Stripchain Raises $10M to Boost Cryptocurrency UX through Chain Abstraction at Scale
Summary:
Stripchain, an interoperability protocol, has raised $10 million to boost user experience (UX) in the cryptocurrency field by enabling chain abstraction at scale. Stripchain allows developers to generate actions like data transfer between blockchains using commands called "intents". The key differentiation of Stripchain lies in its focus on the transaction layer and usage of a proof of authority system. Unlike previous protocols that focused on the protocol or contractual layer, it facilitates data exchanges at the user level. The testnet launch of the privately beta-tested Stripchain is anticipated in the coming months.
The user experience (UX) in the realm of cryptocurrency continues to serve as a significant hurdle preventing universal adoption across diverse age groups. The capacity to conduct on-chain transactions, with no concerns about the network being used, is a desirable UX enhancement for many cryptocurrency users. Numerous cryptocurrency startups are striving to cater to this requirement. The proposition that blockchain users should not notice the technology they're utilising, also known as chain abstraction, is an anticipated improvement for a superior Web3 experience. This notion is the driving force behind Stripchain, a protocol for interoperability that recently raised $10 million to facilitate chain abstraction on a large scale. A pseudonymous researcher called "0xnovachrono," who is spearheading the protocol alongside Isa Sertkaya and Narayana Pryusty, said to Cointelegraph: “We shouldn't concern ourselves with the back end system of a decentralized application just as we don't bother about Netflix's back end system.” The financing round for Stripchain was led by Sora Ventures, with participation from angel investors Santiago Santos, Frontier Research's Stephane Gosselin, Messari’s Ryan Selkis, and venture capital firms like Hyperithm, Shima Capital, Hypersphere, Mechanism and Ascensive Assets. A Sora Ventures spokesperson highlighted the importance of improved UX to cope with an increasing number of L1s and L2s for mass adoption and to lessen the learning curve for newcomers regarding multiple chains, VMs, key management, etc. Stripchain provides a platform for developers to design commands (referred to as intentions) to facilitate actions like data transfer between blockchains. It uses a system called stripVM, which allows apps to communicate and collaborate with varied protocols. What sets Stripchain apart from other interoperability protocols is its unique focus on the transaction level and its application of a proof of authority system. Unlike previous solutions that catered to the protocol layer or the contract layer via bridges, Stripchain enables data exchange at the user level. “In terms of bridging values across different blockchains, the industry has made significant strides. However, the connection of standalone applications across various system execution layers is yet to be achieved,” remarked 0xnovachrono. Stripchain, currently undergoing private beta testing, is set to launch its testnet in the upcoming months. Magazine: A closer look at the roles crypto market makers play. Does it involve liquidity or manipulation?
Published At
5/22/2024 5:00:00 PM
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