Offchain Labs secures funding for Bitcoin SV-like scalable blockchain

A new player is trying to contend in the unlimited scaling blockchain game, but they may be too late. Offchain Labs has secured $3.7 million in funding from a seed round led by Pantera Capital, according to TechCrunch.

The startup, which started as a research project at Princeton, aims to create a scalable smart contract protocol called Arbitrum as a private blockchain. Their co-founder, Ed Felten, said:

“We’re working to build a platform for smart contract development that provides what we think developers want, a combination of scalability so that you can scale to more transactions per second, more users, and to contracts that have more code and still have more data in them.”

Their reasoning for moving to a private chain, as opposed to a public one like Bitcoin SV (BSV), is so that companies can conduct business without sharing their work. He explained, “So you don’t have to publish everything about your contracts, your code and everything it does on a public chain in order to get your work done.”

They also tout something they call the “Any Trust Guarantee,” which is not that different from how Dr. Craig Wright described smart contracts on the BSV blockchain recently.

The theme here is becoming pretty clear. What Arbitrum will offer, which is scalable, trustable smart contracts on a private blockchain, only holds one described difference from what can already be found in the BSV blockchain that is emerging as the only one the world needs: it’s private, rather than public.

Their intent is good, but they’re already well behind the progress made by the BSV team. BSV is already proving to be the best developed blockchain, with massive on-chain scaling and unlimited smart contract features, with privacy baked in for companies that chose to use it.

It’s already seeing the adoption necessary to take off as well. BSV has already mined the biggest blocks in history, and continues to see increased adoption from both the public and enterprise sectors.

If you’re up to learning more about how BSV is already the only blockchain the world needs, why not attend the CoinGeek Toronto conference this May? Registering takes just a few minutes, and you can save money by using Bitcoin SV via Coingate.

New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.

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