Posted: March 15, 2024 1:23 PM Updated: March 15, 2024 1:23 PM
London, UK, March 15, 2024, Chainwire
TEN, the encrypted Ethereum layer 2 network, announced a $9 million funding round led by digital powerhouse R3. TEN from Obscuro Labs is an Ethereum Layer 2 rollup platform that solves critical encryption and scaling challenges for blockchain applications. R3, a consortium of 42 of the world’s largest banks exploring blockchain-based RWA tokenization and CBDC, has been a major supporter of TEN since its inception.
More than half of TEN’s senior team comes from R3, which brings significant experience by developing Corda, a leading tokenization platform. In addition to R3, the funding round includes support from high-profile investors such as Republic Crypto, KuCoin Labs, Big Brain Capital, DWF Labs, and Magnus Capital.
TEN strikes a balance between Optimistic-based L2 and ZK-Rollup to deliver speed, security, versatility, and privacy not currently available in traditional Layer 2 solutions. The platform, currently on testnet and expected to launch on mainnet in October, boasts features such as programmable encryption, instant bridging, and secure random number generation.
TEN differentiates itself as a general-purpose L2 for Ethereum that aims to provide similar efficiency to Optimistic-based L2s while maintaining full encryption. The platform addresses encryption, MEV-proofing, scalability, and gas efficiency, and provides additional features unique to the Web3 environment.
To maximize the safety of its users, the platform focuses on leveraging the proven security provided by Ethereum while adding value with several key features such as encryption. TEN allows developers to choose which parts of their smart contracts they want to be private and which parts they want to be public. This significantly opens up the design space, enabling the development of a whole new generation of on-chain gaming, DeFi, RWA, and institutional use cases. All of this is done while greatly improving scalability.
As an L2, it is very efficient in both speed and cost, providing near-instant finality and making TEN the fastest crypto network on Web3. It’s so responsive that it behaves like a Web2 application. The platform is designed to allow development teams to build dApps using only Solidity and Ethereum-based tools. Building TEN is identical to building Ethereum. For users, adding TEN’s security features can be done in just three clicks, and users won’t even know they’re using an encrypted dApp. The experience is completely seamless.
Gavin Thomas, co-founder and CEO of Obscuro Labs, said: “Layer 2 has always been less about scaling and more about enhancing Ethereum with new features in ways that can’t be done on mainnet. With TEN, we deliver on that promise by taking everything we learned building crypto on Corda and bringing it to Ethereum.”
With over 120 partners, TEN leverages its team’s expertise to solve key problems in the Ethereum ecosystem. The platform name “TEN” symbolizes its role as an “encrypted network” and its position as a layer 2 network.
With continued testing on Coinlist’s testnet and a planned mainnet launch in October, TEN is poised to establish itself as a leading layer 2 for Web3. The platform’s focus on encryption, privacy, and efficiency lays the foundation for its role in shaping the future of decentralized technology.
About Ten
TEN is a pure EVM cryptographic L2 solution for Ethereum that sits between Optimistic and ZK rollups. With a strong team and support from R3, TEN aims to provide secure, efficient and decentralized solutions for Web3 applications.
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