The company has intentions to unveil a beta testnet during Q3.
Privacy-centric layer-2 platform Ola has secured $3 million in a seed funding round to facilitate the deployment of its privacy solution and broaden its presence within the crypto sector. Web3.com Ventures and Foresight Ventures jointly spearheaded the funding, with notable contributions from Token Metrics Ventures, LD Capital, and Catcher VC, among other strategic investors.
Ola Keen to Make Privacy an Option
The startup, which unveiled its whitepaper in April, has been testing a hybrid zero knowledge rollup known as “ZK-ZKVM”. Ola states that the platform’s main objective is to provide optional privacy within the cryptocurrency sector. This seed fund enables them to pursue this goal effectively.
Affirming the company’s focus, Ola CEO Ocean Chen expressed in a statement:
“Our ultimate goal is to make privacy a fundamental right in the digital age, especially for web3 users.”
Chen and Ola consistently emphasize the numerous advantages of privacy. Nevertheless, the company leans towards endorsing a form of privacy that is more voluntary. With a firm dedication to introducing manageable and voluntary privacy to Ethereum, Ola aims to establish itself as the pioneer 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.”
Users have complete autonomy over their data, ensuring full control and preventing unauthorized usage and exploitation. This issue of data being utilized and monetized without users’ explicit consent is widespread in both the Web2 and blockchain domains.
Developers, on the other hand, have the freedom to select from a range of contract deployment options, including public contracts (Account-based), privacy contracts (Note-based), and ordinary contracts (Account & Note-based).
Currently, Ola is not accessible to the general public. However, the company has ambitious plans to introduce a beta testnet in Q3, followed by the release of a public testnet before the conclusion of 2023, demonstrating its commitment to a timely and successful launch.