Blockchain security infrastructure startup Firewall announced it has successfully raised $3.7 million in a pre-seed funding round following efforts to propel the smart contract technology into mainstream adoption.
The presale round, co-led by North Island Ventures, Breyer Capital, and Hack VC, aims to bolster Firewall’s innovative approach to fortifying smart contract networks against vulnerabilities.
Founded by industry veterans who played pivotal roles at Staked, a leading staking company acquired by Kraken, Firewall boasts a team with extensive experience navigating the intricacies of decentralized finance (DeFi) and proof-of-stake (PoS) ecosystems.
Leveraging their expertise, Firewall introduces a groundbreaking consensus mechanism termed “programmable finality” to eliminate smart contract exploits, thus enhancing the safety and usability of blockchain technology.
Notably, at the core of Firewall’s solution lies the concept of “programmable finality,” akin to a digital firewall for smart contract networks. This technology incorporates automated checkpoints to preemptively block malicious transactions, complemented by real-time algorithms for threat detection and recovery mechanisms to mitigate potential exploits.
Sam Mitchell, Firewall Co-Founder, made comments on the development, stating;
“Firewall uses real-time algorithms to pre-filter exploits from being included in block,…Then, by using programmable finality we automatically recover from any exploits that bypass the pre-filter checks. Detection at this stage can involve AI models or social consensus, which may take longer.”
“Creating comfort for institutional clients to use smart contracts will be the pivotal point for the widespread adoption of digital assets,” Mitchell added.
With global crypto adoption on the rise and regulatory scrutiny intensifying, Firewall’s innovative approach to smart contract security couldn’t come at a more opportune time. As the industry anticipates the introduction of ETH ETFs, Firewall’s “programmable finality” offers a compelling solution to neutralize exploits, paving the way for crypto to revolutionize the global financial landscape.
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