- Along with Sora Ventures, Hyperithm, Shima Capital, and Mechanism, several cryptocurrency angel investors also participated in Stripchain’s funding round.
In the crypto sector, user experience (UX) remains a major hurdle, preventing adoption among various generations. A useful UX boost for many cryptocurrency users would be the ability to conduct on-chain transactions without having to worry about which network is being used; some crypto businesses hope to meet this demand.
Chain abstraction, or the idea that consumers should not realize while utilizing blockchain, is one of the promises for an improved Web3 experience. This idea is the foundation of Stripchain, an interoperability protocol that raised $10 million in funding recently to facilitate large-scale chain abstraction.
Researchers “0xnovachrono,” who goes by the nickname “0x” and is leading the protocol alongside Isa Sertkaya and Narayana Pryusty, tell Cointelegraph that we shouldn’t be concerned about the back end of a decentralized application, any more than we should be about Netflix’s back end.
Lead by Sora Ventures, the Stripchain investment round included angel investors Santiago Santos, Ryan Selkis of Messari, and Stephane Gosselin of Frontier Research, along with venture capital firms Hyperithm, Shima Capital, Hypersphere, Mechanism, and Ascensive Assets.
Better user experience (UX) is needed to abstract chain-specific knowledge for widespread adoption as the number of L1s and L2s rises. According to a Sora Ventures representative, having prior knowledge of various chains, virtual machines, key management, etc. is the hardest thing for beginners to deal with.
Programmers can now create instructions, or intents, to do operations like data transfers between blockchains thanks to this startup. It is based on the stripVM framework and enables programs to communicate and collaborate over a variety of protocols.
The strategy differs from existing interoperability protocols in that it concentrates on the transaction layer and makes use of a proof of authority technique. While other interoperability solutions, like Cosmos’ Inter-Blockchain Communication Protocol, concentrated on the protocol layer or the contractual layer via bridges, Stripchain allows data transfer at the user layer.
As an industry, we’ve come a long way in connecting values between blockchains through bridges, but we still haven’t connected monolithic apps between different systems’ execution layers, claims 0xnovachrono. It is expected that Stripchain’s testnet, which is now in private beta, will launch within the next few months.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
