The Encrypted Network (TEN) is poised for mainnet launch in October with funding from major crypto VCs and blockchain-supportive banks.
The encrypted Ethereum layer 2 network, TEN (aka The Encrypted Network), has announced the completion of a $9 million funding round led by the banking consortium R3.
TEN is a layer 2 rollup platform targeting encryption, MEV prevention, scalability, and gas efficiency. It’s said to offer “a balance between Optimistic-based L2s and ZK-Rollups.”
Using encryption, TEN lets developers choose which parts of their smart contract they’d like to keep private, and which parts public.
Other features include immediate bridges, and secure random number generation.
R3 is a consortium of 42 of the world’s largest banks that are exploring blockchain technology and real-world asset tokenization.
Other participants in the funding round include Republic Crypto, KuCoin Labs, Big Brain Capital, DWF Labs, and Magnus Capital.
“Layer 2s were always not just about scaling, but enhancing Ethereum with new features in ways that cannot be done on Mainnet,” said Gavin Thomas, Co-Founder and CEO of Obscuro Labs, in a press release shared with CryptoPotato.
TEN is currently in its testnet phase, with mainnet set to be released in October.