[ad_1] <br><div id=""> <amp-img width="1024" height="683" src="https://content.fortune.com/wp-content/uploads/2023/03/sreeram-kannan-eigen-labs-DSC00663.jpg?w=840" class="attachment-large size-large wp-post-image amp-wp-enforced-sizes i-amphtml-layout-intrinsic i-amphtml-layout-size-defined" alt="Portrait of Eigen Labs Fonder and CEO Sreeram Kannan." data-hero-candidate="" layout="intrinsic" data-hero="" i-amphtml-ssr="" i-amphtml-layout="intrinsic"><i-amphtml-sizer slot="i-amphtml-svc" class="i-amphtml-sizer"><img alt="" aria-hidden="true" class="i-amphtml-intrinsic-sizer" role="presentation" src="data:image/svg+xml;base64,PHN2ZyBoZWlnaHQ9IjY4MyIgd2lkdGg9IjEwMjQiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgdmVyc2lvbj0iMS4xIi8+"/></i-amphtml-sizer><img class="i-amphtml-fill-content i-amphtml-replaced-content" decoding="async" loading="lazy" alt="Portrait of Eigen Labs Fonder and CEO Sreeram Kannan." src="https://content.fortune.com/wp-content/uploads/2023/03/sreeram-kannan-eigen-labs-DSC00663.jpg?w=840"/></amp-img> <p class="wp-caption-text"> Sreeram Kannan, founder and CEO of EigenLabs, can be an affiliate professor on the College of Washington, Seattle. <span class="wp-credit-text">Courtesy of EigenLabs</span> </p> </div><div amp-access="NOT p.showRegWall AND NOT p.showPayWall" amp-access-hide="">

<p>EigenLabs, which goals to make Ethereum as quick and versatile as centralized networks of servers like Amazon Internet Companies, introduced on Tuesday a $50 million funding spherical led by Blockchain Capital. </p>

<p>Sreeram Kannan, the founder and CEO of EigenLabs in addition to an affiliate professor on the College of Washington, Seattle, declined to supply his firm’s implied valuation. Different traders within the spherical embrace Coinbase Ventures, Polychain Capital, Electrical Capital, Hack VC, and Finality Capital Companions.</p>

<p>“One of many largest causes blockchains are usually not in a position to help the unique imaginative and prescient of, ‘Hey, we’re going to do social networks and <a target="_blank" href="https://fortune.com/company/uber-technologies/" rel="noopener">Uber</a> and all these loopy issues,’ [is] as a result of infrastructure is just not prepared for it,” Kannan instructed <em>Fortune.</em></p>

<p>He believes his firm’s flagship product, <a target="_blank" href="https://www.eigenlayer.xyz/" rel="noopener">EigenLayer</a>, is a possible answer to blockchain’s infrastructure disaster, becoming a member of a flood of different infrastructure-focused startups that <a target="_blank" href="https://fortune.com/crypto/2023/02/28/visa-crypto-portal-labs-funding-round/" rel="noopener">have</a> <a target="_blank" href="https://fortune.com/crypto/2023/03/09/proven-raises-15-million-to-rebuild-trust-crypto-zero-knowledge-proofs/" rel="noopener">secured</a> <a target="_blank" href="https://fortune.com/crypto/2023/01/30/haun-ventures-million-dollar-investment-startup-blockchain-infrastructure/" rel="noopener">hoards</a> <a target="_blank" href="https://fortune.com/crypto/2022/12/15/blocknative-raises-15-million-to-provide-global-infrastructure-ethereum/" rel="noopener">of</a> <a target="_blank" href="https://fortune.com/crypto/2023/02/06/elementus-celsius-blockfi-new-funding-round/" rel="noopener">cash</a> throughout the newest crypto bear market.</p>

<p>“By reducing the price of belief and capital, [EigenLayer] opens up alternatives for entrepreneurs to experiment and construct whereas considerably easing the monetary limitations which have hindered innovation up to now,” Bart Stephens, founder and managing associate at Blockchain Capital, stated in a press release.</p>

<p>Versus startup founders who instantly jumped from dorm room to boardroom, Kannan hails from academia. Throughout his grasp’s and doctoral research, he researched peer-to-peer wi-fi networks and shortly grew keen on blockchain expertise. When he landed on the Seattle campus of the College of Washington, he ultimately took depart to launch his personal startup. And in 2021, he based EigenLabs.</p>

<p>Kannan noticed that the efficiency of Ethereum, a cloud-computing community that's decentralized—or not owned by one tech conglomerate—paled compared to the centralized networks of servers run by the likes of Amazon and <a target="_blank" href="https://fortune.com/company/alphabet/" rel="noopener">Google</a>.</p>

<p>Particularly, when builders on Ethereum run their code on the blockchain, they don't have the selection of which servers, or Ethereum nodes, execute their packages. This creates redundancy, as many servers course of the identical code.</p>

<p>Builders constructing on prime of EigenLayer, Kannan says, will have the ability to select which nodes run which components of an software’s code. This functionality permits programmers to create a division of computing labor, a functionality lengthy since accessible to builders utilizing, say, AWS.</p>

<p>To point out the utility of EigenLayer, he and his staff are constructing a “knowledge availability layer” atop their product, or a quicker strategy to write knowledge onto Ethereum’s blockchain, whose knowledge inscription capabilities, Kannan says, are presently paying homage to that of computer systems from the Nineteen Nineties.</p>

<p>However this is only one promise of EigenLayer, which Kannan now hopes to construct out as he provides staff, funds code audits, and helps builders searching for to construct along with his product.</p>

<p>“Our focus,” he instructed <em>Fortune,</em> “will probably be completely on maximizing the floor of innovation, which is, What new issues are you able to construct? Which goes to onboard the following group of software builders, which then onboards the following group of customers.”</p> </div> <br>[ad_2] <br><a href="https://fortune.com/crypto/2023/03/28/eigenlabs-eigenlayer-50m-funding-round-blockchain-capital-infrastructure/amp/">Source link </a>