Agoric, a blockchain startup working to improve the reliability of smart contracts, has just brought in $4 million to bring their vision to life.
Dangerous smart contracts
However, even more newsworthy is the fact that Ripple’s Xpring has backed the project. According to a Medium post, the group is happy to support smart contract development:
“The smart contracts market is growing and Agoric is well positioned to reach a broader market. Agoric enables developers to safely build secure smart contracts and new digital assets that can connect to public and private blockchains. They are focused on creating an interoperable smart contracts platform that is accessible to mainstream developers.”
Other funding groups include Cryptos Capital, MetaStable Capital, and the Interchain Foundation, among others. CoinDesk reports that this money will go towards expanding the team alongside launching a testnet. That, and it’s hoping to “build out interoperability with top-tier next-generation decentralized projects.”
Fixing the problem
Put simply, smart contracts are damn hard to code properly. Due to human error, there are tons of issues that can occur. Misplaced phrases and other mistakes waste a ton of time and effort. Launching around this time last year, Agoric’s main goal has been to fix these.
Speaking to CoinDesk at the time, project programmer Dean Tribble detailed what they’re going for:
“In the current blockchain environment for smart contracts, security is a major impediment to having it grow into the larger economy and mainstream applications. We have security and smart contracting approaches that can address that, and make it so that typical application programmers can program their typical application problems using smart contracting technology.”
Speaking of smart contracts, if you’re looking to buy Ethereum, check out our guide on how to do so.