TEN Raises $9 Million From R3 and Others to Pioneer the Next-Gen Encrypted Ethereum Network

Unveiling TEN's Encrypted Ethereum Layer 2 Network

It is a significant achievement for the blockchain community that Obscuro Labs' TEN, which is an encrypted Ethereum Layer 2 network, has successfully received a substantial amount of money, amounting to $9 million USD. This fundraising round, which was in charge of the digital heavyweight blockchain instruction, R3, highlights one of the most significant turning points in blockchain research. An all-EVM encrypted Layer 2 solution for Ethereum is offered by TEN, which is recognised as a pioneer in the field of blockchain innovation. A powerful team and industry specialists, including R3, are behind TEN. TEN is backed by these individuals.

Its goal is to provide Web3 applications with solutions that are safe, efficient, and decentralised wherever possible. This rollup falls somewhere in the middle of the Optimistic and ZK rollups. Corda is the tokenization platform that is now the market leader, and R3 is the firm that developed it. With the infusion of talent from R3, TEN is able to improve its position as a significant player in the Layer 2 solutions and acquire knowledge that is of great value. R3 is the source of more than half of TEN's senior leadership team.R3's wide consortium, which has long backed blockchain-based initiatives such as RWA tokenization and CBDC, comprises 42 of the largest banks in the world as members. This is perhaps the most crucial aspect of the collaboration.

Diverse Investment Backing: A Vote of Confidence in TEN's Potential

Besides R3, other well-known investors like Republic Crypto, KuCoin Labs, Big Brain Capital, DWF Labs, and Magnus Capital have also backed the latest round of investments. The industry is aware of TEN's unique value offering and possible impact on the Web3 environment, as shown by the large amount of support that follows. TEN is different from other algorithms because it can find a good mix between ZK-Rollups and optimistic-based L2. There are other Layer 2 options, but TEN is the best because it is faster, safer, more flexible, and more private. TEN is ready to change the blockchain industry with features like immediate links, security that can be changed, and safe random number generation.

Utilising Ethereum's well-established security architecture, TEN prioritises user safety by including cutting-edge functionality such as programmable encryption. Developers are now able to design a new generation of on-chain apps that encompass gaming, DeFi, RWA, and institutional use cases. This is made possible by the addition of the capability to customise the privacy settings of smart contracts. Because users can quickly use TEN's secure features with only three clicks, they are unaware that they are engaging with an encrypted decentralised application (dApp) right now.

TEN's Journey Toward a Decentralized Tomorrow

With the start of its mainnet planned for October and testing still going on Coinlist's testnet, TEN is in a great situation to strengthen its place as the top Layer 2 option in Web3. The creative team in charge of TEN is laying the groundwork for future autonomous technologies. Simplifying, protecting, and improving the user experience are all things that TEN is focusing on as it works to change the way we use blockchain apps. In the world of cryptocurrencies, people are getting more excited and looking forward to the project's mainnet launch. A lot of people are excited to see what new options TEN will open up in the free environment.

Gavin Thomas, Co-Founder and CEO of Obscuro Labs, emphasises TEN's transformative potential, stating, "Layer 2s were always not just about scaling, but enhancing Ethereum with new features in ways that cannot be done on Mainnet. With TEN, we deliver on that promise by bringing everything we learned from building encryption on Corda to Ethereum."

Final Thoughts

The growth of Ethereum Layer 2 networks has been led by R3, and they have now hit a major turning point. This is even more true now that Obscuro Labs' TEN is a well-known player in this field. One thing that makes TEN's approach to user experience, scaling, and security stand out is that it is a paradigm shift in the way distributed technologies are used. The fact that TEN has invested R3 demonstrates the level of expertise that the business has in distributed ledger technology (DLT). This is due to the fact that the firm has a union of significant banks and Corda, which is its primary tokenization platform. Remembering that TEN's round of investment was successful is another crucial thing to keep in mind.

Not only does the backing of these well-known organisations demonstrate that TEN has a possibility of being successful, but it also demonstrates how distributed ledger technology (DLT) is becoming an ever more significant component of the transformative process in conventional areas as the blockchain industry continues to expand. As it continues to pursue its vision, TEN is in a fantastic position to have significant influence over the course that the digital future will take. This is because it intends to launch its mainnet as early as October.

The TEN investment round needs to be regarded as a significant advancement for Ethereum Layer 2 solutions and the blockchain community as a whole. The acronym TEN is a symbol of optimism for a future in which there is no central authority and confidence, speed, and openness are of utmost significance. The reason the firm is expanding is because it is extremely skilled in distributed ledger technology (DLT), which is the core of the strategy that it has developed.

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Image credits: Markus Wrinkler: