Coinbase, Paradigm Invest $15 Million in Startup Behind Disappearing Blockchain

A blockchain that makes its blocks disappear has raised a fresh $15 million.

Coda protocol, announced last May as the first project of the startup O(1) Labs, was initially backed by a seed equity round from MetaStable, Electric Capital, Polychain and AngelList co-founder Naval Ravikant.

With Coda, O(1) Labs has been building a blockchain that allows every user, to participate in consensus.

"We see Coda as way more than just payments, what we're excited about is for Coda to enable new kinds of apps and games made possible by a cryptocurrency with a lightweight blockchain that is way easier to develop for and use."

The O(1) team describes Coda as a succinct blockchain.

From its whitepaper: "A succinct blockchain is a blockchain with verification complexity essentially independent of chain length."

It only takes 22 kb to store a copy of the Coda blockchain and that will always be true, Shapiro said.

Shapiro declined to indicate a timeline for when Coda tokens will be released.

Details are limited, but he promises that developers will be able to build Coda into their applications using only a "Script" tag.

"Coda's approach democratizes consensus, validation and accessibility for users around the world."