Stripchain secures $10M in funding to enhance blockchain usability

Stripchain secures $10M in funding to enhance Blockchain usability

Stripchain secures $10M in funding to enhance blockchain usability As a tech journalist, Zul focuses on topics including cloud computing, cybersecurity, and disruptive technology in the enterprise industry. He has expertise in moderating webinars and presenting content on video, in addition to having a background in networking technology.

For the crypto industry, enhancing user experience is critical, particularly the ease of executing on-chain transactions without concern for the underlying blockchain. Several crypto startups, known for their innovation, are tackling this challenge to make crypto more accessible.

The concept of “chain abstraction,” where users can interact with decentralised applications without explicit awareness of the underlying blockchain infrastructure, is viewed as a promising avenue toward delivering a superior Web3 experience. This notion serves as the driving force behind Stripchain, an interoperability protocol that recently secured $10 million in funding to enable chain abstraction at scale.

As articulated by the pseudonymous researcher “0xnovachrono,” who is spearheading the protocol alongside Isa Sertkaya and Narayana Pryusty, “Just like we don’t care about the back end system of Netflix, we should not care about the back end system of a decentralised application.”

Sora Ventures took the lead in the latest investment round for Stripchain, which also saw notable investments from angel investors such as Santiago Santos, Stephane Gosselin of Frontier Research, and Ryan Selkis of Messari. Leading venture capital firms like Hyperithm, Shima Capital, Hypersphere, Mechanism, and Ascensive Assets also participated.

A spokesperson from Sora Ventures underscored the necessity for an improved user experience as the blockchain ecosystem continues to expand with the proliferation of Layer 1 and Layer 2 networks. The spokesperson stated, “For mass adoption, we need better UX to abstract the chain-specific knowledge,” further adding, “The biggest pain point for newcomers is the prior knowledge of different chains, VMs, key management.etc.”

With Stripchain’s innovative approach, developers have the ability to generate commands called ‘intents’ that aid in transferring data across multiple blockchains. The backbone of this functionality is ‘stripVM,’ a system that allows applications to interact and synchronise effortlessly with various protocols.

A key distinguishing factor between Stripchain and other interoperability protocols lies in its emphasis on the transaction layer and its utilisation of a proof-of-authority system. While earlier solutions targeted the protocol layer or the contractual layer via bridges, Stripchain facilitates data transfer at the user layer.

As elucidated by 0xnovachrono, “As an industry, we have made giant leaps connecting values across blockchains using bridges; however, we have yet to connect monolithic applications across the execution layers of different systems.”

Improving the consumer experience on the blockchain is invaluable, yet Stripchain’s more significant prospects could exist in the enterprise and B2B domains. Corporations that are looking to adopt blockchain technologies are hindered by deep-seated technical complexities and organisational inertia. Achieving a seamless fusion of blockchain operations with existing business systems and processes is still a formidable challenge.

Stripchain’s initiative to offer true cross-chain abstraction could effectively minimise the barriers to blockchain integration. Enterprises could then activate blockchain capabilities through interfaces they are accustomed to, transparently weaving decentralised services into their current technology ecosystems. Developers would be able to inject blockchain functionality without redoing entire infrastructures or retraining staff on the finer points of blockchain technology. This mirrors the philosophy that blockchains should act like ‘plumbing’—fundamental, background utilities that unobtrusively support products and services, making blockchain a ubiquitous presence.

Industries such as finance, supply chain, healthcare, and others could benefit immensely from Stripchain’s ease of integration. The $10 million fundraising event signals investor confidence in unlocking substantial enterprise value through seamless blockchain accessibility.

Consumer UX remains a key priority, but Stripchain’s potential to facilitate easier blockchain adoption for enterprises and businesses might be a game-changer. By making this technology more accessible and practical across diverse industries, it could significantly boost widespread adoption.

See also: EU commission encouraged to lead blockchain and AI integration

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