R3, a prominent banking consortium, leads a $9 million investment round for a revolutionary encrypted Layer 2 network on Ethereum.
London, UK, March 15th, 2024, Chainwire
TEN TEN, the encrypted Layer 2 initiative on Ethereum, has announced a $9 million fundraising round, led by the influential group R3, composed of 42 major banks keen on exploring blockchain for tokenizing real-world assets and central bank digital currencies. From its early stages, R3 has backed TEN, which is developed by Obscuro Labs, a platform tackling significant encryption and scalability challenges in the blockchain realm.
A significant portion of the senior management team at TEN comes from R3, the creators of the Corda tokenization platform, which adds a wealth of expertise to the project. Apart from R3, this funding round has attracted attention from key investors like Republic Crypto, KuCoin Labs, Big Brain Capital, DWF Labs, and Magnus Capital.
TEN beautifully merges the advantages of Optimistic Layer 2s and ZK-Rollups, ensuring a combination of speed, security, versatility, and privacy that is still rare in the current market of Layer 2 solutions. Even though TEN is currently in the test phase, it aims to launch on the mainnet by October and will introduce features such as programmable encryption, instant bridges, and secure RNG.
Positioning itself as a general-purpose Layer 2 provider on Ethereum, TEN seeks to deliver efficiency comparable to Optimistic Layer 2 solutions while upholding a high level of encryption. This platform addresses important issues including encryption, minimization of miner extractable value (MEV), scaling, and gas efficiency, thereby carving out a distinctive place within the Web3 ecosystem.
For utmost user safety, TEN strategically utilizes Ethereum's tested security framework while enhancing functionality through key features like encryption. Developers can customize their smart contracts to determine which sections remain private and which are public, vastly broadening the potential for innovative on-chain games, decentralized finance applications, real-world asset integrations, and usage in institutional settings, all while significantly boosting scalability.
As a Layer 2 solution, TEN promises both exceptional speed and affordability, offering near-instantaneous transaction finality and establishing itself as the quickest encrypted network in the Web3 space. Its responsiveness mimics traditional Web2 applications, making it accessible. The platform is designed so that developers can create their decentralized applications using only Solidity and Ethereum-standard tools, which makes dApp development on TEN virtually identical to that on Ethereum. Users can enable TEN’s secure features in just three clicks, seamlessly integrating encrypted dApps without needing to be aware of it, ensuring a user-friendly experience.
Gavin Thomas, the Co-Founder and CEO of Obscuro Labs, stated, 'Layer 2 solutions are not solely about scaling; they’re also about enhancing Ethereum with new capabilities that Mainnet can’t offer. With TEN, we fulfill this commitment by applying everything we learned about encryption while building Corda to the Ethereum landscape.'
TEN, supported by a network of over 120 partners, utilises its team's expertise to tackle critical challenges within the Ethereum ecosystem. The name 'TEN' reflects its mission as 'The Encrypted Network' and its function as a Layer 2 solution.
With tests ongoing on Coinlist’s testnet and plans for a mainnet rollout in October, TEN is set to carve out a niche as a frontrunner in the Layer 2 sphere within Web3. The platform’s emphasis on encryption, privacy, and operational efficiency lays the groundwork for its pivotal role in shaping the future of decentralized technologies.
About TEN
TEN stands out as a fully EVM-compatible encrypted Layer 2 offering for Ethereum, occupying a strategic position between Optimistic and ZK rollups. Backed by a solid team and the R3 consortium, TEN aspires to provide secure, efficient, and decentralized solutions tailored for Web3 applications.
[ Website ] – [ Twitter ] – [ Telegram ] – [ Discord ]
Contact
Dan Edelson
Disclaimer
In line with the Trust Project guidelines Please be aware that the insights shared on this page are not meant to serve as legal, financial, investment, or any form of advice. It's wise to invest only what you can afford to lose and consider seeking independent financial counsel if you have any uncertainties. For further details, we recommend consulting the terms and conditions along with the help resources provided by the entity or advertiser. MetaversePost is dedicated to delivering precise and unbiased news, yet market dynamics may change without prior notice.