Tech Week 2023 is here. We are here to cover all the latest innovation and cool tech that companies have to offer. Our objective is to identify the most promising projects on the horizon.
Well known names like A16Z, Union Square Ventures, First Round Capital, Visa, OpenAI are all part of this year’s TechWeek. With over 400 events hostes across all verticals.
So let’s get into one project that really excites us!
Among many great projects, IronWeave has emerged as a standout, leaving a lasting impression with its innovative presentation. Their driving goal is to solve real-world problems on a global scale that can be adopted by enterprise customers and integrated into their existing tech stack. They are forging a path to do this by creating a seamless platform from Web 2 or Web 3 technology, and that’s a huge opportunity.
Enterprise Security is Under Threat
Enterprise companies, who now work in Web 2 platforms and Web 3 DEX’s,(Decentralized Exchanges) are experiencing a crisis in data security. Almost on a weekly basis we read about another massive data breach. In addition to being a failure of these company’s fiduciary responsibility. It’s. Bad. For. Business.
Finance companies, brokerage houses, communications platforms, desperately need to harden their security. Further, if in the process they can transact business more efficiently and at lower cost, they’ll have a win/win/win of security, efficiency, and cost reduction.
Meet The Team Behind The Tech
In every technology company, success hinges on the intelligence and expertise of its founding team. Meeting some – and then learning about the rest of these remarkable individuals paints a picture of the near perfect blend of experience and innovation.
David Iseminger: With over two decades of experience at Microsoft, David Iseminger has delved into the intricate workings of enterprise scaling, OS stack performance, and security. His contribution to the tech world doesn’t end there; he’s also authored an impressive 12 books on various technologies, protocols, and enterprise systems.
Kelly Birr: Kelly Birr, an entrepreneurial dynamo, has an extensive track record that includes founding and successfully exiting multiple tech companies. His 20 years of experience in the Fortune 50 fintech sector, where he managed distributed systems, comes with a special emphasis on navigating the complex world of federal regulations, data compliance, and payment systems
Neil Taylor: Neil Taylor, another driving force behind this groundbreaking venture, brings a wealth of experience founding and exiting multiple tech companies in various domains, including payments, hardware design, CRM, and parking.
“In IronWeave, a transaction is inherently private. Unlike other blockchains, there’s no Etherscan. And IronWeave is agnostic to the kind of data you’re putting into a block.It might be a message you’re sending from one person to another. If might be file transfer. Secure and private file transfer is another example of any data of any size going into a single block.” – David Iseminger, Iron Weave, CEO
Quick Look Under the Hood of Iron Weave
IronWeave replaces data lakes with trillions of virtual safe deposit boxes where each piece of data is locked into its own secure, encrypted block. Each block can only be unlocked by its owners, i.e. those participants in an interaction, whatever it might be. The benefit of this solution is that the attack surface is just a single block, unmarked, hidden, locked and not part of a larger repository of data.
- Versatile Data Representation: IronWeave blockchains have a remarkable ability to represent a wide range of data types. For example, a chain could represent a person’s digital identity, a geographical location, or even a specific application. This versatility allows IronWeave to cater to a diverse range of use cases and scenarios.
- Independent Interactions: Each IronWeave chain operates autonomously, maintaining its unique ledger. These chains can interact independently with one another, creating shared blocks when necessary. For instance, a chain representing a smart home security system can interact with a chain managing a user’s personal digital wallet, ensuring seamless data exchange without compromising security or integrity.
- Scalable Block Size: IronWeave offers the unique advantage of variable block sizes. When interacting chains create a shared block, this block can accommodate data of any size, unlike traditional monolithic chains such as Bitcoin or Ethereum. Componentized encryption, as employed by IronWeave, ensures quantum protection for each individual block, safeguarding sensitive information in scenarios like inter-bank transactions or large-scale data transfers.
- Enhanced Tamper-Resistance: IronWeave’s design includes a high level of security, with each block containing hashes from all participants’ previous blocks. This approach significantly improves tamper resistance compared to other blockchains. To put it simply, tampering with a transaction on an IronWeave chain would require altering not only one but multiple participants’ previous blocks, making it an arduous and near-impossible task. This ensures the integrity of the data for use cases such as supply chain tracking or healthcare records.
The IronWeave code is a mix of Open Source and Closed Source code. This mix will ensure interoperability while being secure and privacy protecting.
One thing to note, unlike other Web 3 projects trying to attract legacy Web 2 businesses to migrate to a Web 3 solution, IronWeave can ingest data and interactions using API’s, a commonplace mechanism that every company is almost certain to use. This will be an important factor as companies and entire industries consider adopting Web 3 solutions.
Real-World Application Across The Industries
Initially, the company plans to focus on crypto payments, messaging, and file storage. Hacks in the crypto world have become so common that even a general audience is aware of the size and scope of the problem. IronWeave plans to focus on the DEX’s (Decentralized Exchanges) to help them reestablish trust in their platforms. Working with IronWeave will allow DEX’s to have both tamper-proof messaging and private transactions and (this one is big) to be compliant with regulatory environments.
Who specifically will want to use this? OTC desks, exchanges, market makers, custodians, VC and hedge funds, launchpads, professional service providers, merchants/traders and ultimately retail users. If IronWeave begins to deliver on serving these businesses you have a very good looking business.
Tech Week 2023 Expands Horizons
The Web3 ecosystem is developing extremely rapidly and a solution that provides privacy and scalability is critical for Web3 to grow. IronWeave is a company worth watching. They have big ambitions but speak in measured tones. (that’s a relief) I for one, will be watching as they bring their first offerings to market.