- Modular blockchain developer Inco has recently concluded a seed funding round, securing an impressive $4.5 million.
- Led by crypto-focused venture firm 1kx, the funding involved participation from various prominent entities such as Circle Ventures, GSR, Polygon Ventures, Robot Ventures, Alliance DAO, and zkSync developer Matter Labs, among others.
Inco, a modular blockchain developer specializing in confidentiality, has successfully secured $4.5 million in seed funding led by prominent crypto-focused venture firm 1kx. The fundraising, realized through a combination of a SAFE (Simple Agreement for Future Equity) and token warrants structure, marks a significant milestone for Inco. The seed round involved participation from key investors, including Circle Ventures, GSR, Polygon Ventures, Robot Ventures, Alliance DAO, and Matter Labs, the developer of zkSync.
Founded in August, Inco has swiftly emerged as a pioneering force in the blockchain industry. The company announced the launch of its first testnet, named Gentry, showcasing its commitment to advancing modular blockchain technology. This development is a part of Inco’s broader strategy to introduce confidentiality to decentralized applications within the blockchain ecosystem.
Inco’s innovative approach sets it apart in the competitive landscape. While some projects focus on data availability and others on data access, Inco directs its efforts towards ensuring confidentiality. The company achieves this by integrating fully homomorphic encryption (FHE), providing a secure yet auditable environment for on-chain data.
The fundraising round, spearheaded by 1kx, saw participation from influential backers, and although the valuation remains undisclosed, it reflects the confidence investors have in Inco’s vision. The round commenced in September and concluded in November, according to founder Remi Gai.
The company’s second testnet, Paillier, is slated for release between the second and third quarters of this year, with the mainnet expected in the fourth quarter. Inco’s strategic partnerships, including collaborations with Zama and notable advisors like Zama CEO Rand Hindi, Polygon co-founder Sandeep Nailwal, and venture capitalist Anand Iyer, further solidify its position in the industry.
Utilizing Cosmos SDK and EigenLayer, Inco ensures the security of its blockchain. By implementing dual staking (ETH + INCO), the company aims to benefit from Ethereum’s larger economic security, enhancing network stability. Inco’s validators, acting as EigenLayer actively validated services, establish a direct interaction with Ethereum, positioning Inco as Ethereum’s native confidentiality layer. The company also plans to extend its support to other public Layer 1 and Layer 2 networks.
Inco’s ambitious roadmap includes the creation of an ecosystem comprising confidential decentralized applications. Solidity developers, according to Gai, can develop such dApps in just 20 minutes using Inco. With the newly secured funding, Inco plans to expand its team, hiring additional engineers and staff to support various development phases, including the next funding round and post the mainnet launch. Inco’s commitment to confidentiality and its innovative technological approach position it as a key player in the evolving blockchain landscape.
Unveiling Incodium (INCO): A Closer Look at the Ethereum-Based Cryptocurrency
Incodium (INCO) stands as a notable cryptocurrency operating on the Ethereum platform, showcasing a current supply of 10,000,000,000, with 9,374,114,356.41169 tokens currently in circulation. The cryptocurrency’s recent trading price is recorded at 0.0000035 USD, marking a stable performance with no significant changes in the last 24 hours. To delve deeper into the details and potential applications of Incodium, interested parties can explore the official website at https://incodium.io/. As a participant in the Ethereum network, Incodium plays a role in the broader landscape of digital assets, offering unique features and functionalities within the cryptocurrency space.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
