TEN: The Future of Encrypted Layer 2 on Ethereum
R3 Consortium Leads $9M Round in Encrypted Layer 2
In a significant development, TEN, an encrypted Layer 2 network, has secured a funding round of $9 million USD, with digital giant R3 at the forefront. Obscuro Labs’ TEN stands out as an Ethereum Layer 2 roll-up platform that tackles critical encryption and scaling challenges in blockchain applications. R3, comprising 42 major global banks delving into blockchain-based RWA tokenization and CBDC, has been a staunch supporter of TEN since its inception.
Bringing Experience and Support to the Table
With over half of TEN’s senior team originating from R3, the platform benefits from the expertise behind Corda, a leading tokenization platform. Alongside R3, the funding round sees contributions from prominent investors such as Republic Crypto, KuCoin Labs, Big Brain Capital, DWF Labs, and Magnus Capital.
Innovative Features and Unique Positioning
TEN distinguishes itself by offering a blend of Optimistic-based L2s and ZK-Rollups, providing unparalleled speed, security, versatility, and privacy not found in existing Layer 2 solutions. The platform, currently in testnet, is gearing up for a mainnet launch in October, boasting features like programmable encryption, immediate bridges, and secure random number generation.
Pioneering Encryption and Privacy
Positioned as a general-purpose L2 on Ethereum, TEN aims to deliver efficiency akin to Optimistic-based L2s while maintaining robust encryption. Addressing encryption, MEV prevention, scalability, and gas efficiency, the platform emerges as a distinctive addition to the Web3 landscape.
Enhancing User Experience and Security
Emphasizing user safety, TEN leverages Ethereum’s proven security features while enhancing value through key functionalities like encryption. Developers can selectively choose which parts of the smart contract remain private or public, facilitating the development of a new wave of on-chain applications. This approach significantly enhances scalability while offering a seamless user experience.
CEO’s Vision and Future Outlook
Gavin Thomas, Co-Founder and CEO of Obscuro Labs, emphasizes the importance of Layer 2 solutions in enhancing Ethereum’s capabilities. With TEN, the team aims to bring Corda’s encryption expertise to Ethereum, shaping the future of decentralized technologies.
Positioning for Success in Web3
With testing underway and plans for a mainnet launch, TEN is poised to establish itself as a leading Layer 2 network. Its focus on encryption, privacy, and efficiency sets the stage for its pivotal role in shaping the decentralized technology landscape.
About TEN: The Encrypted Network
TEN represents a pure EVM encrypted L2 solution for Ethereum, bridging the gap between Optimistic and ZK rollups. Backed by R3 and a dedicated team, TEN aims to offer secure, efficient, and decentralized solutions for Web3 applications.
