
GP @Nebularvc / cofounder @tachyon______ & @projecteleven / first lead check @teamoratomic @starcloud_ - I like things that do stuff-from 🇮🇪 gone west to 🇺🇸
New York, USA
Joined February 2016
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Finn Murphy retweeted
Today we're announcing Strongpoint MPC, a breakthrough in post-quantum cryptography that solves a longstanding challenge: enabling multiparty computation (MPC) for hash-based digital signatures.
MPC has become a critical component of digital asset security, from institutional custody to stablecoins and tokenized real-world assets.
But as the industry transitions to post-quantum cryptography, there's a problem: existing MPC solutions don't readily extend to hash-based signatures like leanSPHINCS, which is the core of Ethereum's post-quantum roadmap.
Until now.
Today, our research team at @projecteleven, led by @conordeegan and @matteovena, is proud to announce that we've solved this longstanding open problem.
Strongpoint MPC enables institutions to preserve the security benefits of distributed signing while transitioning to post-quantum cryptography.
It will be one component of Strongpoint, our broader post-quantum digital asset security platform.
We believe in crypto-agility: institutions shouldn't have to bet their security on any single cryptographic primitive. Strongpoint is designed to support multiple approaches depending on security requirements.
As trillions of dollars in real-world assets move on-chain, we believe the industry will need practical, drop-in replacements for today's cryptographic infrastructure.
That's what we're building.
Introducing Strongpoint MPC: Post-Quantum MPC, Without the Compromises
A breakthrough in threshold signing technology brings the security and performance of modern MPC into the quantum and AI era.
The migration to post-quantum cryptography is underway. Blockchains, financial institutions, and digital asset infrastructure providers are preparing to replace the cryptographic algorithms that have secured digital ownership for decades. At the same time, advances in artificial intelligence are creating new uncertainty about the long-term security of existing cryptographic systems.
But replacing an algorithm is only part of the challenge. The infrastructure built around today's cryptography must also evolve, and few technologies are more important to institutional digital asset security than multi-party computation (MPC).
Today, Project Eleven is introducing Strongpoint MPC, a breakthrough in threshold cryptography that makes high-performance, post-quantum MPC practical. Our research demonstrates that migrating to post-quantum cryptography does not have to mean sacrificing the performance, flexibility, and security properties institutions have come to expect from traditional MPC. In fact, our approach can deliver signing performance that exceeds classical ECDSA-based MPC.
Strongpoint MPC is available within Strongpoint, Project Eleven’s institutional digital asset custody platform, enabling institutions to use post-quantum threshold signing while maintaining control over their assets and cryptographic key material.
The challenge with post-quantum MPC
MPC has become a foundational technology for securing digital assets. Rather than entrusting a private key to a single person, device, or system, MPC distributes signing authority across multiple independent parties. Transactions can be authorized without reconstructing the complete private key in any one location.
Today, this technology underpins institutional custody solutions used by exchanges, custodians, and financial institutions. Its applications extend well beyond moving funds, including blockchain validators, cross-chain bridges, oracles, and the administrative keys responsible for minting, freezing, and managing tokenized assets.
Over the last decade, MPC built around elliptic curve cryptography has become remarkably sophisticated. Institutions can coordinate signatures quickly, support complex approval structures, and operate distributed signing infrastructure with minimal latency. The transition to post-quantum cryptography threatens to disrupt much of that progress.
The mathematical properties that enable efficient threshold signing with ECDSA do not translate directly to post-quantum signature schemes. Hash-based signatures, in particular, have historically presented substantial challenges for MPC. Previous approaches suggested that generating a single threshold signature using certain hash-based constructions could take too long to be practical. For an institution processing transactions continuously, that kind of latency would make the technology impractical.
The apparent tradeoff was severe: preserve the performance of classical MPC while remaining exposed to future quantum threats, or adopt post-quantum protections at the expense of operational efficiency.
We've developed an approach that fundamentally changes that equation.
A breakthrough in post-quantum threshold cryptography
Project Eleven has developed a new approach to multi-party signing that dramatically improves the efficiency of post-quantum MPC. Our breakthrough enables high-performance threshold signing using hash-based cryptography, with techniques designed to extend across multiple signature schemes.
Where earlier approaches suggested impractically long signing times, our architecture enables post-quantum MPC signing that can even outperform traditional ECDSA-based MPC. Strongpoint MPC brings this research into a product designed for real-world institutional deployment.
