There are plans by the firm to launch a beta testnet in Q3.
Privacy-focused layer-2 platform Ola has raised $3 million in a seed round to roll out its privacy solution and expand across the crypto industry.
The round was co-led by Web3.com Ventures and Foresight Ventures. However, participation also came from the likes of Token Metrics Ventures, LD Capital, and Catcher VC among other strategic investors.
Ola Keen to Make Privacy an Option
The startup, which released its whitepaper in April, has been experimenting with a hybrid zero knowledge rollup called “ZK-ZKVM”. According to Ola, the platform seeks, as its core goal, to offer optional privacy in the crypto industry. And this seed fund provides the opportunity to do just that.
Confirming the firm’s priorities, Ola CEO Ocean Chen said partly in a statement:
“Our ultimate goal is to make privacy a fundamental right in the digital age, especially for web3 users.”
Chen, as well as Ola, have always cited that there are a lot of benefits that can be derived from privacy. However, the firm believes more in the optional kind of privacy. So, as part of its commitment to bring controllable, optional privacy to Ethereum, Ola seeks to become the first Programmable Privacy platform.
It is against this backdrop, that Chen said again:
“With Ola’s full-featured ZK-ZKVM, developers can harness the potential of privacy-centric applications that prioritize user control and data protection.”
That is, users can have full control over their data. More so, since data being used and profited from without users’ consent has become a common issue in both Web2 and blockchain fields.
For developers, however, they can freely choose to deploy public contracts (Account-based), privacy contracts (Note-based), and ordinary contracts (Account & Note-based).
As of publication, Ola is not yet available to the public. However, there are plans by the firm to launch a beta testnet in Q3. Then it hopes to wrap up the year by releasing a public testnet before the end of 2023.
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