With $11.5M In Funding, Naoris Protocol Will Use Blockchain & Decentralization To Plug Web3 Security Gaps

With $11.5M In Funding, Naoris Protocol Will Use Blockchain & Decentralization To Plug Web3 Security Gaps

By creating a decentralized network of trusted devices that are incentivized to continuously validate each other to ensure no weak points, Naoris Protocol is on a mission to reinvent cybersecurity best practices. 

What’s more, it has the money it needs to fulfill its ambitions, having just closed on a funding round worth $11.5 million. The company has some notable backers too, among them Tim Draper of Draper Associates, Holt Xchange, Holdun Opportunity Fund, Brendan Holt Dunn, Holdun Family Office, SDC Management, Expert Dojo, Uniera, Level One Robotics, and others. 

Those investors are placing their bets on Naoris Protocol’s decentralized cybersecurity mesh technology, which is claimed to be able to mitigate threats across any device and network, enabling companies to implement a powerful new zero trust architecture. 

The key to Naoris Protocol’s technology is its underlying blockchain, which enables each network participant to perform trustless verification. The other aspect of its solution is a cryptocurrency, namely the CYBER token, which is held by network participants and provides an incentive for each node to continuously scan other devices for vulnerabilities. 

Naoris said its unique blockchain enables it to record proof of trust with both confidentiality and provable integrity. The protocol is designed to supplement, not replace, existing cybersecurity systems. Its main goal is to detect and validate enforcement, which it does through a hyperstructure-inspired network that can detect security lapses almost as soon as they occur. 

The concept is actually pretty simple. Each device that joins the mesh becomes a validator that’s tasked with securing all other devices connected to the network. This is done through a decentralized proof of security (dPoSec) consensus mechanism, in which validators are incentivized to agree on the status of each device.

As the network expands and adds more validators, it actually becomes stronger, in contrast to centralized networks that become more vulnerable as more devices are added. 

Explaining his company’s vision, Naoris Protocol CEO David Carvalho said the goal is to use blockchain to leverage “the cryptographic power of the many.” This, he said, will “fundamentally change how trust happens between devices and applications on the internet, from individual users to businesses and critical spaces.” 

Naoris Protocol said the money from today’s round will be used to scale its solution, which is expected to be up and running with an MVP by the end of the year. Then, it will launch its full product in general availability by mid-2023, aimed at clients in the financial services, healthcare, civil infrastructure, and government sectors, among others. 

Brendan Holt, CEO, and Chairman of Holdun Family Office, said Naoris Protocol caters to a unique and extremely important need across all businesses globally. “We will stop at nothing to provide the support and financial resources required to bring Naoris to the forefront of the cybersecurity industry in Web2 and Web3,” he added.

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