Personal Layer 2 chain Aztec Community introduced a $100 million Sequence B funding spherical led by enterprise capital agency a16z crypto on December fifteenth. Different buyers on this spherical embody A Capital, King River, Variant, SV Angel, Hash Key, Fenbushu and AVG.
By partnering with a16z, the corporate has employed new engineers to create a “next-generation cryptographic structure” that can enable customers to confirm that the foundations of the blockchain are being adopted with out revealing the underlying info. goes to be constructed. An encrypted blockchain permits customers to transact with privateness and anonymity.
“We’re constructing revolutionary expertise that can remodel the best way we work together on-line, the place the tip person is the client, not the product. Finish-to-end encrypted blockchain protects people. and eliminates the necessity for a centralized monetary system,” mentioned Aztec CEO Zach Williamson in an official announcement.
Aztec is reportedly engaged on a testnet launch inside 12 months and totally deploying its mainnet inside 24 months.
RELATED: What’s in and Out of Ethereum’s Shanghai Improve
The corporate says its encryption has been examined in manufacturing with Aztec Join, permitting decentralized finance (DeFi) protocols to combine privateness throughout tons of of transactions. Aztec Join’s ecosystem consists of Ethereum DeFi protocols akin to Aave, Curve, Lido, Aspect, Set Protocol, Compound, and Liquity.
The corporate can also be growing a public/personal execution layer for blockchain designed to seamlessly combine encrypted and unencrypted functions. Aztec co-founder Joe Andrews mentioned:
“From PGP and SSL to end-to-end encrypted messaging, we depend on encryption in our every day lives to make our companies and commerce profitable. We’re standing on the shoulders of giants to convey the Digital Net 3.0 to life and we could not consider a greater associate to assist Aztec scale into the mainstream.”
Aztec’s privateness community formally launched on the Ethereum blockchain in February 2020. The Zcash-based expertise offered confidential tokens whose quantities had been cryptographically hidden, Cointelegraph reviews.