This Layer 2 Startup Is Bringing Privacy to Ethereum Users – TEN Startup Review

Web3 offers endless possibilities, yet much of it remains hidden. Users want private transactions, secure gaming, and safe payments, all while keeping their anonymity intact. However, without strong encryption, these goals often feel out of reach.

The good news? A startup named TEN is stepping up to remove the barriers, focused on creating the only Layer 2 solution that scales while ensuring Ethereum’s functionality remains private. By introducing a layer that utilises trusted execution environments, TEN is not just solving a problem; they’re opening a new door for hundreds of billions in potential value.

With a team of seasoned experts, TEN is already making waves on the testnet, engaging over 100,000 users daily. Their vision stretches beyond the present, aiming to eventually transition to mainnet and become the most utilised chain in Web3.

Curious about this innovative approach? We did an interview to find out how TEN plans to enhance privacy in the Ethereum ecosystem and what it means for the future of decentralised finance.

What is TEN?

TEN is a Layer 2 solution designed to enhance Ethereum’s functionality while maintaining user privacy. This startup targets Web3 users who want to engage in private decentralised finance (DeFi), gaming, and secure payments without compromising their anonymity. The need for encryption in these transactions cannot be understated, as many users seek safe havens in an open and often exposing digital space.

The core challenge TEN addresses is the lack of privacy in the Ethereum ecosystem. Traditional operations often expose user data, leaving many vulnerable. TEN leverages trusted execution environments, which create a secure enclave for transactions. This approach ensures that sensitive information remains confidential, offering a layer of protection that many in the Web3 sector have long desired.

What distinguishes TEN from its competitors is its pioneering position in the market. The first Layer 2 solution to integrate these privacy features, TEN is already drawing significant user engagement. With daily interactions reaching around 8 million on its testnet, it demonstrates substantial interest in privacy-centric solutions. As the landscape continues to unfold, TEN stands out as a significant player in shaping a more secure Ethereum for its users.

TEN Founders

Gavin Thomas leads TEN as the CEO, bringing extensive expertise to the table. With a BEng in Mechanical Engineering from the University of Nottingham, he has spent years in leadership roles across major financial institutions like ICAP and Mizuho. His experience includes creating the entire engineering function for R3 Corda, showcasing his capability to build from the ground up. This background provides TEN with a strong foundation in both technical and operational aspects, essential for the journey ahead.

Cais Manai serves as the CPO, holding a BSc in Computer Science from University College London. His decade-long experience in the industry started with Bitcoin in 2012 and has since included roles in investment banking, notably with Credit Suisse and UBS. Having been a Lead Product Manager for R3 Corda, Cais understands the critical balance between user needs and technical feasibility. This dual perspective is vital for driving the development of privacy-focused solutions in decentralised finance.

Moray Grieve, the Quality Lead, has a PhD in Physics from Sheffield University. His background includes heading QA processes for R3 and building test automation for enterprise blockchain. With years spent in both front office roles within investment banking and advanced data engineering, Moray’s comprehensive experience enhances TEN’s commitment to delivering a secure and reliable solution.

Matt Curtis and Will Hester bolster the engineering team. Matt, with a BSc in Mathematics, has a decade of experience working with financial institutions such as Goldman Sachs and IG. His insights into enterprise-level engineering are indispensable. Will, with a Master’s in Physics, brings expertise from leading the engineering of public stablecoin infrastructure. Together, they form a robust technical team that can tackle the challenges that come with enhancing privacy in the Ethereum ecosystem.

The early days of TEN were marked by a common startup struggle: securing funding. They successfully raised $10 million across three rounds of VC funding, demonstrating strong belief in their vision. This financial backing was pivotal in transforming their concept into a tangible product, allowing the team to focus on building out their ideas and scaling their operations.

The vision for TEN emerged from a clear gap in the market. The founders recognised that the absence of encryption capabilities was stunting Web3’s growth, limiting what developers could achieve. Their shared understanding of the critical need for user privacy in decentralised applications steered them toward creating this unique Layer 2 solution, aiming to unlock the full potential of Ethereum while keeping users’ data safe and secure.

Interview with Cais Manai, CPO of TEN

I had the opportunity to interview Cais Manai, the Chief Product Officer of TEN. He provided valuable insights into the startup and its mission in the Web3 sphere.

Q: Can you introduce yourself and your role at TEN?
A: I am Cais Manai. I hold the position of CPO at TEN. My background includes a BSc in Computer Science from University College London, and I’ve been involved with Bitcoin since 2012. My experience as a Lead Product Manager for R3 Corda helped shape my focus on user needs in developing private solutions.

Q: What sets TEN apart from other projects in the Ethereum ecosystem?
A: TEN stands out as the first Layer 2 solution that integrates privacy features specifically for Ethereum. While many projects focus solely on scaling, we emphasise user privacy. This approach enables a safe environment for activities like DeFi, gaming, and secure payments.

Q: Why did you choose to focus on privacy in Web3?
A: The lack of encryption in Web3 restricts what developers can create. Building applications that require full transparency limits developers’ capabilities. It’s like having the internet without HTTPS, which is a significant hurdle for the industry.

Q: Can you describe TEN’s technology?
A: We leverage trusted execution environments to provide a secure enclave for transactions. This technology ensures that sensitive information remains private, thereby alleviating concerns over data exposure in a decentralised environment.

Q: What inspired the founding team to create TEN?
A: The recognition of a clear gap in market functionality inspired us. We saw that the absence of encryption capabilities stalled Web3’s growth. We believe enabling encryption would unlock vast potential for developers and users alike.

Q: How did you secure funding in the early days of TEN?
A: Raising funds for novel ideas is challenging. However, we successfully raised $10 million across three rounds of VC funding. This financial backing allowed us to turn our concept into a tangible product and helped us scale operations efficiently.

Q: What are your ambitions for TEN’s future?
A: Our immediate focus is to transition from the testnet to the mainnet. We plan to expand our team further and aim to become the most widely used chain in the Web3 space. The user engagement we see on our testnet reinforces our confidence in this direction.

Q: How many customers do you currently have?
A: We currently engage with over 100,000 customers on our testnet. This number reflects the growing interest in our privacy-centric features.

Q: What’s the monthly revenue right now?
A: We’re not generating revenue yet, as we’re still in testnet phase.

Q: What advice do you have for new entrepreneurs?
A: Be bold. Embrace the risks and challenges that come your way. The journey is tough, but the rewards can be substantial if you stay committed to your vision.

Q: Is there anything else you would like to share?
A: We experience around 8 million interactions on our testnet every day. This strong engagement shows the demand for privacy solutions in the Ethereum ecosystem.

Feedough’s Take on TEN

TEN is poised to transform the Web3 landscape by addressing a critical need for privacy in decentralised finance. With its innovative approach to Layer 2 solutions, TEN is not just a participant; it’s a potential disruptor. The daily engagement of over 100,000 users and 8 million interactions on testnet speaks volumes about market interest.

Looking ahead, challenges around scaling and security loom, but the team’s deep expertise instills confidence. As they move towards mainnet, expect TEN to catalyse growth, attracting developers eager for privacy-driven applications. If they can maintain their momentum and refine their technology, the future looks bright for TEN.