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Cryptogambling / Inco’s Journey to Revolutionizing Blockchain Privacy with $4.5M in Funding and Gentry Testnet

Inco’s Journey to Revolutionizing Blockchain Privacy with $4.5M in Funding and Gentry Testnet

Publish Date: 22/02/2024
Stock Photo, tags: funding blockchain - images.ctfassets.net

Stock Photo – images.ctfassets.net

Inco, a modular confidential computing network and blockchain developer, raises $4.5 million to develop the Universal Confidentiality Layer. The network raised the amount in seed funding led by 1kx to build the new web’s universal confidentiality layer.

The funding will help Inco in the development of next-generation decentralized applications (dApps), provide confidentiality to existing blockchains, and remove the final barrier to the widespread adoption of Web3 technologies.

“Smart contracts have been limited by their lack of access to programmable confidentiality. This changes with the latest innovations in threshold FHE and blockchain that Inco is bringing to market. We are thrilled to partner with and support the Inco team in their mission to bring confidentiality to Web3.”

Wei Dai, Research Partner at 1kx

The Importance of Privacy in Blockchain

Data privacy has been a key concern with blockchain technology since the data recorded is transparent and immutable. Once a transaction is uploaded to the blockchain, it is permanent and cannot be edited or erased.

With growing concerns about data security, Inco’s unique solution addresses the need for confidentiality in decentralized applications. Zero-knowledge proofs and trusted execution environments have made strides in safeguarding privacy, but they still have inherent limitations to acknowledge. This significant milestone sets the stage for Inco to revolutionize the blockchain landscape by focusing on privacy through its innovative approach.

Smart contracts have been limited by their lack of access to programmable confidentiality. This changes with the latest innovations in threshold FHE and blockchain that Inco is bringing to market. A unique selling point for Inco in the world of smart contracts is its provision of fully homomorphic encryption (FHE), which guarantees both data confidentiality and verifiability.

To further demonstrate its commitment to privacy-focused innovation, Inco recently launched the Gentry testnet. Setting out on an exciting adventure to develop a foundational level 1 blockchain network with the ability to connect and adapt.

A Promising Beginning

Born from the vision of founder Remi Gai, Inco’s focus on privacy sets it apart in the competitive blockchain market. Looking ahead, Inco expects to deploy its second testnet, Paillier, between the second and third quarters of this year, with the mainnet following in the fourth quarter.

The integration of FHE enables data confidentiality while maintaining verifiability and ensures that users can trust the system with their sensitive information.

Inco’s strategy is to adopt cutting-edge, fully homomorphic encryption technology to ensure the secrecy of on-chain data while allowing for rigorous audits. Unlike competitors like Celestia and Lava, who emphasize data availability and access, Inco distinguishes itself by stressing privacy.

Strategic Partnerships for Success

With Zama, a leading company in FHE research, by its side, Inco’s influence in the sector of confidential blockchain technology significantly increases. Inco profits immensely from the knowledge and expertise of its esteemed advisors, Zama Rand Hindi, Sandeep Nailwal, and Anand Iyer, who hold key roles in Zama, Polygon, Canonical, and Lightspeed Ventures.

The Future is Bright for Inco

Builders entering the crypto field today will rapidly find that their innovation potential is restricted to concepts suitable for a transparent database owing to the nature of public blockchains. While many Layer-1 and Layer-2 efforts focus on improving blockchain scalability, it’s evident that a major chunk of dApp use cases will remain unachievable till a secondary glass barrier in the blockchain industry is addressed: trustless confidentiality.

Enabling secrecy within blockchains is critical for creating Web2-like experiences in gaming, DeFi, governance, identification, and other areas. Unlocking new use cases while maintaining on-chain anonymity will pave the path for the next phase of innovation, Total Value Locked (TVL), and user engagement.

With a successful funding round, strategic partnerships, and a strong commitment to privacy-focused innovation, Inco is well-positioned for rapid growth and expansion. From Q2 to Q3 this year, we can anticipate the availability of the Paillier test net, which will prepare the groundwork for the planned fourth-quarter rollout of the main network.

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