Emerging Blockchain company Arcana Network has reportedly raised $2.3M in a funding round from renowned investors in the ecosystem. The funds were raised from leading investors such as Republic Crypto and Woodstock Fund. The fundraising saw participation from LD Capital, SHL.vc (Sahil Lavingia), Woodstock Fund, and Fenbushi Capital. This funding comes after its seed round in July.
Arcana Plans to Expand its Operations
According to Arcana, the raised funds will be used to expand its current operations and boost its product portfolios. The blockchain startup also aims to build a community of app developers to leverage its various tools for developing secure projects. When Arcana announced a waitlist for developers to test run its SDK, more than 300 developers joined the waitlist within a short period. The emerging platform also plans to launch its native token XAR soon. Recently, Arcana announced the first series of project partners that will join the Alpha Testnet launching on October 21.
Co-founder Aravindh Kumar revealed that the partnership with the investors would help the company achieve its objectives. He added that 60% of the funds raised in the strategic round would be put into developing a robust community that will help developers to authenticate users using their keys and their identities conveniently. In addition, users will be able to interact with apps and share and manage data access seamlessly.
Mayur Relekar, the Founder and CEO of Arcana, stated that data privacy and security should be the first-class citizens in every app’s stack, adding that privacy and data ownership should be a necessity for products. He said that DeFi developers need easy-to-use tools to build apps that are secure and hack-proof.
Arcana’s team has been developing the network for over two years with the intent of using the platform to address the major issues developers face in the decentralized space. According to Himanshu Yadav of Woodstock Fund, lack of adequate data storage options, privacy, and unverifiable user identities are the significant problems faced by the ecosystem. Arcana’s interoperable structure will tackle these issues and accelerate the development of DApps.
Arcana is an Ethereum Virtual Machine (EVM)-based platform that provides decentralized storage options, security, and data privacy for DApp developers. The company was founded in 2019 by Mayur Relekar, Aravindh Kumar, and Abhishek Chaudhary to secure user data and maximize privacy. With its stacks, users can perform end-to-end encryption, manage their keys, verify access of individuals that want to utilize the platform without authorization, and have access to creating their NFTs. However, provisions for creating NFTs are yet to be provided. Arcana’s team revealed that they are working to include that in the future.
Arcana’s Whitepaper Is All-Inclusive and Detailed
Arcana designed its whitepaper to allow developers to build secure applications with easy-to-use tools. It’s whitepaper is comprehensible, explaining in detail the true purpose of the technology and what it intends to offer developers and users. According to Arcana, it’s a roadmap provided to guide developers on how to execute projects using the protocol. This, in turn, helps them to understand how the blockchain operates and what is required of them.
Arcana’s whitepaper focuses on seven key concepts – Abstract, Manifesto, Design, Storage/Identity and Access Management/end-to-end encryption, Architecture, XAR, and Future Work.