As part of its Series B funding round led by a16z, Aztec Network has secured $100 million in additional funding. The funds will be used by Aztec Network for the hiring of more engineers and for the development of a new encrypted blockchain system.
Expanding the Market
There has been an announcement that Aztec Network has secured $100 million in Series B funding led by a16z crypto, and also with participation from King River, A Capital, Variant, SV Angel, Hash Key, Fenbushi, and AVG.
Zac Williamson, the CEO of Aztec, 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.”
Essentially, Aztec’s goal is to take the original promise that Ethereum carried–a decentralized world computer that can be verified and verified–and extend its capabilities to the fullest extent possible by making it a fully encrypted one.
Is it really that important to encrypt Ethereum? What are the reasons behind this? In the end, transparency is the reason why Ethereum is so powerful, auditable, and secure as it is, after all. Putting it simply: transparency begets verifiability, and it’s at the very core of Ethereum’s transformational impact.
As a result of the current public blockchain paradigm, users and entities unknowingly broadcast data to the public, compromising privacy and security as well as bringing the entire system into a state of distrust.
Unencrypted blockchains are not only inherently privacy-invading, but in order to compute and verify transactions, they also require considerable amounts of redundancy. There are no trade-offs involved in Aztec’s blockchain encryption solution.
As part of its partnership with a16z, the company will fund the development of a next-generation encrypted architecture that will enable users to verify that the rules of the blockchain have been followed correctly without revealing any sensitive information about the underlying technology.
A crypto winter may make it seem unprofitable to raise funds and make investments in blockchain-based companies. In spite of this, we see investment firms always showing an interest in industry and the technology that drives it. The recent fundraise of Aztecs shows there is still a lot of potential for receiving funds in the future.
The result of investments, however, needs to be seen over a long period of time before it can be seen. Investors sometimes invest in companies that end up bankrupt as a result of their investments. However, many of the startups have been successful in leveraging funds in order to expand their market share and offer new services.
As long as the Aztec takes this mission seriously and makes plans to travel after the winter ends, then they may be able to be one of them.