Hassan Maishera
TEN, an encrypted Ethereum Layer 2 network, raised $9 million in a funding round led by digital powerhouse R3. Obscuro Labs’ TEN is an Ethereum Layer 2 roll-up platform addressing critical encryption and scaling issues in blockchain applications.
Meanwhile, R3 is a consortium of 42 of the world’s largest banks exploring blockchain-based RWA tokenization and CBDC, and has been a major supporter of TEN from its inception.
In a press release shared with Cryprowisser, TEN said more than half of its senior members hail from R3. Other ventures in the funding round include Republic Crypto, KuCoin Labs, Big Brain Capital, DWF Labs, and Magnus Capital.
TEN is an encrypted layer-2 ethereum network that offers speed, security, versatility and privacy. The platform, currently in testnet, is set to release on the mainnet in October, boasting features like programmable encryption, immediate bridges, and secure random number generation.
The network also seeks to provide efficiency similar to Optimistic-based L2s while maintaining full encryption. Furthermore, TEN addresses encryption, MEV prevention, scalability, and gas efficiency, positioning itself as a unique addition to the Web3 landscape.
In a bid to provide maximum safety to its users, TEN leverages the proven security the Ethereum network offers while focusing on adding value with a number of key features like encryption.
With TEN, developers can choose which parts of the smart contract they want private and which parts public. Thus, opening up the design space, allowing a whole new generation of on-chain games, DeFi, RWA, and institutional use cases to be developed. All this is done while vastly improving scalability.
As a layer-2 network, TEN boasts of fast transaction speed and low cost, providing near-immediate finality and making TEN the fastest encrypted network in Web3. The platform was designed such that development teams can build their dApps using just Solidity and Ethereum-based tools.
The team explained that for developers, building on TEN is identical to building on Ethereum. For users, adding TEN’s secure functionality takes just three clicks, and users don't even know they're using an encrypted dApp.
While commenting on this latest development, Gavin Thomas, Co-Founder and CEO of Obscuro Labs, said,
"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 learnt from building encryption on Corda to Ethereum."
TEN currently has over 120 partners and takes advantage of its expertise to address key issues in the Ethereum ecosystem. The network’s testnet is currently ongoing on Coinlist and the mainnet is expected to launch in October.
The platform's focus on encryption, privacy, and efficiency sets the stage for its role in shaping the future of decentralized technologies.
TEN is a pure EVM encrypted L2 solution for Ethereum, positioned between Optimistic and ZK rollups. With a strong team and backing from R3, TEN aims to offer secure, efficient, and decentralized solutions for Web3 applications.
