Ethereum

Fhenix

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Helium

<h4><b>Hack VC pioneered the round, receiving support from top investors. </b></h4> 
<p>The funding process started in March and ended in May. <span style="font-weight: 400;">Read on to learn the details of this funding round for Fhenix.</span></p> 
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      <h5><strong>Fhenix Raises $15M, Launches Confidential Ethereum L2 Testnet</strong></h5> 
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<p><a href="https://x.com/fhenixio?s=21" target="_blank" rel="noopener"><span style="font-weight: 400;">Fhenix</span></a><span style="font-weight: 400;"> is an Ethereum </span><span style="font-weight: 400;">Layer 2</span><span style="font-weight: 400;"> network developer. It is all about enhancing data confidentiality. Fhenix raised </span><span style="font-weight: 400;">$15 million</span><span style="font-weight: 400;"> in its Seed A funding rounds, which Hack VC backed. The success of funding indicates that Fhenix is up for more significant developments.</span></p> 
<p><img decoding="async" class="wp-image-142381 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/06/xvcfdeewer-272x300.jpg" alt="" width="438" height="483" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/06/xvcfdeewer-272x300.jpg 272w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/xvcfdeewer-381x420.jpg 381w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/xvcfdeewer.jpg 388w" sizes="(max-width: 438px) 100vw, 438px"></p> 
<h6 style="text-align: center;"><strong>Source: <a href="https://x.com/fhenixio/status/1798028604212957326?s=46" target="_blank" rel="noopener">X</a></strong></h6> 
<h5><b>Launch of Helium Testnet</b></h5> 
<p><span style="font-weight: 400;">The platform launched its testnet, </span><span style="font-weight: 400;">Helium</span><span style="font-weight: 400;">, alongside the seed funding round. Helium allows developers to deploy confidential smart contracts on the Fhenix L2 network. Phoenix utilizes a unique technology, </span><a href="https://dualitytech.com/glossary/fully-homomorphic-encryption/" target="_blank" rel="noopener"><span style="font-weight: 400;">FHE</span></a><span style="font-weight: 400;">, from </span><a href="https://www.zama.ai/about#:~:text=Zama%20is%20an%20open%20source,solutions%20for%20blockchain%20and%20AI." target="_blank" rel="noopener"><span style="font-weight: 400;">Zama</span></a><span style="font-weight: 400;">, a cryptography company, to ensure data confidentiality.&nbsp;</span><span style="font-weight: 400;">FHE ensures end-to-end data encryption, even when processing data.</span></p> 
<p><span style="font-weight: 400;">The Ethereum network faces many challenges. After scaling, </span><span style="font-weight: 400;">data confidentiality</span><span style="font-weight: 400;"> is the next issue with Ethereum. “Ethereum hasn’t reached mainstream adoption because of data confidentiality issues,” Itzhaki said. </span><span style="font-weight: 400;">FHE is the only reliable solution for data confidentiality. Other platforms that perform the same function are less efficient than FHE.</span></p> 
<p><img decoding="async" class="wp-image-142387 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/06/vcxcvrgewrtu-226x300.png" alt="" width="421" height="559" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/06/vcxcvrgewrtu-226x300.png 226w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/vcxcvrgewrtu-316x420.png 316w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/vcxcvrgewrtu.png 394w" sizes="(max-width: 421px) 100vw, 421px"></p> 
<h6 style="text-align: center;"><strong>Source: <a href="https://x.com/FhenixIO/status/1792941531986309510" target="_blank" rel="noopener">X</a></strong></h6> 
<h5><b>Fhenix Visions and Mainnet launch</b></h5> 
<p><span style="font-weight: 400;">The platform has plans to launch its mainnet in Q1 – 2025. Fhenix is all about improving data confidentiality. It drives data confidentiality across several platforms. Fhenix makes privacy a standard for blockchain networks.</span></p> 
<p><span style="font-weight: 400;">To do this, Fhenix partnered with </span><span style="font-weight: 400;">EigenLayer</span><span style="font-weight: 400;"> to develop an </span><a href="https://www.blog.eigenlayer.xyz/fhenix/" target="_blank" rel="noopener"><span style="font-weight: 400;">FHE co-processor</span></a><span style="font-weight: 400;">. “The co-processor allows L1 and L2 blockchain networks to use FHE services. They use it without the need to change anything,” Itzhaki explains. </span><span style="font-weight: 400;">“The main problem is ensuring you can trust the results from using the co-processor. To solve this, Fhinex uses EigenLayers crypto-economics. Which helps ensure the co-processors’ responses are accurate and secure.”</span></p> 
<p><img decoding="async" class="wp-image-142389 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/06/cxvxdsrtyu-261x300.jpg" alt="" width="445" height="511" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/06/cxvxdsrtyu-261x300.jpg 261w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/cxvxdsrtyu-365x420.jpg 365w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/cxvxdsrtyu.jpg 388w" sizes="(max-width: 445px) 100vw, 445px"></p> 
<h6 style="text-align: center;"><strong>Source: <a href="https://x.com/FhenixIO/status/1780246573244666249" target="_blank" rel="noopener">X</a></strong></h6> 
<h5><b>Incentives for Developers</b></h5> 
<p><span style="font-weight: 400;">Fhenix has set up a <a href="https://x.com/FhenixIO/status/1792941538420326786" target="_blank" rel="noopener">grant program</a> for developers to increase interaction on the testnet. Although the grant plans are under review, Itzhaki indicates they would be considerable. We only see grants with reasonable price promises a few times. The grant is part of Fhenix’s plans for adoption within the Ethereum ecosystem.</span></p> 
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<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/ethereum-layer-2-fhenix-raises-15m/">Ethereum Layer 2 Fhenix Raises $15M</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

Ethereum Layer 2 Fhenix Raises $15M

Altcoin Buzz

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