Fun, a company looking to solve the pain points of some decentralized crypto wallets, has announced a pre-seed funding round led by Tinder co-founder VC firm.
JAM Fund, a venture capital firm founded by Justin Mateen, co-founder of popular dating app Tinder, invested a significant portion of a US$3.90 pre-seed funding round raised by the San Francisco firm. . fun(Not to be confused with the crypto-game-centric project of the same name.)
Other large VCs such as SOMA Capital, NOMO Ventures, Great Oaks Venture Capital are also participating, and Cory Levy is also participating.
What is fun?
A blockchain software development company building cross-chain wallet infrastructure. strange Blockchain – A security-focused network of decentralized wallets, aka dWallets.
Given how much ongoing risk is associated with hacking wallets and cross-chain bridging of assets, this is something the industry gets right, not to mention how difficult cryptocurrency wallets are to use in practice. important area for
To that end, Fun plans to use the funds to “develop more dynamic, secure, and expressive wallet and access control applications.”
‘Definite Momentum’ Towards More Intuitive Wallets
you can learn more about stock head I posed a few questions to Mario Baxter, Fun’s CTO and former machine learning engineer at Meta. (Warning, this gets cryptographically a bit technical in some places. I’ve linked to the explanation if needed.)
Hey Mario. Without naming names, even the most widely used decentralized crypto wallets are complex and difficult to use for newcomers to the crypto space… Do you agree?
“Yes, there are many problems with current decentralized crypto wallets. Users who are not familiar with many of the technical details will find them completely unusable.
What do you think are the main barriers and problems people face?
Traditional Web 2.0 users are unaware of the implications of losing their private keys or seed phrases, do not understand or care about the networks they are , permissionless, etc.
The good news is that looking at the evolution of crypto wallets over time, there is very clear momentum towards more intuitive and user-friendly wallets.
Simplicity leads to mass adoption
Do you think it is important to improve the usability of crypto wallets? A big part of unlocking broader crypto adoption?
In the same way that the internet was not popular with the masses until it was connected and made available to the general public, blockchain technology was not popular with the masses until it was simple enough for the average person to use. not available.
The average Internet user today doesn’t know the difference between HTTP, TCP, and SMTP, but can still send email. Similarly, crypto users don’t need to know the ins and outs of the protocols they’re using internally, all of which should be abstracted from the end user.
So how does Fun solve the crypto wallet usability problem?
The main usability issues traditional Web 2.0 users face when working with Web3 are private key management and technical awareness of the underlying blockchain protocol at work.
Our product roadmap aims to address both of these issues head-on: leveraging recent innovations in dWallets and ZKML to make private key management more intuitive. [zero knowledge machine learning]which abstracts the underlying blockchain protocol by leveraging dWallet’s native interoperability and user-centric design.
What made you specifically choose to build on Odsy Network?
There are several entities building towards this vision today, but the winners of this race will inevitably have strong cryptographic backgrounds, but equally important, extensive cybersecurity backgrounds. It’s about having the ground.The Odsy Network team is best equipped for both of these aspects.
Turing complete MPC (multi-party computation) Without a doubt, it will become a fundamental building block of the entire blockchain industry within the next decade.
The Odsy Network’s dWallet primitives and the work we’re doing with Fun will be the core puzzle pieces in our journey towards a decentralized wallet for the masses.
How does Fun and Odsy mitigate the risks of cryptocurrency hacking and bridging, or any other exploits you are aware of?
Bridge hacks have compromised over $2 billion in user crypto assets to date. The interoperability protocol built on top of the Odsy Network makes these hacks much less likely because of the explicit division of labor.
Odsy Network focuses on building a general-purpose infrastructure that exposes dWallet primitives to developers. They have the world’s best cryptographers and cybersecurity experts working to make this infrastructure as secure as possible.
Like Fun, developers building on Odsy Network can take dWallet primitives for granted and build on top of them without worrying about technical implementation details.
This allows developers to implement MPC interoperability applications with orders of magnitude less logical complexity than before. This reduced complexity means that bugs are much less likely to get introduced and hacks are less likely to occur.
Stockhead does not provide, endorse, or otherwise endorse any financial advice contained in this article.