First Rays portfolio company Enya, the largest provider of secure multiparty computation services in the world, announced a strategic partnership with OMG Network, a leading value transfer network for ETH and ERC20 tokens. The two companies will combine Enya's privacy-preserving technology with the proven high throughput and low transaction costs of OMG Plasma to enable next-generation decentralized applications that are fast, cost-effective, and private.
The partnership is particularly significant for use cases involving sensitive information such as decentralized financial services. Just as cryptographic techniques made e-commerce and online financial transactions on the web sufficiently secure for mainstream adoption, secure computation will be essential for driving broad adoption of decentralized applications in finance and other areas where privacy and security matter. "The partnership between Enya and OMG opens up exciting opportunities in the decentralized world, accelerating the growth and adoption of the OMG platform," says Alan Chiu, Enya CEO.
Enya and OMG will develop joint products that expand the notion of what Layer-2 solutions are. "Think of Ethereum as the central processor in a computer. If you look inside a computer or a phone, you see dozens of chips, not just one. All these other chips provide critical functionality to the CPU, such as storage, communications, and cryptography. Enya and OMG will be filling those gaps together," says Jan Liphardt, Enya Chief Technologist.
"We are excited to partner with Enya in evolving the OMG Network into a top Layer-2 scaling solution," says Clement Ip, CEO of GBV, parent company of OMG Network. "Enya's cutting-edge privacy technology and experience combined with OMG's proven high throughput and low transaction costs makes our network one of the premier platforms for developing decentralized applications."