Inco, a cutting-edge developer of modular blockchain technology, recently made waves in the world of cryptocurrencies with the success of its $4.5 million funding round, led by the leading crypto venture company 1kx.
The funding of the modular blockchain developer Inco
The funding, obtained through a structure of SAFE token mandates plus, marks a significant milestone for the company as it prepares to revolutionize the blockchain landscape with its focus on privacy.
In addition to this triumph of funding, Inco has also launched its inaugural testnet, signaling the beginning of an exciting journey towards redefining decentralized applications.
Born from an idea of founder Remi Gai, Inco stands out in the blockchain arena for its unique approach to privacy. Although existing technologies, such as zero-knowledge proofs and trusted execution environments, offer privacy features, they often have limitations.
Inco stands out for the integration of fully homomorphic encryption (FHE), which ensures that data on the chain remains confidential and at the same time verifiable, a crucial advancement in the realm of smart contracts.
The debut testnet of Inco, aptly named Gentry, marks the first step in realizing its vision of a modular and interoperable level 1 blockchain network.
The second test network, Paillier, will be released between the second and third quarter of this year and will pave the way for the launch of the main network scheduled for the fourth quarter. This gradual approach highlights Inco’s commitment to meticulous development and testing, ensuring a robust and reliable platform for its users.
At the center of Inco’s architecture lies the SDK Cosmos, which forms the basis of its modular framework. Leveraging Ethereum through EigenLayer for security, Inco adopts a double-staking mechanism that combines the economic security of Ethereum with its own native token (INCO) to fortify the network against potential attacks.
This integration not only improves security, but also facilitates interaction with Ethereum, positioning Inco as the native privacy layer of Ethereum.
Inco’s partnership with Zama
The strategic partnership of Inco with Zama, a leading company in research on FHE, further strengthens Inco’s position at the forefront of privacy-focused blockchain innovation.
With the presence of esteemed consultants such as Zama Rand Hindi, CEO of Zama, Sandeep Nailwal, co-founder of Polygon, and venture capitalist Anand Iyer, Inco benefits from a wealth of experience and guidance to tackle the complexities of blockchain development.
Looking ahead, Inco aims to promote a reserved ecosystem of decentralized applications, allowing developers to fully leverage the potential of the blockchain while preserving users’ privacy.
Thanks to its user-friendly approach, Solidity developers can easily create dApps on the Inco platform, simplifying the development process and fueling innovation in the blockchain space.
Conclusions
With the successful completion of its initial funding round, Inco is ready for rapid growth and expansion.
The founder Remi Gai intends to strengthen the team with other engineering talents and expand into various departments: the future is promising for this cutting-edge blockchain company. With an eye on future funding rounds and the imminent launch of the mainnet, Inco is ready to have a lasting impact on the evolution of blockchain technology.
In conclusion, the recent funding success and the launch of Inco’s testnet mark a significant milestone in the journey towards a more secure, private, and accessible blockchain ecosystem. With its innovative approach and strategic partnerships, Inco is well positioned to lead the charge towards a new era of decentralized applications, laying the foundation for a future where privacy and innovation go hand in hand.