London, UK, March 15, 2024, Chainwire
TEN, the Layer 2 encrypted community, pronounces a $9 million funding spherical, led by digital powerhouse R3. Obscuro Labs’ TEN is an Ethereum Layer 2 roll-up platform that addresses vital encryption and scaling points in blockchain purposes. R3, a consortium of 42 of the world’s largest banks exploring blockchain and CBDC-based RWA tokenization, has been a serious supporter of TEN since its inception.
Greater than half of TEN’s senior crew comes from R3, which developed the main tokenization platform Corda, bringing important expertise. Along with R3, the funding spherical consists of assist from notable buyers equivalent to Republic Crypto, KuCoin Labs, Huge Mind Capital, DWF Labs and Magnus Capital.
TEN strikes a stability between Optimistic-based L2s and ZK-Rollups, providing pace, safety, versatility, and privateness not at the moment obtainable in current Layer 2 options. The platform, which is at the moment on the testnet, is ready to launch on the mainnet in October and boasts options equivalent to programmable encryption, instantaneous bridges and safe random quantity era.
TEN options as a common L2 on Ethereum, which goals to supply effectivity much like Optimistic L2 whereas sustaining full encryption. The platform addresses encryption, MEV prevention, scalability and fuel effectivity, positioning itself as a novel addition to the Web3 surroundings.
To maximise safety for its customers, the platform leverages the confirmed safety that Ethereum gives and focuses on including worth with a variety of key options equivalent to encryption. TEN permits builders to decide on which components of a wise contract they need non-public and which they need to be public. This massively opens up the design house and permits a complete new era of on-chain gaming, DeFi, RWA and institutional use instances to be developed. All this occurs whereas considerably bettering scalability.
As L2, each pace and value are very environment friendly, offering near-instant finality and making TEN the quickest encrypted community in Web3. The response is so quick that it behaves like a Web2 utility. The platform was designed in order that improvement groups can construct their dApps utilizing solely Solidity and Ethereum primarily based instruments. Constructing on TEN is equivalent to constructing on Ethereum. It solely takes three clicks for customers so as to add a safe TEN function, and customers do not even know they’re utilizing an encrypted dApp. The expertise is totally seamless.
Gavin Thomas, Co-Founder and CEO of Obscuro Labs, feedback: “Layer 2 has all the time been about scaling, however about enhancing Ethereum with new options in methods that may’t be carried out on the Mainnet. With TEN, we’re delivering on that promise by bringing all the pieces we have discovered from constructing encryption on Corda to Ethereum.”
With greater than 120 companions, TEN leverages the crew’s experience to resolve key issues within the Ethereum ecosystem. The identify of the platform “TEN” symbolizes its position as an “encrypted community” and its place as a layer 2 community.
With ongoing testing on the Coinlist testnet and plans to launch the mainnet in October, TEN is poised to determine itself as a Layer 2 chief in Web3. The platform’s give attention to encryption, privateness and effectivity units the stage for its position in shaping the way forward for decentralized know-how.
ABOUT THAT
TEN is a pure EVM encrypted L2 answer for Ethereum, positioned between Optimistic and ZK rollups. With a powerful crew and R3 assist, TEN strives to supply safe, environment friendly and decentralized options for Web3 purposes.
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ContactDan EdelsonDan@marketacross.com
This text was initially printed on Chainwire
