Chain Reaction's funding round, which was led by Morgan Creek Digital, will allow it to increase its engineering headcount in order to hasten the development of its blockchain and crypto silicon.
The fabless startup enrolled the services of TSMC, one of the biggest foundries in Taiwan, to mass produce the chips.it to be around $500 million, having raised $115 million since its founding.Chain Reaction aims to use its first batch of blockchain chips as a trampoline to developing more advanced silicon, designed to tackle cryptographic problems.
The more advanced chips would be centered around a technique called homomorphic encryption, which allegedly could allow them to make operations with encrypted data without decrypting it in the first place. This could have several applications in the cryptography field, allowing for more efficient and private operations without having to put plain information in the open when working with data.
The company is optimistic about having a solution for this cryptographic issue, even with today’s limited processing capabilities. Chain Reaction co-founder and CEO Alon Webman stated: We think our solution will make homomorphic encryption viable. We have unique architecture and we also understand the limitations on compute and memory among processors today. We have the solution needed to make it possible.
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