Summary: Portuguese cybersecurity protocol, Naoris, raised $11.5 million in an equity and token sale to fund creating a decentralized proof-of-security consensus mechanism by the end of 2022, according to an announcement.  The equity and token sale had participation from Tim Draper’s Draper Associates and Holt Xchange, which will allow the company to expand and scale its ...

Portuguese cybersecurity protocol, Naoris, raised $11.5 million in an equity and token sale to fund creating a decentralized proof-of-security consensus mechanism by the end of 2022, according to an announcement

1.png

The equity and token sale had participation from Tim Draper’s Draper Associates and Holt Xchange, which will allow the company to expand and scale its operations for the consensus mechanism. 

Naoris is a layer 2 protocol, built on the Ethereum Virtual Machine (EVM), that focuses on security and decentralization. CEO and founder David Carvahlo and his team are addressing the points of failure in web2 and web3, and bringing that to blockchain technology. 

“The majority of Web3 operates on top of Web2 architecture that wasn't designed to handle the current level of cyber threat,” their website says. “Web2 cyber security tools are siloed: Black boxes owned and operated by centralized vendors using the same static approach for the last 35 years.”

Naoris is looking to change this current landscape and provide both web2 and web3 with more security. With Naoris, users can create individual validators nodes in a secure network, where peer-to-peer transactions are distributed across devices, putting an emphasis on decentralization. 

“The centralized model where the hacking of a single device that could compromise an entire network is categorically flawed,” said Kjell Grandhagen, former chairman of NATO/OTAN Intelligence Committee. “With Naoris Protocol, there is no single point of failure. Naoris Protocol uses Blockchain technology so that no single device exists in a silo.”

Author: Tyler Irvin