Layer Raises $6M to Build the Internet's Incorruptible Foundations
Staff Writer • 2024-10-07
Startup Layer has secured $6 million in seed funding. The round was led by 1kx with participation from Fabric Ventures, Arrington Capital, Stake Capital Group, and IOBC, alongside prominent angels in the blockchain sector. Layer’s mission: to bring Ethereum's trust guarantees to everyday software applications through the “Layer SDK,” a toolkit for building decentralized applications (dApps) that can’t be tampered with, even in the face of threats from malicious AI or large corporations. Building a Trustworthy Digital Future The internet’s smooth operation hinges on a complex web of security protocols that ensure data is securely transferred at high speeds. Yet, these protocols are increasingly under siege from growing threats posed by cyberattacks, data manipulation, and even AI misuse. Blockchain technologies, especially smart contracts, have been heralded as potential solutions, but their inherent computational limits have thus far hindered broader applications. Layer seeks to overcome these limitations by leveraging Web Assembly (Wasm), enabling developers to build verifiable, decentralized applications (dApps) across multiple platforms, from web services to smartphone applications. This opens the door to building a future-proof internet where any software product can be launched in a sovereign, incorruptible manner, without compromising user experience. The Layer SDK: Extending Ethereum's Capabilities Traditional smart contracts on blockchains like Ethereum are small programs executed by validators, but their computational constraints limit their applicability to large-scale software products. Layer addresses this gap by introducing the Layer SDK. This toolkit allows developers to create complex, full-stack decentralized applications that extend beyond simple smart contracts. By incorporating features such as consensus mechanisms, verifiable off-chain services (AI agents, ZK provers, serverless functions), and decentralized messaging servers, Layer aims to provide a comprehensive framework for building scalable and secure internet applications. “We wanted to complete the full narrative arc of decentralized architecture and give the world the tools necessary to build any application, with any performance requirements in this trust-minimized way,” said Sam Cassatt, Co-Founder of Layer. Pioneering a New Internet Model Layer’s founding team consists of Sam Cassatt, Jake Hartnell, and Ethan Frey, all seasoned veterans in blockchain technology who have contributed to the development of key infrastructure such as MetaMask wallets, decentralized autonomous organizations (DAOs), and cross-chain protocols. Their experience uniquely positions Layer to deliver on the long-held promises of blockchain – creating a more trustworthy internet from the ground up. The “Layer SDK” represents a pivotal evolution in the blockchain space by making it possible for developers to build decentralized applications that offer the speed and performance typical of traditional, centralized software. The SDK’s reliance on Web Assembly means developers can write applications in languages like Rust, ensuring they can run efficiently across various environments, including personal devices like smartphones. Support from Industry Leaders The seed round has drawn investments from well-known entities in the crypto and blockchain ecosystem: • 1kx, a global venture firm known for supporting visionary blockchain projects, emphasized Layer’s role in addressing scalability limitations of traditional smart contract platforms. Wei Dai, Research Partner at 1kx, noted, “Layer’s platform and SDK offer the best-in-class scalability, programmability, and configurability for shared-security applications.” • Fabric Ventures, which focuses on projects driving the convergence of Web3 and AI, has also expressed its support. Richard Muirhead, Managing Partner, commented, “Layer can be a Schelling point for new teams looking to build applications taking advantage of these core primitives.” • Arrington Capital and IOBC are both significant players in blockchain investment, further endorsing Layer's vision for a decentralized and secure internet infrastructure. Mitigating the Threats of Manipulation and Malicious AI Layer envisions its tools becoming central in the fight against various forms of internet manipulation. By using the shared security mechanisms of blockchain to verify software integrity from the user interface down to backend functionality, Layer's solutions could shield internet applications from interference by creators, hosts, hackers, AI models, and even government entities. “We believe the Decentralized Web, equipped with tools like Layer SDK, will soon become the dominant web,” stated the founding team. Their ambition extends beyond mere technical achievement; they aim to restore trust in online interactions and transactions, making the internet a space where manipulation becomes impossible. A Glimpse into the Future of Blockchain and the Internet Layer’s innovative approach represents a leap forward in blockchain's capacity to handle the full-stack requirements of internet applications. If successful, Layer's products could catalyze a broader transition to a decentralized web, offering enhanced security, transparency, and user control. About Layer Layer develops the Layer SDK, a toolkit for creating full-stack decentralized protocols. Utilizing Web Assembly, the SDK supports verifiable UIs, serverless functions, AI agents, and more, laying the foundation for truly sovereign software applications. About 1kx 1kx is a global venture firm focused on growing the crypto ecosystem by partnering with forward-thinking founders, protocols, and communities. To learn more, visit 1kx.network. About Fabric Ventures Fabric Ventures invests in pioneering ideas within Web3, distributed computing, and AI, providing support across the entire company lifecycle. Their portfolio has a market capitalization of $30 billion, reflecting 116 global investments. About Arrington Capital Founded by TechCrunch's Michael Arrington, Arrington Capital specializes in blockchain-based capital markets. With over 200 investments in the Web3 ecosystem, it plays a significant role in crypto-native ventures. For more information, visit arringtoncapital.com. About IOBC IOBC Capital is a global venture capital fund focusing on Web3 and AI, investing in funds and direct investments to support decentralized ecosystems worldwide.
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