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The encrypted Ethereum layer 2 community, TEN (aka The Encrypted Community), has introduced the completion of a $9 million funding spherical led by the banking consortium R3.
- TEN is a layer 2 rollup platform focusing on encryption, MEV prevention, scalability, and gasoline effectivity. It’s stated to supply “a steadiness between Optimistic-based L2s and ZK-Rollups.”
- Utilizing encryption, TEN lets builders select which elements of their sensible contract they’d wish to hold non-public, and which elements public.
- Different options embrace quick bridges, and safe random quantity era.
- R3 is a consortium of 42 of the world’s largest banks which can be exploring blockchain expertise and real-world asset tokenization.
- Different contributors within the funding spherical embrace Republic Crypto, KuCoin Labs, Large Mind Capital, DWF Labs, and Magnus Capital.
- “Layer 2s have been at all times not nearly scaling, however enhancing Ethereum with new options in methods that can’t be performed on Mainnet,” stated Gavin Thomas, Co-Founder and CEO of Obscuro Labs, in a press launch shared with CryptoPotato.
- TEN is presently in its testnet part, with mainnet set to be launched in October.
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