Ethereum Startup Ethcore Raises 750k Round

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Kyle Torpey at Bitcoin Magazine is reporting that Ethcore, an Ethereum-based startup, has raised $750,000 in a preliminary, pre-seed funding round led by venture capital firms Blockchain Capital and Fenbushi Capital.

Ethcore intends to further pursue the development of the Ethereum Blockchain stack and assist partners who wish to innovate using the smart contract platform. The startup was also awarded a grant by the U.K. government’s Innovate UK to create a: “next-generation foundational distributed ledger platform for institutional communication, authorization, and consensus.”

Blockchain Capital Managing Partner Brad Stephens told Bitcoin Magazine:

“Ethcore is much more focused on building licensed, proprietary tools for large financial institutions, exchanges, and so forth, as opposed to the more open-sourced, Red Hat approach Blockstream is taking … One of Ethcore’s main value propositions is that they know Ethereum better than anyone, and thus the tools they build and deploy should buttress and catalyze Ethereum as a whole.”

Ethcore will attempt to solve some of the current issues facing the Ethereum Blockchain (and other Blockchains) such as privacy and scalability.

Ethcore was founded by Ethereum co-founder and former CTO Gavin Wood who told Bitcoin Magazine:

“We have developed high-level designs for tackling scalability and privacy that can help us overcome some of the problems and help in various settings. They’ll be implemented over this year. We’ll expect a much more scalable public Blockchain in the next couple of years.”

In terms of privacy, Wood added, “Full privacy is still a research area with some interesting ideas that we’ll be watching closely – but semi-trusted architectures on which we are working will do for many cases, particularly in the area of permissioned ledgers.”

Vitalik Buterin also shared his thoughts on the future of privacy and scalability in Ethereum with Bitcoin Magazine:

“In the case of privacy, the basic building blocks (ring signatures, ZKPs, state channels, CT-style value encryption) are fairly understood and established, and it is primarily a matter of turning them into functional tools that can be used in production applications. In the case of scalability, the Ethereum research team is fairly committed to sharing; we feel that it does a good job of combining the benefits of being an on-chain scaling strategy with the decentralization benefits of maintaining a network that can theoretically run off of nothing but consumer laptops.”

Buterin added,

“There are details that are still being worked on, but [in my opinion] a lot of them are solidifying rapidly; we have a team that is starting work on a proof of concept in Python incorporating many of our ideas for future versions of the protocol, and we plan to validate them there before beginning development for mainline.”

About Richard Kastelein

Founder, Publisher and Editor in Chief of industry leading online publication, Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC. Kastelein is also an advisor with a number Blockchain startups doing ICOs including Humaniq.co where hs is interim CMO, DECENT.ch, Inchain, Chronobank, eGaas and others. He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List.

As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven, Bucharest, Nairobi, Tel Aviv, Manchester, Brussels, Barcelona etc, where he helped spread the cause for Blockchain technology and cryptocurrency and, consequently, has built a notable network in the scene.

He’s also a director of a Dutch foundation called The Hackitarians and has run innovation events in London, San Francisco, Berlin, Amsterdam and other cities around the world on topics such Blockchain, Health, Energy, Internet of Things, AI etc.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

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