Lit Protocol – raises venture of $13 million
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On September 22nd, the open source utility called Illuminated protocol announced that it had secured a new round of funding for the $13 million project. Capital, 6th Man Ventures, The main Ventures and others all participated in the funding round, which he led 1xan early stage cryptocurrency fund.
The company also has backing from nearly two dozen venture capitalists, including Messari CEO and founder Ryan Selkis and Facebook whistleblower Frances Haugen.
According to a blog post on the company’s website, Lit Protocol was revealed in January with a purpose “to create a decentralized network and open source code to achieve control and composability.”
On September 22, the crypto community also unveiled a brand new cloud wallet application platform.
Lit Programmable Key Pairs is the name of the protocol’s new cloud wallet application platform, the company announced on Twitter.
Like Illuminated protocol, each customizable key pair is a “a person-owned cloud wallet platform managed by a decentralized network.”
What is Lit Protocol?
The Illuminated protocol uses threshold cryptography to decentralize public key encryption and make it easier for others to do the same. The Illuminated protocol is an open source utility that uses security to provide blockchain users with access to both the virtual and physical worlds.
The main component of the Lit mechanism is the decentralized access control protocol that runs on top of it Solana and EVM chains.
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