Web3 has taken huge strides towards a fully self-sustaining ecosystem of peer-to-peer transactions and frictionless finance this year. In order to develop a healthy web3 economy, new services like Automata Network will help fulfill the wide list of market demands like private computation. Automata Network is described as the last piece of the web3 puzzle, providing privacy, high assurance and frictionless computation.
Automata has just completed a $2.4 million fundraising round following their 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. With a specific focus on increasing privacy in the web3 economy, investors showed a lot of confidence in Automata’s potential to emerge as one of the top privacy solutions for dApps.
The co-founder and managing directors of one of the investors, Keld van Schreven of KR1, said: “From the team’s technical progress to partnerships made one after the other with the industry’s leading and most active projects, it was apparent that Automata had both the vision and the ability to execute it right on the mark.
“Our support of Automata Network speaks to our commitment to the sustainable development of a privacy-focused web3 economy, and we look forward to seeing more great work from the team.”
Witness The Magic
One of Automata’s main products is Witness, an off-chain solution that allows for blockchains to govern their protocol and minimize miner extractable value. Being off-chain allows Witness to mitigate gas costs completely, allowing token holders to vote without worrying about hurting their wallets.
A key voting feature is the ability to choose the privacy levels of results with three tiers: Public, which discloses voter addresses and results. Medium level privacy, which only discloses 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 mitigate gas fees.
Modular is the feature that allows companies deploying Automata to use these services as stand-alone. For example, if a company wanted to use Witness as a signaling tool without going on-chain, they could do so with Modular.
Future Privacy in Scale
Currently, Automata and its Witness can be run on ERC20 tokens, Ethereum, and now, Binance Smart Chain. The expansion of the network’s privacy tool is a testament to Automata’s commitment to providing privacy to the web3 ecosystem.
Deli Gong, Co-Founder at Automata Network, concluded the latest fundraising round by saying: “At the same time where privacy continues to be held in theoretical regard everywhere, it is also a dismaying fact that practical adoption on the ground continues to be slow, if not negligible.”
He added: “We believe that making a break away from centralized infrastructure is only the beginning, and that offering developers and users an intuitive, seamless experience to make privacy a built-in option is the only way to move forward.”
On top of the latest rounds of successful fundraising, Automata Network is part of the Berkeley Blockchain Xcelerator 2021 and a recipient of the Web3 Foundation grants program. The money is there and the network is being put to use. Next, Automata’s native token, ATA, will go live on June 7. If you have access to Binance Launchpool, the token is already live to be farmed by staking BNB, BUSD or DOT.