Stanford researchers raise $32 million as they build a privacy-focused blockchain

Quick Take

  • Espresso has emerged from stealth mode to announce a new privacy-focused blockchain, backed by $32 million in fresh funding.
  • The goal is to bring to market a layer-one blockchain with lower gas fees, higher throughput, with user privacy and decentralization. 

Collaborators at Stanford University have raised $32 million in funding for Espresso, a new layer-one blockchain focused on privacy and decentralization. 

"This funding will provide the resources necessary to grow the team researching, building, and implementing the infrastructure and products that will make Web3 ready for broad adoption," says a blog post on Espresso's website. "The funds will also go towards bringing these products to market through a range of channels: distribution of native end-user products, developer adoption, and partnerships with entrepreneurs, startups, and enterprises."

The company behind Espresso, called Espresso Systems, is led by four co-founders. The latest funding round was led by Greylock Partners and Electric Capital with participation from Sequoia Capital, Blockchain Capital, and Slow Ventures. 

The developers behind Espresso contend that one factor hampering broader adoption is high transaction fees that fluctuate. “Soaring fees render many of today’s most popular decentralized applications inaccessible for large numbers of would-be consumers,” says the blog post.

Espresso aims to change that, by using zero-knowledge proofs, which allow a party to prove that a statement is true without showing the evidence behind it, said CEO Ben Fisch to TechCrunch.  Espresso uses ZK-Rollups to achieve greater throughput by consolidating transactions into a single proof. 

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