Research summary


Obscuro is a layer 2 solution for Ethereum that brings privacy and scale. It ensures the inputs, contract state and execution are always encrypted. No changes to dApps, just migrate and gain privacy.

Project summary

Obscuro is a decentralized Ethereum Layer 2 Rollup protocol designed to address issues where miners or stakers and block proposerss may steal value by observing user transactions and then preempting them. Additionally Obscuro will introduce new cases of use and will unlock the full potential and economic benefits of blockchain technology. Obscuro is slightly different from typical blockchains or L2 because it introduces another important part into the trust model, the hardware manufacturer. It sits between Optimistic and ZK rollups and leverages Trusted Execution Environments to benefit from the best of both worlds.

Obscuro also solves the following four issues:

Privacy: Solving for privacy will unlock hundreds of new ways of use.

MEV: Moving value back to the hands of end users. (

Scalability: We have developed a novel protocol called Proof of Block Inclusion (or POBI), enabling Obscuro to scale massively.

Obscuro uses a novel decentralized round-based consensus protocol based on a fair lottery and synchronization with the L1, designed explicitly for L2 rollups, called Proof of Block Inclusion (POBI). It solves, among others, the fair leader election problem, which is a fundamental issue that all decentralized rollup solutions have to address. POBI is inspired by Proof of Elapsed Time.

Gas: With no Proof of Work and by leveraging advantage Proof of Block Inclusion, gas on Obscuro is a fraction of what it is on L1.



Veteran team made up mostly of members from R3 and Avalanche. In R3 they started as a consortium of major banks and their shareholders are Bank of America, HSBC, Barclays, ING, etc.

  • Gavin Thomas
    Co-Founder and CEO. Engineering COO and Head of PMA at R3.
  • James Carlyle
    Co-Founder. As Chief Engineer of R3, James helped design Corda, and sat on R3’s Executive and Risk committees. Previously, he was the Chief Engineer for Barclays Corporate Banking, co-founder of several start-ups, and holds multiple patents. Heholds a degree in Mechanical and Electrical Engineering from Durham University.
  • Joel Dudley
    Joel started in tech as the head of an insurance data platform. Since the platform's acquisition in 2018, he has held various positions in the blockchain space -developer relations, product management, engineering-, always focused on marrying privacy and blockchain to expand the landscape of potencial use-cases. Joel holds a degree in Economics from University of York
  • Mike Ward
    In the five years of building blockchain solutions for the finance industry as Head of Product at R3, Mike’s seen first hand how privacy is the key to bringing blockchain to the mainstream. Software experience: ten years at Microsoft and eight years at startups in Silicon Valley.

Investors & partners

Investors: R3, Cogitent Ventures, DWF Labs, BlackDragon, Big Brain Holdings, Magnus Capital....




Private DEFI: Programmable privacy enables developers to pick and choose the parts of a DeFi Dapp to make private. It might make sense to keep liquidation levels private on lending protocols to prevent "liquidation hunting"

Dark pool trading: A dark pool is a privately organized exchange for trading securities where exposure can be hidden until after execution and reporting. This allows investors to trade without publicly revealing their intentions during the search for a buyer or seller.

Gaming: Computational privacy enables developers to bring more game mechanics on-chain, such as player positions and hidden maps to unlock “fog of war” type games and prevent players from front-running.

Sealed auctions: In a sealed bid auction, bidders privately submit their one best offer in a sealed envelope. The bids are opened privately by the auctioneer and seller.

Private agreements: Agreements, such as a Service Level Agreement (SLA) between a supplier and buyer, are incredibly sensitive. They reveal commercial relationships and impact reputation where an SLA has failed. Agreements deployed to Obscuro can be entirely private, such that aside from the participants, nobody even knows the contract exists.

Identity: Solving KYC on blockchain is one of the biggest challenges. Obscuro allows you to build KYC solutions with complete privacy enabling users to only reveal the bits they choose to disclose on demand.


TW: 5k Followers

DC: 8.2k Members


Testnet live


TGE: H1 2023