Aztec Network has left behind another milestone in its goal of creating encrypted Ethereum.
About the Funding Round
Aztec Network announced on December 15, 2022, that it has raised $100 million in its Series B funding round. Participants in the tour led by a16z crypto included investors such as A Capital, King River, Variant, SV Angel, Hash Key, Fenbushi, and AVG.
The goal of the Aztec Network is to fulfil the true promise of Ethereum, a decentralized and verifiable world computer, and expand its capacity by making it fully encrypted.
Why is It So Important to Encrypt Ethereum?
The most important reason why Ethereum is so powerful, auditable and secure is its transparency. Because transparency leads to verifiability. However, in the current blockchain paradigm, users and organizations inadvertently compromise privacy and security and share data with the public to achieve a distrust-based structure.
Unencrypted blockchains violate privacy by their nature and require a significant amount of redundancy to calculate and verify the legitimacy of transactions.
Breaking the Unencrypted Blockchain Paradigm
Aztec performs blockchain encryption without exchange. The company’s partnership with a16z is about to finance the development of a next-generation encrypted structure. In this way, users will be able to verify that the blockchain rules are being followed correctly without revealing any basic information.
The structure that Aztec wants to create ensures that blockchain applications are verifiable and secure.
Zac Williamson, CEO of Aztec Protocol said: “What we’re building is a revolutionary piece of technology that transforms how we interact with each other online, in which the end user is the customer, rather than the product. End-to-end encrypted blockchains protect individuals, obviating the need for centralized financial systems.”
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