The encrypted Ethereum layer 2 network, TEN (aka The Encrypted Network), has actually revealed the conclusion of a $9 million financing round led by the banking consortium R3.
- 10 is a layer 2 rollup platform targeting file encryption, MEV avoidance, scalability, and gas performance. It’s stated to provide “a balance in between Optimistic-based L2s and ZK-Rollups.”
- Utilizing file encryption, TEN lets designers pick which parts of their wise agreement they ‘d like to keep personal, and which parts public.
- Other functions consist of instant bridges, and safe and secure random number generation.
- R3 is a consortium of 42 of the world’s biggest banks that are checking out blockchain innovation and real-world property tokenization.
- Other individuals in the financing round consist of Republic Crypto, KuCoin Labs, Big Brain Capital, DWF Labs, and Magnus Capital.
- “Layer twos were constantly not almost scaling, however improving Ethereum with brand-new functions in manner ins which can not be done on Mainnet,” stated Gavin Thomas, Co-Founder and CEO of Obscuro Labs, in a news release shown CryptoPotato
- 10 is presently in its testnet stage, with mainnet set to be launched in October.
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