Naoris Protocol Secures $11.5M to Upscale Cybersecurity in Web3.0

Cybersecurity firm Naoris Protocol announced the end of a funding round that generated $11.5 million.

The startup intends to reimagine network security for the Web3 world with this fund. By the end of the year, it would have designed a decentralized proof-of-security consensus mechanism.

Tim Draper, founder, and CEO of Draper Associates who is also recognized as a Bitcoin (BTC) giant was one of the key investors in the round. Investors in this fund also include Holt Xchange, Holdun Opportunity Fund, Holdun Family Office, Expert Dojo, and Level One Robotics amongst others. Many other investors from the sports industry also joined in this round.

Naoris Protocol was built on the Ethereum (ETH) Virtual Machine (EVM) system which acts like a decentralized computer executing multiple projects. The EVM creates a more secured foundation for the ETH network which is scheduled to move from proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism during the Merge.

This gradual exchange from the PoW to PoS will invariably lead to centralization.

David Carvalho has actively been engaged in the cybersecurity space for over 20 years. He started developing both a multichain layer 2 and layer 3 protocol recently.

The activities of the multichain later are centered on security and decentralized technology. Conceiving it from a cybersecurity standpoint, Carvalho appreciates the EVM as the most audited piece of code in the space. 

Decentralization Offers Users Security than Centralization

According to David Carvalho, the CEO of Naoris, his team would make efforts to decipher the point where Web2 failed and the faults of Web3.0. With this, the Naoris Protocol team will navigate through blockchain technology and accurately position cybersecurity.

Meanwhile, the Naoris Protocol possesses a security feature that makes decentralization the best choice. This is especially for new users who are keen on maintaining the privacy of their data in the blockchain. Therefore, Naoris’s attention is practically focused on users considering moving from Web2 to Web3.0.

This uniqueness of the Naoris Protocol is one of the reasons why the firm has successfully captivated the hearts of several investors. With decentralization at the core of the cybersecurity firm, users on its platform are guaranteed a level of safety with the upcoming trusted nodes.

Besides Naoris, CertiK also comes off as a security startup that has gained considerable backing from investors in recent times.