Built for institutional infrastructure
Institutional MPC systems must accommodate different architectures, security policies, and operational requirements. A custody provider, a blockchain validator, and a stablecoin issuer may all rely on MPC, but their signing environments and security requirements can differ considerably.
Strongpoint MPC has been designed with this flexibility in mind:
- High-performance signing: Post-quantum threshold signatures with performance that can exceed traditional ECDSA-based MPC.
- Flexible threshold configurations: Supports the most common signing arrangements, with arbitrary threshold configurations under development.
- Dealerless key generation: Distributed key generation without requiring a trusted dealer, while retaining the flexibility to accommodate trusted-dealer setups.
- Efficient communication: An architecture designed to minimize communication overhead and support signing across distributed infrastructure.
- Signature indistinguishability: MPC produces signatures that are indistinguishable from ordinary signatures under the same scheme, without exposing the threshold configuration or participating signers through the signature itself.
- Institutional control: Deployment that allows institutions to maintain control over their signing infrastructure and cryptographic key material.
Stablecoin issuers, for example, must secure the administrative keys responsible for minting tokens, freezing assets, and managing critical smart contracts. Blockchain validators, cross-chain bridges, and oracles similarly rely on distributed signing infrastructure to protect sensitive operations.
All of these systems will eventually need to confront the transition to post-quantum cryptography, and they will not necessarily adopt the same cryptographic algorithms. Strongpoint MPC is designed with this diversity in mind, providing a foundation for supporting multiple signature schemes as cryptographic standards and blockchain requirements evolve.
The future of MPC is post-quantum and post-AI
Quantum computing threatens the mathematical assumptions underlying today's widely deployed public-key cryptography. Meanwhile, increasingly capable AI systems are accelerating mathematical research and cryptanalysis, introducing additional uncertainty around the long-term security of cryptographic systems.
Strongpoint is built around conservative cryptographic assumptions, crypto-agility and institutional control. Strongpoint MPC extends that approach to threshold signing, allowing institutions to adopt quantum-resistant cryptography without abandoning the distributed signing infrastructure they depend on.
For years, the industry has operated under the assumption that moving to post-quantum MPC would require meaningful sacrifices in performance and operational flexibility. Our breakthrough demonstrates that this does not have to be the case.
That's an exciting development for the future of digital asset security, and an important step toward making the post-quantum transition practical.
Learn more about Strongpoint MPC or reach out to our team today.
projecteleven.com/strongpoin…
projecteleven.com/contact
Walter Goodwin believes the world's most capable AI models are held back from delivering on their potential by the chips of today. Yesterday his company, Fractile, announced a $720M Series C to fix that.
Walter, an Oxford PhD, founded Fractile in summer 2022, on a bet that there would be a huge dividend to speed in running AI models. The round is led by Thrive Capital, Founders Fund, Lightspeed and Redpoint, and comes six months after Fractile's $220M Series B.
We sat down in London to discuss the future of semiconductors alongside Sir Robin Saxby, the founding CEO of ARM, who started one of the largest companies ever to come out of the UK with 12 engineers in a pub.
Congratulations to @goodwin_ml and the @fractile_ai team. Enjoy this one!
TIMESTAMPS
0:00 Intro
1:24 Starting Fractile
6:01 Inference Is the Profit Center
9:39 Chips Over My Dead Body: The Founding of ARM
18:45 The Art of the Opinionated Chip
25:09 Breaking the Memory Wall
32:15 How ARM Picked Winners
38:23 Robin Calls a Correction
42:51 The Stickiness of the Transformer
46:49 Is There a Limit to AI Demand?
56:11 How TSMC Became the Standard
57:44 AI-Designed Chips
1:03:52 Brutal Honesty
Yugggggge thanks to my friend and long time conspirator @calfonsorico for helping t this up and for @goodwin_ml for having Nebular onboard the Fractile 🚂 + to the legend Robin!
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YouTube: youtu.be/zPOyb4nCRRs
Spotify: open.spotify.com/episode/0Lc…
Show Notes: substack.com/home/post/p-224…
Transcript: finnmurphyirl.substack.com/p…
Finn Murphy retweeted
We have raised a $720M Series C, led by @ThriveCapital, @lightspeedvp, @Redpoint and @foundersfund, to allow us to run faster in shipping the world's fastest chips for AI.
We've seen over the past year that many of the hardest problems that humanity faces - in science, medicine, physics - may be solved in our lifetimes by AI.
One hallmark of AI applied to the toughest problems is that extreme scaling of inference compute becomes vital. In tackling a Millenium Prize problem, for instance, @OpenAI ran 10,000 parallel agents for 80 hours. Costing over $10M, this level of capability is far from democratised today.
