Smart Contracts Platform Agoric Raises $4M USD In Funding

Blockchain, Investing, News | May 14, 2019 By:

Smart contracts platform Agoric has secured $4 million from esteemed funders, including Ripple’s Xpring and Outlier Ventures. The round also saw participation from Gumi Cryptos Capital, Kilowatt Capital, MetaStable Capital, Lemniscap, Rockaway Blockchain and the Interchain Foundation.

Launched in 2018, Agoric aims to make smart contracts more secure. The Agoric team, which include smart contract experts Mark Miller and Brian Warner, has been deeply involved in the development of smart contracts, from initial discussions in the early 90s to Warner’s involvement in the prescient Least Authority security audit of ethereum. Realizing that a world of smart contracts would not be possible without better software, the Agoric team has been actively creating the right environment for crypto-commerce.

The company will be using the latest funding to expand its team, particularly the engineering and business development aspects as it prepares to bring its technology to market.

“In recent years, smart contracts have been prone to a number of extremely expensive errors that have been made even by real experts working incredibly hard to do it right,” said Agoric Chief Scientist Mark Miller. “Programming smart contracts in the way the industry does it now is just too hard and too hazard-prone, and the losses are too great. This is a huge problem and one that needs to be fixed.”

According to Agoric CEO Dean Tribble, Agoric includes robust security properties beyond anything available today, and it will provide that security across substrates, from local machines to global blockchains.

“The implications for secure development of blockchains, cross-chain compatibility, and the future economic opportunities that this will unlock means this is a vitally important development in contract technology,” Tribble said.

Vanessa Pestritto, Director at Xpring, said in an online post that the smart contracts market is growing and Agoric is well positioned to reach a broader market.

“Agoric enables developers to safely build secure smart contracts and new digital assets that can connect to public and private blockchains,” Pestritto said. “They are focused on creating an interoperable smart contracts platform that is accessible to mainstream developers. As members of the JavaScript standards committee, the Agoric team created subsets of JavaScript SES and Jessie. Native JavaScript developers will be able to build agoric smart contracts in an accessible language.”