Telos Raises $1 Million to Strengthen L2 Network and SNARKtor Labs

Bittime -Telos, a blockchain network known for its scalability, security and strong community governance, is once again showing its strength. Recently, Telos announced success in securing $1 million USD in strategic funding from Presto Labs.innovative blockchain projects

Catalyst Fund for Innovation: L2 Network and SNARKtor Labs

This strategic investment not only adds to Telos' coffers, but is also a catalyst for two key initiatives that will strengthen the Telos network as a whole. The two initiatives are:

• SNARK-Powered L2 Network Development: Telos plans to build a state-of-the-art L2 (Layer-2) network on top of the Telos EVM (Ethereum Virtual Machine). This L2 network aims to make it easier for developers to launch their applications and smart contracts. Apart from convenience, this L2 network will also offer a more cost-effective solution. Another advantage lies in the use of SNARK (Zero-Knowledge Proofs) technology. This technology allows the L2 Telos network to process transactions quickly, cheaply, and still maintain aspects of user privacy. Thus, the scalability and privacy of Telos users will experience significant improvements. Also read: Ethereum Transactions Increase Despite Falling Fees: A Sign of Scalability?
  
• Creation of SNARKtor Labs: Not only focusing on L2 network development, Telos will also establish SNARKtor Labs. SNARKtor Labs is a new division dedicated specifically to research and development of SNARKs technology. This division will work closely with the dynamic Telos community. It is hoped that the synergy that exists can produce innovative solutions that can improve the scalability, privacy and security of the Telos network as a whole.

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 Strategic Collaboration: Telos and Presto Labs Towards the Future

“This strategic collaboration with Presto Labs marks an important milestone for Telos,” said John Goff, CEO of Telos. “We are excited to leverage Presto Labs' expertise and network in advancing the development of L2 SNARK-powered networks and SNARKtor Labs. We are confident that this synergy will strengthen Telos' position as a leader in blockchain innovation and drive broader adoption.”

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In line with John Goff, Daniel Wang as CEO of Presto Labs also expressed his enthusiasm. “Telos has demonstrated an unwavering commitment to the development of cutting-edge, user-centric blockchain technology,” said Daniel Wang. “We are impressed with Telos' vision and roadmap, and we are proud to support them in their mission to create a blockchain that is scalable, secure, and accessible to everyone.”

This strategic investment not only benefits Telos and Presto Labs, but is also a positive signal for the future of blockchain as a whole. With a focus on scalability, privacy, and community governance, Telos has the potential to play an important role in the evolution of the blockchain landscape. Cost-effective L2 networks and user privacy-preserving SNARK technology have the potential to open vast new opportunities for developers and users around the world.

Telos and its commitment to user-centric blockchain innovation, as well as support from key players like Presto Labs, are strong indications that the future of Telos and blockchain as a whole looks bright.

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