Firewall completes US$3.7 million in financing to promote smart contracts into the mainstream through "programmable ending"

24-03-07 21:00
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Original source: Chainwire

Blockchain infrastructure startup Firewall announced the completion of US$3.7 million in pre-seed financing. This round of financing was funded by North Island Ventures , Breyer Capital and Hack VC co-led the investment. Firewall improves the usability of smart contract technology through an innovative final consensus mechanism and eliminates the exploitation of smart contract vulnerabilities.

The founders of Firewall were previously the first and sixth employees of Staked, a decentralized staking service provider acquired by Kraken. In six years, it has promoted the development of the era of proof of stake and decentralized finance. During this time, the founders have provided institutional clients with the infrastructure to handle billions of dollars in assets, and now, using their experience, they are solving what most consider to be the last major obstacle to full acceptance of digital assets by traditional financial systems.

Devan Purhar, co-founder of Firewall, said: "Firewall is building a secure fence so that ordinary people can use the next Internet era." "Today, dozens of Billions of dollars were stolen, through irreversible transactions that were classified as theft. There is a parallel between the current state of cryptographic networks and the early days of the Internet in the lack of basic security infrastructure. Our focus is not on marginal improvements, but on bringing A necessary paradigm shift in smart contract usability. We designed our solutions from first principles and created programmable endings. Fundamentally, we made vulnerability a thing of the past."

Similar to a digital version of a traditional network firewall, Firewall's technology introduces "programmable endgames." It works by extending rolling processing to the use of programmable transaction finality rules that act as automated checkpoints, preventing harmful transactions from being inserted into a later stage before the data is finalized by a DA layer such as EigenDA or Celestia. The founders envision Firewall becoming part of every smart contract network, serving as an intelligent security system that intelligently protects against threats.

Firewall co-founder Sam Mitchell shared: "Firewall uses real-time algorithms to pre-filter vulnerabilities and prevent them from being included in the block." "Then, by Using programmable endgames, we automatically recover from any vulnerabilities that bypass pre-filtering checks. Detection at this stage may involve AI models or social consensus, which may take longer.” Mitchell stressed that institutions managing trillions of assets Interested in the benefits of smart contracts but need a secure environment to deploy funds. "Creating a comfortable environment for institutional customers to use smart contracts will be the key to the widespread application of digital assets."

In addition to the founders, the core team has successfully pioneered the use of artificial intelligence in cryptocurrency threat detection at OpenZeppelin and Forta, and is preparing to reform with Firewall's comprehensive defense measures this field. The startup’s initial focus is on the rollup ecosystem and prides itself on building non-custodial and trustless solutions.

The new funds from this round of financing will help expand the team and create a community of “Firewall EVM”. Long-term plans include developing coordination mechanisms to integrate the social layer directly into Firewall. The round was co-led by North Island Ventures, Breyer Capital and Hack VC, with participation from Finality Capital and angel investors including Staked’s Tim Ogilvie, Synthetix’s Kain Warwick and Jordan Momtazi, Anchorage’s Nathan McCauley and AltLayer’s Yaoqi Jia .

Travis Scher, managing partner at North Island Ventures, said: "We believe the main barrier to mainstream adoption of cryptocurrencies is the current security paradigm, in which a vulnerability could lead to A total loss of user funds. Firewall's solution can prevent this loss, and we are pleased to support such an important company from the beginning."

Breyer Capital "Firewall is making blockchain more secure for users, developers and institutions," said Ted Breyer of With the currency’s continued growth and regulatory attention, driven by the BTC ETF and the expected ETH ETF, it’s time for crypto networks to become more robust and secure. Trillions of dollars are still on the sidelines, afraid to use smart contracts. Firewall’s “programmable endgame” effectively neutralizes vulnerability exploits and provides the security needed to unlock these assets, paving the way for cryptocurrencies to revolutionize the global financial system.

About Firewall

Firewall is committed to making smart contract technology safe and reliable in daily life. Eliminate smart contract exploits. Their solution is similar to a powerful network firewall applied within a modular blockchain ecosystem.

This article is from a submission and does not represent the views of BlockBeats.

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