[Pr – New York, New York, 12th December, 2022, Chainwire]
Investors are betting on a new internet infrastructure that the founding team of Uber, Indiegogo and Hedera Hashgraph say could create the next cryptocurrency bull run
Web3 startup Nillion has closed a fundraiser of over $20 million from strategic partners and investors. The project is based on a new mathematical innovation, invented by cryptography professor Dr. Miguel de Vega, called Nil Message Compute (NMC) that enables the creation of a blockchain-free decentralized network that aims to open new blockchain-free decentralized networks. use cases.
Since its founding in November 2021, Nillion has grown to over 40 employees with no outside funding. Members of the Founding Teams of Uber, Indiegogo, and Hedera Hashgraph, as well as key executives from Coinbase and Nike, joined forces at Nillion to build the platform. The company aims to become the first blockchain-free decentralized network designed to enable new decentralized use cases while providing secure and private data transfer, storage, and computation.
Nillion CEO Alex Page reports that raising more than $20 million from more than 150 investors was a conscious decision to avoid typical concentrated ownership among a small number of venture capitalists who may have adverse incentives to “dive off” in the long run. :
“We have seen many web3 projects suffer because their network was owned by early investors with excessively concentrated stakes. This is exactly why we passed over certain Silicon Valley VCs who wanted more than 5% of the tokens to simply lend their name to the project. Instead, we carefully invite a widely distributed group of early adopters who love, support, and add value to the project.”
The round was led by Distributed Global and includes investments from Big Brain Holdings, Chapter One, GSR, Hashkey, OP Crypto, SALT Fund, and over 150 others.
David Gan, GP at OP Crypto, said: “It is very rare to have a truly groundbreaking mathematical innovation built by an elite ‘Avengers-level’ team. Nillions could open up a whole new universe of blockchain use cases never imagined. What proof-of-work did for blockchain, I think NMC can do for multi-party computing as a technology.”
Another investor, Alex Klokus of SALT Fund, says: “Nillion is a world class team
pursuing an extremely ambitious order of magnitude improvement over existing MPC technology. If they do, it could be revolutionary.”
NMC enables the sharding and scattering of data across the Nillion network of nodes, creating privacy while allowing the underlying data to be computed quickly. A key feature of the technology is that this process occurs without the need for communication between the nodes.
According to the team, company website and online materials, NMC technology unlocks new utility in web3 such as decentralized credit scoring, decentralized trusted execution environments, private NFTs and decentralized secure storage services. . Other promised potential use cases outside of web3 include storing healthcare records on the network and being able to run analytics on the records without compromising an individual’s right to privacy.
Nil Message Compute (NMC) was developed by Nillion’s Chief Scientist, Dr. Miguel de Vega, author of more than 30 patents in the fields of machine learning, data optimization, and mathematics. In addition to Dr. Vega, Nillion’s leadership team includes:
CTO Conrad Whelan, founding engineer at Uber. Head of Cryptography Elizabeth Quaglia, Senior Lecturer at Royal Holloway, University of London, one of the world’s leading cryptographic institutions. CEO Alex Page, a former Goldman Sachs investment banker and Hedera SPV Crypto Managing General Partner Tristan Litré, previously CTO of a DeFi platform acquired by AQRU. Commercial Director Slava Rubin, founder and former CEO of Indiegogo. Chief Strategy Officer Andrew Masanto, who started two of the top 100 cryptocurrencies: Hedera Hashgraph and Reserve. Head of Ecosystem Mark McDermott, formerly Head of Innovation Partnerships at Nike. General Counsel Lindsay Danas Cohen, formerly Associate General Counsel at Coinbase and former Chief Legal Counsel at Bloomberg.
Nillion is prioritizing ecosystem development from an early stage in protocol development and reports significant interest from web2 and web3 participants.
“We have received expressions of interest from more than 120 companies wanting to test applications or build on Nillion, demonstrating the need for a commercially viable private computing network. Data stored on Nillion’s network is not only secure, but can also be used for extremely fast private calculations,” says Alex Page, CEO of Nillion.
Nillion is a new Internet infrastructure for the secure storage and computation of data. It is a decentralized network (although not a blockchain) that uses a novel mathematical innovation called Nil Message Compute (NMC) that represents a generational leap in a technology known as secure multi-party computing (MPC). Nillion makes it easy to shard data across a network of nodes, while allowing the underlying data to be computed at commercially viable speeds.
For more information about the company, visit www.nillion.com
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