London, UK, March 15, 2024, Chainwire
TEN, an encrypted layer 2 community, has introduced a USD 9 million funding spherical led by digital large R3. Obscuro Labs' TEN is an Ethereum layer 2 rollup platform that addresses crucial cryptographic and scaling points in blockchain purposes. R3 is a consortium of 42 of the world's largest banks exploring blockchain-based RWA tokenization and CBDC, and has been a significant supporter of TEN since its inception.
Greater than half of TEN's senior staff comes from R3, which developed the main tokenization platform Corda, bringing precious expertise. Along with R3, this funding spherical contains assist from notable traders corresponding to Republic Crypto, KuCoin Labs, Huge Mind Capital, DWF Labs, and Magnus Capital.
TEN strikes a steadiness between optimistic-based L2 and ZK rollup, offering pace, safety, versatility, and privateness not at present obtainable with current Layer 2 options. The platform, at present on testnet, is scheduled to be launched on mainnet in October and contains options corresponding to programmable encryption, immediate bridging, and safe random quantity technology.
TEN has established itself as a general-purpose L2 on Ethereum and goals to offer effectivity just like optimistic-based L2 whereas sustaining full encryption. The platform helps encryption, MEV safety, scalability, and gasoline effectivity, making it a singular addition to the Web3 surroundings.
To maximise consumer security, the platform is concentrated on leveraging the confirmed safety provided by Ethereum whereas including worth with a variety of key options corresponding to encryption. TEN permits builders to well select which components of their contracts are non-public and which components are public. This considerably expands the design house and permits the event of an entire new technology of on-chain gaming, DeFi, RWA, and institutional use instances. All of that is achieved whereas enormously growing scalability.
As L2, this can be very environment friendly in each pace and price, offering near-instant finality, making TEN the quickest encrypted community in Web3. It is vitally responsive and behaves like a Web2 utility. The platform was designed to permit growth groups to construct dApps utilizing solely Solidity and Ethereum-based instruments. Constructing on TEN is identical as constructing on Ethereum. For customers, including TEN’s safe options takes simply three clicks and so they gained’t even know they’re utilizing an encrypted dApp. The expertise is totally seamless.
Gavin Thomas, co-founder and CEO of Obscuro Labs, commented: “Layer 2 has all the time been about enhancing Ethereum, not simply by scaling, however by including new options in methods not potential on mainnet. At TEN, we ship on that promise by providing all the pieces.” realized from constructing Corda to Ethereum cryptography. ”
With over 120 companions, TEN leverages the staff's experience to handle key points within the Ethereum ecosystem. The platform's identify “TEN” symbolizes its position as an “encrypted community” and its standing as a Layer 2 community.
With continued testing on Coinlist's testnet and plans for a mainnet launch in October, TEN is poised to ascertain itself as a number one Layer 2 of Web3. The platform is concentrated on cryptography, privateness, and effectivity, and is poised for its position in shaping the way forward for decentralized know-how.
About TEN
TEN is a pure EVM encryption L2 resolution for Ethereum that sits between Optimistic and ZK rollups. With a robust staff and the assist of R3, TEN goals to offer a safe and environment friendly decentralized resolution for Web3 purposes.
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contactDan Edelson[email protected]
This text was initially printed on Chainwire
