Naoris Protocol, a blockchain network security Protocol, recently announced the completion of a $11.5 million funding round led by Tim Draper, Holt Xchange, Holdun Family Officer, SDC Management, Expert Dojo, Uniera, Level One Robotics and several angel investors participated in the investment.
It is understood the funds raised will be used to build an AI-based cyber security grid, with Naoris Protocol promising it will better protect the network as it grows.
Naoris Protocol is designed to transform blockchain network security. It relies on the blockchain and its distributed security consensus proof to convert each device into a trusted verification node, which will be responsible for verifying every other node in the network. This means that the bigger the network grows, the more verifiers there are and the more security there will be.
The underlying blockchain technology enables every network participant to perform trust-free authentication. Another element of the Naoris Protocol is cryptocurrency, known as CYBER tokens, which must be held by network participants and are used to prompt each node to constantly scan other devices for vulnerabilities. Naoris claims that networks actually become more secure as more devices are added, in stark contrast to today's centralized networks, which become increasingly vulnerable as they grow.
Naoris explained that blockchain enables it to record proof of trust with confidentiality and provable integrity, and that the protocol is intended to complement rather than replace existing cybersecurity systems. Its main goal is detection and verification of implementation, which is accomplished through a hyperstructure-inspired network that can detect security breaches almost immediately after they occur.
"Our vision is to leverage the encryption capabilities of many people through blockchain to fundamentally change the way trust occurs between devices and applications on the Internet," said David Carvalho, CEO of Naoris Protocol.
Naoris Protocol plans to have the concept of its system up and running by the end of the year and then roll out its full offering to customers in banking, healthcare, civil infrastructure and other industries by mid-2023.