy of the blockchain.I can see a world where most blockchain activities pass through them.Their main challenge is to be efficient enough for practical use. . @StarkWareLtd focuses entirely on this problem. "

The company was co-founded by Prof. Eli Ben-Sasson (Technion), Prof. Alessandro Chiesa (UC Berkeley), Uri Kolodny and Michael Riabzev, who form a "world-class team of experts" in zero-test systems of knowledge and engineering. StarkWare aims to solve two of the main challenges in the blockchain space: privacy and scalability.

The co-founders Eli Ben-Sasson and Alessandro Chiesa are two of the seven founders of Zcash and pioneers of SNARKs, a type of zero knowledge test that powers cryptocurrency. Starkware is creating software implementations for STARK, which produces a demonstration that a complex calculation has been performed correctly.

The test developed by the team can be verified in a fraction of the time necessary to perform the actual calculation and can be grouped together to create further computational efficiencies.

The importance of the zero knowledge test is that, by ensuring a greater probability that a particular calculation is valid, the nature of a transaction may remain private. These checks are relatively computationally read, which provides scalability to the blockchain.

Many general accounting applications can take advantage of a completely public blockchain, but they still need privacy at the transaction level, so the STARK zero knowledge test covers all types of market participants, from investors and traders to entrepreneurs.

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