Representatives from The Block shared news about a family that launched an innovative cryptocurrency startup aimed at making a breakthrough in the blockchain industry. The project is named Shadow, which translates from English as "Shadow". The founders are siblings Elvin and Emily Xia, who previously worked at the well-known company Airbnb.

Over the past eight years, the family has deeply studied blockchain and cryptography. The idea of moving in this direction came to them in the summer of 2020, when the DeFi (decentralized finance) sector was actively developing.

Elvin Xia, the head of the Shadow project, explained that their task is to solve the problem of the complexity of working with blockchain networks, which are a new type of database. He emphasized that a large part of the data in the blockchain is generated by smart devices, and the main problem lies in the limitations of smart contract event logs compared to how it works in the Web2 sector.

Elvin and Emily have already launched their new product, which has attracted the attention of early clients, including DeFi protocols and Web3 platforms. Technical Director Emily Xia noted that the funds received in the latest round of financing will be used to hire additional engineers and specialists.

Georgios Konstantopoulos, Chief Technical Officer and Research Partner at Paradigm, noted close collaboration with Elvin and Emily in developing Shadow as part of the Paradigm "Entrepreneur-in-Residence" (EIR) program. He expressed confidence that Shadow Logs will allow teams to create more efficient smart contracts. Companies such as Coinbase Ventures, Electric Capital, Ethereum Foundation, Uniswap, and Flashbots participated in the latest investment round, totaling $9 million.