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

Web3 made major strides toward a fully self-sufficient ecosystem of peer-to-peer transactions and frictionless finance this year. In order to develop a healthy Web 3 economy, new services such as Automata Network will help to meet a wide list of market demands such as private accounts. Automata network Described as the last piece of the web3 puzzle, it offers privacy, high security and frictionless computation

Automata has just completed a $2.4 million fundraising round after the last initial round that raised $1 million in March. The latest funding round was led by major crypto investors including KR1, Jump Trading and IOSG Ventures. With a particular focus on increasing privacy in the web3 economy, investors have shown a lot of confidence in Automata’s potential to emerge as one of the best privacy solutions for dApps.

Investor co-founder and managing director, Keld van Schreven of KR1 said: “From the technical advances of the team to the one-on-one partnerships made with the industry’s leading and most active projects, it was clear that Automata both had the vision and ability to get it right on Mark.

“Our support for the Automata Network indicates our commitment to the sustainable development of the privacy-focused web3 economy, and we look forward to seeing more great work from the team.”

Watch the magic

One of Automata’s flagship products is Witness, an off-chain solution that allows blockchains to control their protocol and reduce the miner’s minable value. Being off-chain allows Witness to completely reduce gas costs, allowing token holders to vote without worrying about hurting their wallets.

The main voting feature is the ability to choose the privacy levels for the results with three levels: General, which reveals the addresses of voters and results. Mid-level specificity, which only reveals the number of votes. Then the private level, which only reveals the results of the vote. Delegation is a feature that allows users to vote from other addresses to further ease gas fees.

Modular is the feature that allows companies that publish Automata to use these services independently. For example, if a company wants to use Witness as a signaling tool without going through the chain, it can do so with Modular.

Future Privacy in Domain

Currently, Automata and its Witness can run on ERC20 tokens, Ethereum and now, Binance Smart Chain. The expansion of the Network Privacy Tool is a testament to Automata’s commitment to providing privacy for the web3 ecosystem.

Deli Gong, Co-Founder of Automata Network, concluded the recent fundraising round by saying: “At the same time that privacy continues to be a theoretical consideration everywhere, it is also a troubling fact that practical adoption on Earth is still slow, if not negligible.”

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

On top of recent successful fundraising rounds, the Automata Network is part of the Berkeley Blockchain Xcelerator 2021 and a recipient of the Web3 Foundation grant program. The money is there and the network is in use. After that, Automata’s original token, ATA, will go live on June 7. If you have access to the Binance Launchpool, the token is already there to be raised by staking BNB, BUSD, or DOT.

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