The startup is developing a blockchain-based data privacy protocol that secures financial transaction data and sensitive trading information through a second-layer network on the Ethereum blockchain. This protocol protects against data breaches from cyberattacks and hardware hacks, ensuring data confidentiality while enhancing transaction speed for businesses.
Funding
$9M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
RFounders
Product
Problem
Web3 applications often lack sufficient data privacy, exposing sensitive financial transaction data and trading information to potential breaches and exploits. Current blockchain infrastructure struggles to provide confidentiality without sacrificing transaction speed and compatibility with existing Ethereum tools.
Solution
TEN provides a Layer 2 solution for Ethereum that utilizes Trusted Execution Environments (TEEs) to enable encrypted smart contracts and confidential transactions. This approach allows developers to build dApps with user permissioning and data privacy features, addressing the need for smart transparency in Web3. By encrypting transaction data and application states, TEN protects against negative Maximal Extractable Value (MEV) and ensures fair price discovery. The protocol is designed to seamlessly integrate with the Ethereum ecosystem, allowing developers to migrate existing applications without specialized knowledge or changes to the user experience.
Target Audience
The primary target audience includes Web3 developers, financial institutions, and enterprises seeking to build privacy-preserving applications on Ethereum, as well as users concerned about data confidentiality and MEV exploitation.
Features
- Confidential roll-ups leveraging Secure Enclaves for encrypted transactions and confidential computing
- Compatibility with existing Ethereum smart contracts and developer tooling (Solidity, Remix, Ganache, Ethers.js)
- Elimination of negative MEV through encrypted transactions and hidden application states
- Programmable encryption allowing developers to choose what data to keep hidden or public
- Decentralized network of validators ensuring trustless operation
- Fast deposit and withdrawal times compared to other Layer 2 solutions
- Support for various use cases including on-chain gaming, private DeFi, sealed bid auctions, and commercial agreements
- Integration with Chainlink oracles for fair price discovery