Ethereum

Multicoin

EigenLayer

Fhenix

Shiba Inu

In a Series A funding&nbsp;round, Fhenix, an Ethereum Layer 2 network developer with an emphasis on data confidentiality, has raised $15 million. 
According to Fhenix on Tuesday, Hack VC led the round, with participation from Dao5, Amber Group, Primitive Ventures, GSR, Collider Ventures, and Stake Capital. Guy Itzhaki, the CEO and co-founder of the company, told The Block that the round was finished last month after it started in March. Regarding the round’s structure, valuation, and potential board seat offerings, he remained silent. 
Fhenix now has $22 million in total funding thanks to the Series A round. The business raised $7 million from Multicoin Capital and other investors in a seed round last September. Itzhaki stated that Fhenix had increased its Series A round due to incoming investor interest. 
<h3 class="wp-block-heading" id="h-fhenix-introduces-open-testnet">Fhenix Introduces Open Testnet</h3> 
On Tuesday, Fhenix also unveiled Helium, an open testnet that was originally supposed to be dubbed Renaissance. Developers can now implement “confidential” smart contracts on the Fhenix Layer 2 network for the first time with the launch&nbsp;of Helium. 
To further ensure network confidentiality, Fhenix employs fully homomorphic encryption (FHE) technology from cryptography firm&nbsp;Zama. The “holy grail” of cryptography, FHE allows end-to-end data encryption even as the data is being processed. Zama’s FHE technology is also being used by other cryptocurrency projects, such as the Shiba Inu memecoin makers&nbsp;and the modular blockchain developer Inco. 
Itzhaki said: 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 “After scaling, confidentiality is the next major hurdle Ethereum needs to solve in order to reach mainstream adoption. FHE is the most elegant solution to the problem of encryption because, unlike existing confidentiality solutions based on zero knowledge technology, it allows for end-to-end computation of encrypted data.” 
</blockquote> 
<h3 class="wp-block-heading" id="h-fhenix-mainnet-launch">Fhenix Mainnet Launch</h3> 
Itzhaki stated that the Fhenix mainnet is anticipated to be launched&nbsp;in the first quarter of the next year. When asked if Fhenix will introduce a token in addition to its mainnet, he declined to answer. A grants&nbsp;program has been established by Fhenix to entice developers to its testnet. Although the program’s scale hasn’t been decided upon yet, Itzhaki stated that it will be “substantial” considering the Series A investment round. 
Itzhaki stated that the Fhenix Layer 2 represents the first phase of the project’s vision, with the long-term goal of Fhenix aiming to drive data confidentiality “everywhere.” EigenLayer and Fhenix recently teamed up to assist EigenLayer in developing&nbsp;an FHE co-processor. 
Itzhaki added: 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 “The co-processor is a stateless rollup that enables Layer 1s and Layer 2s to get FHE services with minimal modifications on their behalf. The key challenge is — how do you trust the response from the co-processor? The solution is using EigenLayer crypto economics, securing the response of the co-processor.” 
</blockquote>

Confidentiality-Focused Ethereum Layer 2 Fhenix Secures $15M in Series A Funding

Table of Contents

TheNewsCrypto

Other articles published on Jun 5, 2024

How to Buy Beefy.Finance Coin?

Dogecoin, Shiba Inu, PEPE Top Institutional Investors Meme Coin Holdings, How Much Did They Buy?

Sam Altman-Founded Worldcoin's Suspension Extended In Spain, Crypto Plunges 55% Since March Peak

BNB Reaches A New ATH Of $712, BNB Chain Ecosystem Projects Spike

Solana (SOL) Price Prediction for June 5

VeChain and WoV Labs Team Up to Bring NFTs to Traditional Media

Join our free newsletter for daily crypto updates!