Offchain Labs announced it has raised a $3.7 million USD Seed Round led by Pantera Capital. The funding will be used to grow the team of developers to build Arbitrum, which will enable enterprise blockchain adoption through scalable smart contracts.
was spent by enterprises on blockchain research and development. However, aside from some early pilots, and limited adoption of select consortium blockchains, many enterprises are not yet convinced to move their system architectures onto a decentralized network. In turn, private blockchain utilization has been on the rise. According to a, 44% of companies surveyed are focusing activities on private blockchain.
“Ethereum requires every miner to emulate every step of execution of every contract, which is expensive and severely limits scalability. It also requires the code and data of every contract to be public, absent some type of privacy overlay feature, which would impose costs of its own,” explained Felten.
When a smart contract is launched and a set of validators have been designated, Arbitrum provides an AnyTrust guarantee, which greatly reduces the cost of smart contracts. As long as one of those validators is behaving honestly, then correct execution of a smart contract is guaranteed. This contrasts with other systems that try to gain scalability through a majority voting system among validators. In these settings it becomes a complicated calculation on knowing who to trust.
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