Summary
Research and development company Witness has launched a verification protocol after securing $3.5 million in seed funding. The Witness protocol allows users to gain proofs over their data using existing blockchain technology, enabling verification even if the data is not fully posted on-chain. The protocol aims to tackle the issue of high transaction costs in crypto products by making them free to use. By extending ownership and verification across existing blockchain networks, Witness aims to unlock a coordination paradigm at a massive scale. The company will use the funding to expand its engineering team.
Key Points
1. Witness, a research and development company, has launched a verification protocol after securing $3.5 million in seed funding led by Huan Ventures, with participation from Coinbase Ventures and angel investors.
2. The Witness protocol, led by former engineers from Paradigm, Google, and Facebook, aims to provide digital ownership using existing blockchain technology. It allows users to gain proofs over their data, such as attestations signed by different users, which can be verified even if the data is not fully posted on-chain.
3. The protocol addresses the issue of transaction costs in crypto products by extending ownership and verification across existing blockchain networks. Instead of users having to pay multiple fees for each action, Witness makes these products free to use by coordinating the information and extending the resources that blockchains provide in a novel way.