Aztec Network takes on encrypted blockchains with $100M round led by a16z

Aztec Network takes on encrypted blockchains with $100M round led by a16z

Aztec Network, a privacy layer on the web3, has raised $100 Million in a Series B round led By Andreessen Horowitz. Joe Andrews and Zac Williamson exclusively spoke to TechCrunch.

“At a high standard, Aztec Andrews stated that this encrypted version of Ethereum was available. “Normally, everything on Ethereum is public. But we are making it private. This journey has taken many years to complete.”

Aztec Network launched Aztec Connect, an ecosystem It integrates with Ethereum DeFi protocols such as Lido, Aave, and Element Finance in July 2021. According to its website, it will eventually integrate with Compound and five other DeFi protocol.

Williamson stated that encrypted blockchains offer transparency for the protocol, but privacy for users. People don’t have to reveal their identities when transacting.

Andrews stated, “The world isn’t nice to live within without encryption.” Think about all the things you don’t want others to see in your day. It’s all part of your daily life. Think about how you take this for granted. It would be very scary to do things without privacy, and it is not something we want.”

Andrews did not reveal the names of any other investors than a16z.

“We chose [a16z] Andrews stated that they were qualified to lead the round as they have been through similar situations before the advent of the internet. “It’s similar to the situation we find ourselves in. It’s different, but it’s the same problem. This exciting new technology has the potential to change the lives of everyone around the world. However, encryption is required to make it a reality.

Andrews stated that the capital will be used primarily to hire more engineers worldwide to build the network. The Aztec team has grown from seven to 40 people over the past year, but Andrews stated that they hope to double that number in near future.

Andrews stated that public blockchains do not have a “missing part” of encryption. This could allow for more use cases and provide privacy on a case by case basis. He said that adding encryption to blockchain technology could “spawn an entire wave of personal consumer financing,” among other things.

There are many encrypted blockchains, such as Zcash And Iron Fish Williamson stated that Aztec is a programmable network and distinguishes itself from other networks. “Those networks are a little like Bitcoin. What you can do to them is determined by the people who created them.”

Williamson stated that the technology to create programmable encrypted Blockchains wasn’t available until recently. “Our internal research and development made it possible to raise $100 million.

Williamson stated that the network plans to launch a testnet in 12 months. However, they hope it will be fully operational on the mainnet in eight to 24 months. Williamson said that Aztec Connect will be grandfathered in to the network as its first app.

Andrews stated that the network hopes to create a system where people can transact and coordinate using the same level of encryption required for mainstream adoption of blockchain technology in the long-term.

Williamson stated that the goal was to secure blockchains and disrupt the traditional financial industry. “Banks will be able to sleep easily in the next two to five years if we succeed,” Williamson said.

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