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Automata secures $2.4 million to provide privacy middleware for the Web 3 economy

Web3 has taken a huge step this year towards a completely self-sustaining ecosystem of peer-to-peer transactions and frictionless finance. To develop a healthy Web3 economy, new services such as Automata Networks will help meet a broad list of market demands such as private computing. automata network Web3 is described as the last piece of the puzzle, providing confidentiality, high assurance and frictionless computation.

Automata has completed a $2.4 million fundraising round since its last seed round, which raised $1 million in March. The latest funding round was led by large investors in the crypto space, including KR1, Jump Trading and IOSG Ventures. Investors showed great confidence in Automata’s ability to emerge as one of the top privacy solutions for dApps, with a particular focus on increasing privacy in the Web3 economy.

KR1’s Keld van Schreven, co-founder and managing director, one of the investors, said: “From the team’s technological advancements to one-on-one partnerships with industry-leading and most active projects, it was clear that Automata He had both the sight and the ability to execute it on the right mark.

“Our support of Automata Networks reflects our commitment to the sustainable development of the privacy-focused Web3 economy, and we look forward to seeing more great work from the team.”

Sakshi the magic

One of Automata’s main products is Witness, an off-chain solution that allows the blockchain to control its protocol and reduce miner extractable value. Being off-chain allows Witness to completely reduce the cost of gas, allowing token holders to vote without worrying about damaging their wallets.

A key voting feature is the ability to choose privacy levels of results, with three levels: Public, which reveals the address of the voter, and the results. Moderate level of secrecy, which only reveals the number of votes. Then a private level, which only discloses the results of the voting. Delegation is a feature that allows users to vote from other addresses to further reduce gas charges.

Modular is the feature that allows companies deploying automata to use these services as stand-alone. For example, if a company wants to use Witness as a signaling tool without being on-chain, they can do so with Modular.

Privacy of the Future at Scale

Currently, Automata and its Witness can be run on the ERC20 token, Ethereum, and now, on the Binance smart chain. The expansion of the network’s privacy tools is a testament to Automata’s commitment to providing privacy to the Web3 ecosystem.

Automata Network co-founder Daly Gong concluded the latest fundraising round by saying: “At the same time where secrecy continues to be in the theoretical relationship everywhere, it is also a depressing fact that the pace of practical adoption on the ground is slow, if not negligible.”

she added: “We believe that moving away from centralized infrastructure is only the beginning, and providing a seamless, seamless experience for developers and users to make privacy a built-in option is the only way forward.”

On top of the latest round of successful fundraising, Automata Network is part of the Berkeley Blockchain Accelerator 2021 and a recipient of the Web3 Foundation grant program. There is money and the network is being used. Next, Automata’s native token, ATA, will go live on June 7. If you have access to Binance LaunchPool, the token is already live for farming by staking BNB, BUSD or DOT.

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