Banking Consortium R3 Leads $9M Spherical in Encrypted Layer 2 on Ethereum

London, UK, March fifteenth, 2024, Chainwire

TEN, an encrypted Layer 2 community, pronounces a funding spherical of $9 million USD, led by digital powerhouse R3. Obscuro Labs’ TEN is an Ethereum Layer 2 roll-up platform addressing important encryption and scaling points in blockchain purposes. R3, a consortium of 42 of the world’s largest banks exploring blockchain-based RWA tokenization and CBDC, has been a significant supporter of TEN from its inception.

Over half of TEN’s senior crew hails from R3, which developed the main tokenization platform Corda, bringing vital expertise to the desk. Along with R3, the funding spherical consists of help from notable traders similar to Republic Crypto, KuCoin Labs, Massive 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 present accessible in present Layer 2 options. The platform, at present in testnet, is ready to launch on the mainnet in October, boasting options like programmable encryption, speedy bridges, and safe random quantity era.

TEN distinguishes itself as a general-purpose L2 on Ethereum, aiming to supply effectivity akin to Optimistic-based L2s whereas sustaining full encryption. The platform addresses encryption, MEV prevention, scalability, and gasoline effectivity, positioning itself as a singular addition to the Web3 panorama.

In an effort to maximize security for its customers, the platform takes benefit of the confirmed safety that Ethereum presents, whereas specializing in including worth with quite a lot of key options like encryption. TEN permits builders to decide on which components of the good contract they need personal and which components public. This massively opens up the design area, permitting an entire new era of on-chain video games, DeFi, RWA, and institutional use instances to be developed. All that is carried out whereas vastly enhancing scalability.

As an L2, the pace and value are each very environment friendly, offering near-immediate finality and making TEN the quickest encrypted community in Web3. The responsiveness is so quick that it behaves like a Web2 software. The platform was designed such that improvement groups can construct their dApps utilizing simply Solidity and Ethereum-based instruments. Constructing on TEN is equivalent to constructing on Ethereum. For customers, including TEN’s safe performance takes simply three clicks, and customers do not even know they’re utilizing an encrypted dApp. The expertise is fully seamless.

Gavin Thomas, Co-Founder and CEO of Obscuro Labs, Feedback: “Layer 2s have been at all times not nearly scaling, however enhancing Ethereum with new options in methods that can’t be carried out on Mainnet. With TEN, we ship on that promise by bringing every part we learnt from constructing encryption on Corda to Ethereum.”

TEN, with over 120 companions, leverages the crew’s experience to deal with key points within the Ethereum ecosystem. The platform’s title, “TEN,” symbolizes its position as “The Encrypted Community” and its place as a Layer 2 community.

With ongoing testing on Coinlist’s testnet and plans for a mainnet launch in October, TEN is poised to determine itself as a number one Layer 2 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 applied sciences.

About TEN

TEN is a pure EVM encrypted L2 answer for Ethereum, positioned between Optimistic and ZK rollups. With a powerful crew and backing from R3, TEN goals to supply safe, environment friendly, and decentralized options for Web3 purposes.

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ContactDan EdelsonDan@marketacross.com

This text was initially revealed on Chainwire