When we study agentic scaling, there are two paths: parallel, and sequential. In just the same way that most hard problems solved by humans don't parallelise efficiently, we see the same with agents: fewer agents, thinking for longer, scales better in every way except for the time that you wait for a response.
Building radically faster inference hardware, which doesn't force a trade-off on throughput, model sizes or context lengths, is a key step in bringing down the cost and time we incur in solving our hardest problems.
We're thrilled to be backed to bring this to the world!
In today’s hyper online / hyper information fluid world, everything is at some level a popularity contest.
The science of popularity is reasonably well understood - it’s worth getting savvy on it.
Replying to @jonchu
this is incredibly accurate & has resulted me carving out a bucket of the fund for ‘brain damage limitation checks’ - basically you have access to hot thing, know it won’t drive performance in the fund but if you don’t do it LPs don’t buy that your other stuff is actually good.
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I stand by my opinion that had Joe been at the top of the ticket in 2024 it is quite likely that he would have won.
Much like Dumbledore was to Voldemort there was one man Trump feared in an election setting. Diamond Joe.
This is quite an anecdote from @JoeBiden about his conversation with Trump after the 2024 election: theatlantic.com/politics/202…
Finn Murphy retweeted
We've launched our new research website at Project Eleven.
This will be the home for all of our research into post-quantum and post-AI security, including papers, technical work, tools, and new research as we publish it.
research.projecteleven.com
Finn Murphy retweeted
Tendrils has raised $30M led by @benchmark to rebuild general-purpose computing. @jaltma is joining our board.
At Tendrils, we believe that the future of general-purpose computing lies beyond legacy architectures for legacy software.
Finn Murphy retweeted
Europe’s critical industries - from manufacturing to industrials to commercial aerospace and of course defence - consist of some of the best businesses in the world. We want to build a new type of company to scale them up in order strengthen Europe’s defence and industrial foundations. I’ve long long been passionate about what I call Private Equity 3.0, and being half European and born in Italy, there’s no better or more important place to deploy this model. As primes and the winning neo-primes scale to deliver critical platforms for our defence, it’s equally important we scale the rest of the industrial base around them. It also turns out this same dynamic, fragmentation, and lack of scale and technology exists in many other critical industries as well. It won’t be easy, but Onodrim was started to go solve this by building the leading long term and trusted partner across capabilities and industries to the ecosystem. Many more announcements to come soon.
ft.com/content/e6a98d84-eadc…
SCOOP: @JoeBiden has been working the phones since Monday, making around 40 calls, as he watched the party he once led have explosive victories from his home in Wilmington. Biden spoke to Beshear, Lance-Bottoms, Bayh, Shapiro, Amy Acton, and more:
huffpost.com/entry/joe-biden…
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Finn Murphy retweeted
Developers are building incredible agents, with no way to share them or get paid for what they’ve built. Cowboy changes that.
We're thrilled to launch Cowboy, the app store for AI agents.
Build it, own it, get paid for it. cowboy.inc 🤠
EXCLUSIVE: AI agents are getting their own app store.
Cowboy launches from stealth today with $5M, and 100 agents in its marketplace.
I spoke to CEO Chad DePue (@chaddepue) about his vision for a safe way to deploy and trade agents that doesn't depend on Anthropic or OpenAI.
Finn Murphy retweeted
Exactly a year ago today, we launched Starcloud-1 to space. To celebrate its birthday 🥳, we have put together some previously unseen footage we have from around the launch. I particularly like the footage we have of the @Starcloud_ kids! 😅👌
Starcloud-1 is operating today with the only @NVIDIA H100 in space, still the most powerful SI compute on orbit. With it we became the first entity to do training and high powered inference on orbit, and we now have 3 more launches coming up in the next year! We are planning to move almost all compute off Earth 🚀
See the careers page on our website if you want to join this awesome team!
Finn Murphy retweeted
Bitcoin Whitepaper Day
Halloween
and...
Project Eleven’s Birthday?!
Learn about the significance of this historic day with our co-founders @apruden08 and @conordeegan
Our hero at p11 & long time schemer @conordeegan leading the charge alongside @drakefjustin, @zooko and many other brilliant folks to prepare for an internet with very different rules to the one we’ve know these past 30 years.
The end of history in cryptography is over.
