TEL AVIV, Israel, Aug. 18, 2022 (GLOBE NEWSWIRE) -- dWallet Labs, a cybersecurity company specializing in blockchain technology, today announced it raised $5M in pre-seed funding led by Node Capital and Digital Currency Group (DCG), and joined by Amplify Partners, Lightshift Capital, Liquid2 Ventures, Collider Ventures, Lemnsicap, Heroic Ventures, Impatient Ventures, Zero Knowledge, Dispersion Capital, Token Bay Capital, Tykhe Block Ventures, Cerulean Ventures and Earl Grey Capital alongside founders and angel investors from Coinbase, Ethereum, Celo, AngelList, Alt, Spearhead, and others. With top cybersecurity experts and cryptographers, dWallet Labs is building solutions on top of the Odsy (pronounced Odyssey: od-uh-see) Network, a secure and programmable decentralized access control layer to all of web3. The funds will be used for building protocols and projects on top of the Odsy Network.
In its short lifetime, blockchain has already gone through several evolutions. The first phase began with the emergence of Bitcoin which introduced decentralized money. Ethereum ushered in the second phase which brought decentralized applications (dApps) to light with smart contracts. Through the implementation of dWallets, Odsy marks the beginning of the third phase, decentralized access control, bringing the industry back to true decentralization.
Web3 has a major access control problem. As the industry continues to grow, it becomes more fragmented with new protocols, assets, and chains, causing access to revert from being completely decentralized (holding the private key directly) to outdated, centralized ways that hold the assets or keys for users. Managing access to decentralized solutions in a centralized way undermines decentralization. This is where a new era of decentralized access control comes in.
dWallets
Dynamic Decentralized Wallets (dWallets) are the trustless access control solution for web3. dWallets are a new blockchain primitive that other projects can build upon and offer programmable access for any other blockchain. A dWallet on the Odsy Network is bound to Wallet Contracts, dedicated smart contracts that manage the access control and privileges for that dWallet.
The dWallet concept will transform how digital assets are stored, used, accessed, and connected to the real world by adding a fully decentralized layer of a dynamic and stateful access control. This will open the door to new possibilities including multi-chain DAOs, granular access sharing, and interoperable infrastructure for DeFi. dWallets will also allow for a full transfer of their ownership, which was impossible before.
"It is rare to witness a totally new decentralized infrastructure allowing many new use cases that were not possible before with the utilization of the dWallet concept," said Amos Meiri, Founding Partner at Node Capital.
"We’re always looking for novel primitives that will unlock new use cases for blockchain technology. Soon after meeting the dWallet Labs team, we recognized the potential for their dWallet ecosystem to change access control for the better. In turn, dWallets may offer new ownership and transfer capabilities for a more expansive set of complex cryptoassets. We're excited to support the team and help bring their vision to fruition,” stated Matt Beck, Director of Investments at Digital Currency Group.
Odsy Network
The dedicated blockchain that supports dWallets is the Odsy Network. In the Odsy Network, standard blockchain actions can be done only through dWallets, establishing them as a single, multi-chain access point to all of web3.
“Custody is just the tip of the iceberg, trustless access control is the missing piece of crypto. dWallets and the Odsy Network will connect crypto to the real world with so many new use cases,” says Omer Sadika, Founder and CEO of dWallet Labs, who has his roots in cybersecurity, where he developed the concept of API Security, and founded API Security unicorn, Salt Security. “Today, we find it trivial that we have the appropriate access control, whether that be for a note-taking app or a bank account. However, when it comes to crypto, we have to choose between poor access control we get from blockchains to centralized solutions that defeat the purpose of being decentralized in the first place.”
The Odsy Network was founded by Omer Sadika, David Lachmish, Sean Lee and Yehonatan Cohen Scaly, with the Zug, Switzerland-based Odsy Foundation that will support and develop the wider Odsy ecosystem. dWallet Labs will provide professional services to the Odsy Foundation, and support for organizations building on the Odsy Network.
“The Odsy Network is built as a security-first decentralized network, and it will be governed by the Odsy community,” says Sean Lee, previously CEO of the Algorand Foundation, who serves as Odsy Foundation’s Executive Director. “We are building the Odsy Foundation to support a vibrant Odsy ecosystem with builders and strategic partners to evangelize dWallet use cases for the next 10 years and beyond. The most innovative dWallet applications will come from the community and we will work together to imagine what is possible for the future of web3.”
To learn more about dWallets and the Odsy Network visit odsy.xyz.
ABOUT ODSY NETWORK & DWALLETS
The Odsy Network provides a secure, programmable, decentralized access layer to all of web3 through dynamic, decentralized wallets (dWallets). A dWallet is a signing mechanism paired to a public key and constrained by dynamic access control, that operates within a decentralized state machine (e.g. blockchain). dWallets can sign transactions on any blockchain network that leverages the universally adopted signing algorithms (e.g. ECDSA, EdDSA, etc.)
On the Odsy Network, dWallets are bound to Wallet Contracts, dedicated smart contracts that are stateful and Turing-complete, enabling the management of access control and privileges of the dWallets, and the implementation of any protocol on top of the Odsy Network. The Odsy Network is a security-first blockchain that allows for multi-chain interoperability with programmable and transferable wallets. Learn more about Odsy and dWallets at odsy.xyz.
ABOUT DWALLET LABS
dWallet Labs Ltd., based in Tel Aviv, Israel, a cybersecurity company specializing in blockchain technology, is building SingleWallet, the first interface to interact with dWallets on the Odsy Network. The mission of dWallet Labs is to build protocols and solutions on top of the Odsy Network. dWallet Labs will also provide professional services and support for organizations building on the Odsy Network. The team possesses deep knowledge and expertise in cybersecurity, cryptography and blockchain technology. Learn more at dwalletlabs.com.
Media Contact
David Goosenberg; david.goosenberg@serotonin.co
A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/d34d11e7-33dd-473c-bfac-11adb2e4ae59
