Firewall, a startup specializing in blockchain infrastructure, has secured $3.7 million in pre-seed funding. The funding round was co-led by North Island Ventures, Breyer Capital, and Hack VC. Firewall aims to enhance the usability of smart contract technology by introducing an innovative finality consensus mechanism that eliminates smart contract exploits.
The founders of Firewall, who were previously employees at Staked, have been instrumental in advancing proof-of-stake and decentralized finance in recent years. They have extensive experience serving institutional clients and handling billions of dollars in infrastructure. With this expertise, they are now focusing on addressing the main obstacle to the adoption of digital assets by the traditional financial system.
Firewall’s solution revolves around the concept of “programmable finality.” Similar to a traditional network firewall, Firewall’s technology uses programmable transaction finalization rules to block harmful transactions. This is achieved by inserting automated checkpoints before the finalization of data. In this way, Firewall acts as an embedded security system that intelligently guards against threats in smart contract networks.
By using real-time algorithms, Firewall is able to pre-filter exploits from being included in blocks. If any exploits bypass these pre-filter checks, programmable finality enables automatic recovery. The detection process may involve AI models or social consensus, depending on the circumstances. Institutions managing trillions in assets are particularly interested in the benefits of smart contracts, but they require a secure environment to deploy capital. Firewall aims to create comfort for these institutional clients to facilitate widespread adoption of digital assets.
The core team at Firewall has a strong background in using AI for crypto threat detection. They have previously worked at OpenZeppelin and Forta, and they plan to apply their expertise to revolutionize the field of security. Initially, Firewall will focus on the rollup ecosystem, with the goal of building non-custodial and trustless solutions. The funding will be used to expand the team and create a community to further develop Firewall’s security technology.
Travis Scher, Managing Partner at North Island Ventures, emphasized that the current security paradigm is a major obstacle to the mainstream adoption of crypto. A single bug can lead to a total loss of user funds, which undermines confidence in the technology. Firewall’s solution has the potential to prevent such losses and improve the security of crypto networks.
The funding round was co-led by North Island Ventures, Breyer Capital, and Hack VC. Other participants include Finality Capital and prominent individuals from the industry. The investors recognize the importance of making blockchains safer for users, developers, and institutions. They believe that Firewall’s solution can catalyze a new era of smart contract utility and unlock the value of crypto assets.
With the increasing global adoption of crypto and the regulatory focus on the industry, it is crucial for crypto networks to become more secure. The emergence of Bitcoin ETFs and the anticipated Ethereum ETF have added significant momentum to the crypto market. However, trillions of dollars remain on the sidelines due to concerns about smart contract exploits. Firewall’s “programmable finality” offers the security assurance needed to unlock these assets, leading the way for crypto to revolutionize the global financial system.
In conclusion, Firewall’s innovative approach to enhancing the security of smart contract networks has attracted significant funding from investors. The team’s expertise and focus on providing a secure environment for institutional clients aligns with the need for improved security in the crypto industry. With their solution, Firewall aims to make smart contract technology safer and more accessible for everyday use, paving the way for widespread adoption of digital assets.
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