Back when I started in the world of crypto, one thing that bothered me was the sheer amount of different blockchains that existed and continued to be created. In my head, it would be better for projects to focus on well-established blockchains rather than creating new ones from scratch.
That was mainly because I used to see these projects strictly from a speculative point of view and when that's all you see, there is a strong case to build on "mainstream" blockchains rather than branching out and developing your own.
Nowadays, however, I see blockchains as solutions seeking to address real problems and generate value for their users in the process. At least, that's what I think serious projects should be doing. From that perspective, the idea of having multiple different blockchains, each with a particular focus in solving a different problem or set of problems makes a lot more sense. Of course, it also comes with some issues, such as the need for cross-chain compatibility, but I think that's something we can work with.
With that in mind, I'm always looking for interesting new projects that are looking to solve different problems, not necessarily to invest in them but mainly to know what's being done out there in this ever-expanding blockchain universe.
My latest finding is an upcoming project with a very interesting approach.
Seismic and the encrypted blockchain
Seismic is a project that seeks to solve a very singular problem: app-level encryption.
According to them, Ethereum launched with two main problems: limited scalability and forced transparency, and although the former has been solved, the latter remains.
Today's major L1s are still transparent, meaning their transactions remain exposed and scrutinized. For Seismic, this creates a bottleneck that prevents crypto from producing things such as financial partnerships between local businesses and customers, investment vehicles based in long-term positions and social experiences embedded in everyday payments.
For Seismic, the root of the problem lies in the fact that until now, the industry has focused on encrypting wallet-level information, and while that's important for personal privacy, it doesn't enable new products, hindering encryption widespread.
Their approach consists of encrypting app-level information, such as exchange parameters and vault transfers. However, that requires encryption at the base layer, which is only possible when built into the foundation of the chain.
Seismic has raised $7M on its seed round, and they already power a few early-stage prototypes:
Nibble, an app that grants you revenue share in your favorite restaurant.
Level, an app that lets you trade assets based on belief instead of price.
Folio, an app that places you in the longest pay-it-forward chain in history.
The details on how they plan to achieve base-level encryption are quite technical and a bit beyond the scope of this article, but those willing to learn more are encouraged to check Seismic documentation.
Final thoughts
I must admit I had never thought about the lack of base-layer encryption in most of today's major L1s, and therefore, I'm not sure how Seismic will impact the crypto industry.
However, as I mentioned before, I am very interested in learning more about what's being developed in the world of crypto and blockchain. Moreover, Seismic caught the attention of important players in the industry so it's very possible they are up to something.
They claim their goal is to encrypt all chains as, like they say themselves, "Just as all blockchains must scale, all blockchains must encrypt.". If that's the case, I wish them all the best in the world.