Finn Murphy retweeted
BREAKING: Inside Starcloud, the $2.3B Startup Putting Data Centers in Space
FACTORY TOUR - Redmond, WA
Primes quoted them $75M-$100M to build their first data center in space. They did it for $2.5M.
In just 21 months, Starcloud is one of the fastest companies to go from founding to orbit.
With $450M in total funding from Manhattan West, Nvidia, Cisco, Benchmark & EQT, the team walks me through their mission for AI in space.
I toured the new HQ w/ CEO @PhilipJohnston + co-founders @EzraFeilden & @AdiOltean
AI compute on Earth is limited by power & permitting. @Starcloud_ is moving it to orbit, where solar power is nearly constant. Philip says the dawn-dusk orbit alone could fit about 10 TW of compute, roughly 20x the entire US power grid. Once launch costs fall below $500/kg, he says compute in space will be cheaper than on the ground.
From Starcloud 1, Starcloud 2, to Starcloud 3, we saw:
Tracking Starcloud 1 live in orbit, circling Earth every 90 minutes at 17,000 mph with the first Nvidia H100 in space.
Co-Founder & Chief Engineer Adi Oltean walks through Starcloud 2 as the team fires the latches that deploy its 120 ft solar wingspan. It launches in January with 100x the power of Starcloud 1.
Co-Founder & CTO Ezra Feilden shows the 16-ton secondhand vibe table. The team bought it for $200K, instead of paying $1.5M & waiting 2 years for a new one, they rebuilt it over a weekend.
Engineering Manager Bailey Montaño leak checks the ion thruster after vibe. Bailey designed the radiators, which have 10x less mass & cost 500x less per watt than the ISS’s.
In the fab shop, Ezra shows the Starcloud 3 demonstrator, a 2-ton, 235 kW vehicle that fits 50 to a Starship.
Camilo Lopez cuts stainless on the laser cutter.
Engineering Operations Lead Miguel Rivera, formerly of Helion Energy, teaches me to MIG weld.
The tour ends in the new campus, about 100,000 sqft built to produce 100 satellites a week toward an 88,000-satellite constellation.
𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒
(00:00) Philip Johnston, Co-Founder & CEO of Starcloud
(00:53) Tracking Starcloud 1 live in orbit
(02:46) Fixing a 16-ton vibration machine in one weekend
(06:59) From founding to orbit in 21 months
(08:17) From SpaceX to Microsoft to Starcloud
(09:49) Inside Starcloud 2
(13:12) A $15M mission to the nearest star
(17:49) What goes on a spacecraft to Alpha Centauri
(19:10) Why SpaceX could be worth $100 trillion
(20:41) “This isn’t a hot take, this is just a fact
(24:22) How big is Starcloud 3?
(26:41) How do you book a ride to space?
(30:11) How Starcloud tests in zero gravity
(33:49) Can GPUs survive space radiation?
(35:46) The first AI model trained in space
(38:40) Will solar satellites block the sun?
(40:57) How Starcloud tests a satellite for launch
(46:45) The paperwork behind a launch
(53:07) Molly puts her welding skills to the test
(1:00:18) The engineer behind Starcloud's radiators
(1:03:07) Inside Starcloud’s new campus
(1:05:55) Why launch slots are the new scarce resource
(1:06:45) Can someone shoot down a data center in space?
Finn Murphy retweeted
Apple made China into a Superpower. Was it worth it?
The State Department blob sees China as a grandmaster playing a hundred-year game for world domination. But what if China isn’t especially good at long-term planning, and we’re just uniquely bad at it?
Apple in China was one of my favourite books of the past year, so I was thrilled to sit down with its author, @PatrickMcGee_, the FT’s former lead Apple reporter, to discuss what the US-China relationship might look like over the next 25 years on Forecast 2050.
We discuss:
- Why Apple is more dependent on China than ever
- Why the Taiwan status quo may hold
- How Xi brought Apple to heel
- What America lost when it stopped building things
- Why the next Jony Ive will likely be Chinese
- How Chinese demographic decline could reshape the global economy
Enjoy!
TIMESTAMPS
0:00 Intro
2:54 Manufacturing Is Power
11:59 The CCP
16:56 Will China Take Taiwan by 2050?
25:11 Why Nvidia Would Be Useless in a War
27:06 The Case for Industrial Policy
32:04 How Xi Brought Apple to Heel
39:32 The End of Pax Americana
47:20 The Next Jony Ive is Chinese
1:00:20 China’s Next Leaders
1:07:47 Demographic Collapse & Automation

























