Blocksense Closes $4M Pre-Seed Round Led by Permutation, Joins a16z CSX Accelerator Program

New York, USA, 10th September 2024, Chainwire

3 min read

Sep 10, 2024

New York, USA, September 10th, 2024, Chainwire

Blocksense, the recently founded Schelling coin oracle services innovator, has successfully raised $4 million in a funding round that underscores its commitment to redefining decentralized data infrastructure. The round was led by Permutation, with participation from a16z Crypto Startup Accelerator (CSX), Gitcoin co-founder Scott Moore’s Public Works, Tykhe Block Ventures, Steady Lads podcast co-host Jordi Alexander’s Selini Capital, MH Ventures, and angel collective Daedalus.

This strategic investment will empower Blocksense to accelerate the deployment of its novel ZK-rollup architecture and permissionless oracle feeds, which will address critical pain points in the oracle space such as prohibitive costs, centralization and opaque business models. The funds will be used to scale operations, enhance the developer experience, expand the team and launch the mainnet, solidifying Blocksense’s position as a leader in decentralized oracle technology.

Strategic Partnerships and Industry Validation

Blocksense’s inclusion in the Fall 2024 cohort of the a16z Crypto Startup Accelerator (a16z CSX) that starts in New York this week represents a further endorsement of its vision. This program will provide Blocksense with unparalleled resources and mentorship, accelerating its path to becoming a major player in the decentralized oracle market.

Additional strategic partners and angels included Ethereum Foundation researchers Justin Drake, Zhenfei Zhang, and Ognyan Genev, Worldcoin Foundation research engineer dcbuilder, The Rollup, Blockdaemon founder Konstantin Richter, Encode Club co-founder Anthony Beaumont, and Manta Network co-founders Victor Ji and Kenny Li.

"We're excited to partner with investors who share our vision of a decentralized, transparent and cost-efficient oracle ecosystem," said Zahary Karadjov, CEO of Blocksense. "Their support validates our approach and will help us push the boundaries of what's possible with blockchain technology."

Breaking Barriers in the Oracle Space

Blocksense’s approach to oracle solutions is poised to dismantle the monopolistic structures currently dominating the industry. By leveraging cutting-edge zero-knowledge cryptography, Blocksense offers an unmatched combination of cost efficiency, scalability and security. The protocol’s unique ability to publish data on any blockchain capable of verifying zero-knowledge proofs marks a significant step toward democratizing access to reliable oracle services.

The company’s SDK for permissionless data feeds creation enables developers to start bringing real-world data on-chain in a matter of days. This capability is not only a technical advancement but a pivotal shift towards a more inclusive and innovation-friendly blockchain ecosystem. By removing the current barriers to the creation of arbitrary oracle data feeds, Blocksense opens up myriad new dApp use cases, significantly accelerating blockchain adoption.

The protocol’s advanced ZK-rollup technology delivers up to a 50x reduction in gas fees for publishing data on-chain, making it economically viable to maintain high-frequency updates and support complex decentralized applications. The platform’s Schelling coin game-theoretic consensus mechanism, secured by EigenLayer, ensures data integrity by addressing long-standing issues of collusion and bribery currently plaguing traditional oracle models.

About Blocksense

Blocksense is a decentralized and permissionless protocol designed as a ZK-rollup for the efficient creation and consumption of oracle data feeds. With a focus on innovation, accessibility and trust, Blocksense aims to lead the next wave of blockchain oracle development by providing secure, scalable and universally accessible oracle services that empower the decentralized economy.

For more information, users can visit Blocksense Network and The Blocksense Blog, or follow Blocksense on X, LinkedIn and Discord.

Contact

Jamie Kingsley
Blocksense
j.kingsley@theprgenius.com

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