Automata Network is flying high as the top dog in the privacy solution space for web3 dApps, having just completed a raise of $2.4 million. The latest funding round included top crypto investors KR1, Jump Trading, and IOSG Ventures.
Keld van Schreven, Managing Director and Co-Founder of KR1, said of their investment,
“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.”
He continued:
“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.”
So what of Automata Network’s vision? We know that with the development of web3 comes the restructuring of online transactions and the ecosystem as we know it, but Automata Network is part of the Berkeley Blockchain Xcelerator 2021, a recipient of the Web3 Foundation grants program and just raised $1 million in March for their seed round before the latest $2.4 million boost.
Privacy, Tailored to Your Protocol
Automata Network provides self-described traceless privacy, high assurance and frictionless computation. By taking actions off-chain, Automata is able to reduce the miner extractable value (MEV) by using Conveyor. However, Automata Network’s main product is Witness. Witness offers the following for all chains looking to add privacy to their protocols:
Low-Costs
By moving voting protocols off-chain, Witness helps crypto users avoid gas costs while being active participants in their token’s actions.
Chainhook
Chainhook allows cryptos to execute on-chain based on voting results without any extra labor or frills.
Customizable Privacy Levels
Voting results can now be displayed with three different privacy levels. The public level gives full disclosure of all voter addresses and numbers of votes. The medium level gives just the number of votes for each side. The private level gives just the voting result and omits the identities and number of votes.
Vote Delegation
Active token holders who wish to vote on protocols can delegate their votes to different wallets to further mitigate gas costs.
Modular
Allows all Automata Network functions to be used as standalones as well as all in one package. i.e. using different privacy levels for different voting sessions or using Chainhook for some voting protocols and not others.
Tokenomics
The Automata validator node is supported by staking the ATA token; in turn these nodes run the protocol and maintain the control plane. The Automata Geode is the computing node that accepts and executes cutting-edge protocols like Obvious RAM which conceals data access providers. The Geode can be deployed on cloud and existing infrastructure and is as easy as running the validator node. The Geode Provider is the physical host that runs Geode and the Geode Attestor will run the protocol that verifies the Geode.
The Automata Network is now available on Binance Launchpool, where users who delegate to stake BNB, BUSD or DOT can earn rewards in ATA, Automata’s native token. For those who want to wait until the official listing on the 7th of June, ATA will be tradeable on Binance then.