This morning, we have a special treat for you: Seismic is an encrypted blockchain that raised $7 million through a16z crypto, which was led by Polychain. Alliance, 1kx and other participants also participated.
Lyron Ting Keh’s first company, Seismic, was also his first attempt at fundraising. According to him, the inspiration for his idea was the desire to launch his own firm.
When he met with app developers he realized that “you need encryption to be in the foundation of the chain and not just built onto it. And so we tried for many months to build on it, on the chain, but we couldn’t get any of these nice properties that we wanted,” He explained.
The creation of large L1s can be a bottleneck in the construction process. “apps with investment vehicles that are tailored to long term positions. Apps where social experience is built into everyday payments,” Co Ting Keh continued.
You may be thinking that Co Ting Keh will enter a very crowded market, but Seismic aims to fix two major crypto problems: forced transparency and limited scaling.
“Forced transparency [is as] big of a change as limited scalability, if someone were to solve this, and then it’s something that is on the brink of consensus, and not consensus opinion right now, where most people agree that, ‘hey, these are two problems, and we’ve been talking about them for the last decade,” “He said”
“When I view the landscape of Seismic [among] blockchains right now, when I view it in the future, or where I’m looking to work, [there is a] distinction between transparent and encrypted blockchains.”
Seismic’s mainnet launch is the big question. Co Ting Keh said that the team has never missed an engineering deadline and is currently targeting the end of this year. The team — which includes six engineers and Co Ting Keh — plans to release the developer testnet in roughly a month.
The money will go towards the launch of mainnet, said he.
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