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Stripchain Gets $10 Million in Funding to Improve Blockchain Usability
For the cryptocurrency industry, improving the user experience is key, especially the ease of executing on-chain transactions without worrying about the underlying blockchain. Several crypto startups, known for their innovation, are taking on this challenge to make cryptocurrencies more accessible.
The concept of “chain abstraction,” where users can interact with decentralized applications without explicit awareness of the underlying blockchain infrastructure, is seen as a promising avenue towards providing a superior Web3 experience. This notion serves as the driving force behind Stripchain, an interoperability protocol that recently secured $10 million in funding to enable large-scale chain abstraction.
As articulated by pseudonymous researcher “0xnovachrono”, who is leading the protocol together with Isa Sertkaya and Narayana Pryusty, “Just like we don’t care about the backend system of Netflix, we shouldn’t care about the backend system of a decentralized application.”
Sora Ventures took the lead in the latest investment round for Stripchain, which also saw notable investments from angel investors such as Santiago Santos, Frontier Research’s Stephane Gosselin, and Messari’s Ryan Selkis. Major venture capital firms such as Hyperithm, Shima Capital, Hypersphere, Mechanism and Ascensive Assets also participated.
A spokesperson for Sora Ventures highlighted the need to improve the user experience blockchain ecosystem continues to expand with the proliferation of Layer 1 and Layer 2 networks. The spokesperson said, “For mass adoption, we need better UX to abstract chain-specific knowledge,” further adding, “The biggest point Sore for newcomers is the prior knowledge of different chains, VMs, key management, etc.”
With Stripchain’s innovative approach, developers have the ability to generate commands called “intents” that help transfer data across multiple blockchains. The backbone of this functionality is “stripVM”, a system that allows applications to easily interact and synchronize with various protocols.
A key distinguishing factor between Stripchain and other interoperability protocols lies in its emphasis on the transaction layer and its use of a proof-of-authority system. While previous solutions targeted the protocol layer or contract layer via bridges, Stripchain facilitates data transfer at the user level.
As clarified by 0xnovachrono, “As an industry, we have made great strides connecting values across blockchains using bridges; however, we still need to connect monolithic applications between execution layers of different systems.”
Improving the consumer experience on blockchain is invaluable, but Stripchain’s most significant prospects may exist in enterprise and B2B domains. Companies looking to adopt blockchain technologies are hampered by deep technical complexities and organizational inertia. Achieving a seamless fusion of blockchain operations with existing business systems and processes is still a daunting challenge.
Stripchain’s initiative to offer true cross-chain abstraction could actually minimize the barriers to blockchain integration. Enterprises could then enable blockchain capabilities through the interfaces they are accustomed to, seamlessly integrating decentralized services into their current technology ecosystems. Developers would be able to introduce blockchain features without redoing entire infrastructures or retraining staff on the finer points of blockchain technology. This reflects the philosophy that blockchains should act like “plumbing”: fundamental underlying utilities that discretely support products and services, making blockchain a ubiquitous presence.
Industries such as finance, supply chain, healthcare, and others could benefit greatly from Stripchain’s ease of integration. The $10 million fundraising event signals investor confidence that substantial business value can be unlocked through seamless blockchain accessibility.
Consumer UX remains a key priority, but Stripchain’s potential to facilitate blockchain adoption by businesses and enterprises could be a game-changer. By making this technology more accessible and practical across different industries, it could significantly boost its widespread adoption.
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