Suterusu, the first layer-2 privacy protection protocol that doesn’t need a trusted setup, has reportedly received a strategic investment from Dialectic.
Dialectic’s management noted that they’ve been quite impressed by Suterusu’s ability to adapt and evolve the protocol “very quickly.”
As a multi-chain “Maximalist,” Dialectic believes that in the world of Web 3.0, Suterusu’s “adaptability to multiple chains and technological innovations will enable them to surpass most current privacy solutions to become truly valuable privacy-race leaders.”
As mentioned in the update:
“One of the world’s largest cryptocurrency funds based in Switzerland, Dialectic was founded by Ryan Zurrer, a former Polychain partner, and now manages more than $1 billion. Ryan is an early investor in Dfinity, Polkadot, a board member of Filecoin Foundation, and former head of investment at Web3.”
Suterusu has developed a Layer-2 privacy protection protocol that’s reportedly based on the original ZK-ConSNARK technology. It does not need a trusted setup ceremony which has been an issue with other ZK-proof based solutions, and the proofs generated have “near constant size with limited overhead generated through large input, and both proof generation and proof verification times have been reduced by over an order of magnitude compared to previous … benchmarks.”
The update also noted:
“The core technical papers were presented at one of the three flagship meetings of the International Society of Cryptography, the top meeting of the field of cryptography, known as Omicron 2021.”
Since its launch, Suterusu reports a significant increase in transactions, with over $260 million in transfers after only 2 months. There are also 4.6 K +unique users, and more than 2.4 million service fees.
As covered last month, Suterusu also acquired a strategic investment from Fundamental Labs.
As reported, Fundamental Labs will be focused on expanding Suterusu’s ecosystem and will be deploying Suterusu’s layer-2 private payment network “on more public blockchains.”
Fundamental Labs, a leading investment institution focused on the blockchain and distributed ledger tech (DLT) space, has been investing and incubating various blockchain infrastructure projects that aim to “reshape society and economy on a global scale.”
Fundamental has been managing a $1 billion fund, and its investments reportedly include Coinbase, Conflux, Polkadot, Vechain, Near, Mask Network, Dora Factory, Nervos, Blockstack, Filecoin, Chainlink, Avalanche, PlatON, Canaan Inc., Math Wallet and many other leading projects.