Bitcoin News and Finance
Web3 Privacy Layer Aztec Raises $100 Million in Series B Funding Round to Produce an Encrypted Version of Ethereum Skip to main content

Web3 Privacy Layer Aztec Raises $100 Million in Series B Funding Round to Produce an Encrypted Version of Ethereum

Web3 Privacy Layer Aztec Raises $100 Million in Series B Funding Round to Produce an Encrypted Version of Ethereum

Aztec, a Web3 privacy layer, has raised $100 million in a Series B funding round led by the Andreessen Horowitz subsidiary a16z crypto. The organization, which already offers privacy-based services for a slew of Ethereum-based apps, will now focus on constructing an encrypted version of Ethereum, allowing individuals and organizations to transact privately.

Aztec Raises $100 Million to Create Interoperable and Encrypted Blockchains

Web3 privacy-focused layer Aztec raised $100 million on Dec. 15 as part of its Series B funding round. The resources raised during this round, which was led by a16z crypto with the participation of A Capital, King River, Variant, SV Angel, Hash Key, Fenbushi, and AVG, will be used on building a high-level encrypted version of Ethereum.

For Aztec, while today’s focus on interoperable public chains has its virtues, there is also the need for private and confidential transactions that preserve the identity and the data of the ones involved. Joe Andrews, one of the founders of Aztec, told Techcrunch about how he believes privacy is a necessity. He stated:

The world isn’t nice to live in without encryption. Doing things without privacy would be a pretty scary world and not one we want.

Aztec contemplates ramping up its hiring processes to accelerate the construction of its privacy-centric network, and it hopes to double its number of employees to 80 in the near future.

Current Services and Noir

The organization is already providing privacy services for some applications and protocols on top of Ethereum through its Aztec Connect platform. This privacy layer launched back in 2021 allows users to encrypt transactions while using Aave, Curve, Lido, Element, Set Protocol, Compound, and Liquity. In addition, users also enjoy a reduction of the fees compared to transactions processed on layer one due to the pooling of these operations.

To make this task less daunting, Aztec also created its own programming language, called Noir. The company claims that this new development allows for easier construction of programs, and makes these ” more readable, more secure, and easier to reason about than ever before.”

While there is still no precise date for the launch of this new privacy tool, the founders estimate that the testnet of the product might be launched in the following 12 months, with a definite launch of the privacy network happening 8 to 24 months later, and discontinuing its Connect services after the launch.

What do you think about Aztec’s $100 million funding round to build a privacy-focused network? Tell us in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory