© Reuters Banking Consortium R3 leads $9M round in Layer 2 encryption on Ethereum
London, United Kingdom, March 15, 2024, Chainwire
TEN, a Layer 2 encrypted network, announces a $9 million funding round, led by digital powerhouse R3. TEN from Obscuro Labs is an Ethereum Layer 2 rollup platform that addresses critical encryption and scaling issues in blockchain applications. R3, a consortium of 42 of the world's largest banks exploring blockchain-based RWA and CBDC tokenization, has been a major supporter of TEN since its inception.
More than half of TEN's senior team comes from R3, which developed the leading tokenization platform Corda, bringing significant experience. In addition to R3, the funding round includes support from notable investors such as Republic Crypto, KuCoin Labs, Big Brain Capital, DWF Labs, and Magnus Capital.
TEN strikes a balance between Optimistic-based L2s and ZK-Rollups, offering speed, security, versatility and privacy not currently available in existing Layer 2 solutions. The platform, currently in testnet, will launch on mainnet in October and features features such as programmable encryption, instant bridging, and secure random number generation.
TEN is distinguished as a general-purpose L2 on Ethereum, aiming to provide similar efficiency to Optimistic-based L2s while maintaining full encryption. The platform addresses encryption, MEV prevention, scalability and gas efficiency, positioning itself as a unique addition to the Web3 landscape.
To maximize the security of its users, the platform leverages the proven security that Ethereum offers, while focusing on adding value with a number of key features such as encryption. TEN allows developers to choose which parts of the smart contract they want to be private and which public. This greatly opens up the design space, allowing a whole new generation of on-chain gaming, DeFi, RWA and institutional use cases to be developed. All of this is done while greatly improving scalability.
As L2, the speed and cost are very efficient, providing almost immediate finality and making TEN the fastest encrypted network in Web3. The responsiveness is so fast that it behaves like a Web2 application. The platform was designed in a way that development teams can create their dApps using only Solidity and Ethereum-based tools. Building on TEN is identical to building on Ethereum. For users, adding secure TEN functionality requires just three clicks and users don't even know they are using an encrypted dApp. The experience is totally fluid.
Gavin Thomas, co-founder and CEO of Obscuro Labs, comments: “Layer 2 was not always about scaling, but about enhancing Ethereum with new features in ways that cannot be done on the Mainnet. With TEN, we deliver on that promise by offering everything We learned from building encryption on Corda all the way to Ethereum.”
TEN, with over 120 partners, leverages the team's expertise to address key issues in the Ethereum ecosystem. The platform's name, “TEN”, symbolizes its role as “The Encrypted Network” and its position as a Layer 2 network.
With testing underway on the Coinlist testnet and plans for a mainnet launch in October, TEN is poised to establish itself as a leading Layer 2 on Web3. The platform's focus on encryption, privacy, and efficiency lays the foundation for its role in shaping the future of decentralized technologies.
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TEN is a pure EVM-encrypted L2 solution for Ethereum, sitting between the Optimistic and ZK rollups. With a strong team and the support of R3, TEN aims to offer secure, efficient and decentralized solutions for Web3 applications.
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This article was originally published on Chainwire.
