Ethereum L2 Investment Surges as TEN Secures $9 Million Funding
The EthereumEther (ETH) is used to pay for computation and token swaps on Ethereum. Users "fuel" smart contracts and DApps with ETH. More Layer 2 network, popularly known as TEN (The Encrypted Network), has recently accomplished a significant milestone by raising $9 million in a successful funding round. The round was led by the banking consortium, R3, marking a significant advancement in EthereumEther (ETH) is used to pay for computation and token swaps on Ethereum. Users "fuel" smart contracts and DApps with ETH. More L2 investment in the face of the burgeoning cryptocurrency market. TEN is a unique platform that utilizes the Layer 2 rollup technology, a technological innovation aimed at augmenting encryption, mitigating MEV, improving scalability, and enhancing gas efficiency. This equilibrium is an appealing feature that sets a balance between Optimistic-based L2s and ZK-Rollups. With TEN’s advanced encryption capabilities, developers have the flexibility to determine which components of their smart contractsA smart contract is code that runs automatically when certain conditions are met. Kind of like "if-then" programming. If X happens, then the smart contract... More should be made public or kept private. Moreover, TEN offers instant bridges alongside secure random number generation, an essential feature for developers. The R3 consortium, consisting of 42 major world banks delving into blockchainThink of blockchain as a digital ledger that records transactions in a transparent, tamper-proof way. It's a chain of transaction blocks linked chronologically. More technology and asset tokenization, played a pivotal role in this funding round. Other notable investors include Republic Crypto, KuCoin Labs, Big Brain Capital, DWF Labs, and Magnus Capital. This step echoes the vision of Gavin Thomas, Co-Founder and CEO of Obscuro Labs, who believes that Layer 2s were not just designed to scale, but also to enrich EthereumEther (ETH) is used to pay for computation and token swaps on Ethereum. Users "fuel" smart contracts and DApps with ETH. More with innovative features that cannot be incorporated into Mainnet. As of now, TEN is undergoing its testnet phase, with the mainnet release planned for October. The successful EthereumEther (ETH) is used to pay for computation and token swaps on Ethereum. Users "fuel" smart contracts and DApps with ETH. More L2 investment in TEN is a testament to the growing interest and trust in cryptocurrency and blockchainThink of blockchain as a digital ledger that records transactions in a transparent, tamper-proof way. It's a chain of transaction blocks linked chronologically. More technology.
Not financial advice. Always be safe and secure when dealing with cryptocurrency. Never send anyone your private key. Always Do Your Own Research..DYOR..DYOR..DYOR!
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