TEN, the encrypted Ethereum Layer-2 network emphasizing encryption, has reached a token valuation of $30 million after its latest funding round.
Obscuro Labs, the organization behind TEN, received an investment of $9 million in several tranches of funding. Co-founder Gavin Thomas announced that the latest tranche of around $3 million was completed in December, bringing Obscuro’s token valuation to $30 million.
The funding round was led by institutional blockchain firm R3, with participation from Republic Crypto, KuCoin Labs, Big Brain Holdings, Magnus Capital and DWF Labs. According to a spokesperson, R3 in particular spearheaded the investment initiative.
Thomas explained that the funding was structured as simple deals for future equity (SAFE) with token warrants. He also emphasized that the involvement of DWF Labs, a controversial entity, took place before any controversy and that their role as a market maker is not related to Obscuro’s operations.
TEN, short for “The Encrypted Network”, is an Ethereum Layer 2 solution focused on encryption. It empowers developers to selectively encrypt smart contract components and keep others public.
What is TEN?
The technology underlying TEN is based on secure enclaves that provide robust confidentiality and enable the Ethereum Virtual Machine to execute in an encrypted environment. This approach offers smart contracts, decentralization, scalability and encryption at the same time.
TEN’s distinguishing feature lies in its use of secure enclaves, which distinguishes it from privacy-oriented networks such as Aztec and Fhenix, which leverage zero-knowledge proofs and fully homomorphic encryption, respectively.
By adopting secure enclaves, TEN aims to revolutionize various industries, including on-chain gaming, decentralized finance, real-world assets, and institutional use cases. This innovation promises to expand the realm of possibilities in the blockchain environment, while maintaining a user and developer experience similar to Ethereum.
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