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Blockchain startup Agoric has raised $4 million from a number of notable investors including Ripple’s Xpring and Outlier Ventures, CoinDesk reported.
In addition to Xpring and Outlier Ventures, gumi Cryptos Capital, Kilowatt Capital, MetaStable Capital, Lemniscap, Rockaway Blockchain and the Interchain Foundation also participated in the round. Agoric has also secured additional funding from the Electric Coin Company (often referred to as Zcash Company), Naval Ravikant and Polychain.
Launched in 2018, Agoric aims to make smart contracts more secure. Chief Scientist Mark Miller pointed out that the existing way of programming smart contracts is “just too hard and too hazard-prone, and the losses are too great.”
Agoric aims to address these challenges and is developing a blockchain-agnostic programming language for smart contracts. Based on javascript, the language will enable programmers to execute formal verification processes while still being easily accessible compared to other languages currently used for blockchains.
“The smart contracts market is growing and Agoric is well positioned to reach a broader market. Agoric enables developers to safely build secure smart contracts and new digital assets that can connect to public and private blockchains. They are focused on creating an interoperable smart contracts platform that is accessible to mainstream developers,” Vanessa Pestritto, Director at Xpring, said in an online post.
Agoric plans to use the latest funding to expand its team, particularly the engineering and business development aspects as it prepares to bring its technology to market.
The startup is currently working to launch a testnet and “build out interoperability with top-tier next-generation decentralized projects.”
“Agoric includes robust security properties beyond anything available today, and it will provide that security across substrates, from local machines to global blockchains. The implications for secure development of blockchains, cross-chain compatibility, and the future economic opportunities that this will unlock means this is a vitally important development in contract technology,” Dean Tribble, CEO, Agoric, said in a statement.
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