Arcana Network, a new blockchain startup has raised $2.3M through a round of funding from well-respected investors. Leading investors like Woodstock Fund and Republic Crypto contributed to the funds. The funding saw participation by LD Capital (Sahil Lavingia), Woodstock Fund, Woodstock Fund, Fenbushi Capital. The seed round was completed in July.

Arcana Plans To Expand Its Operations

Arcana claims that the funds raised will be used by Arcana to grow its operations and expand its product ranges. Blockchain startup Arcana also plans to create a community for app developers that can leverage the various tools it offers to develop secure projects. Arcana had a waiting list for developers who wanted to try out its SDK. More than 300 of them joined it within minutes. The new platform plans to soon launch its native token XAR. Arcana recently announced that the Alpha Testnet will launch with its first set of partners. This was on October 21st.

Aravindh Kumar shared that the investor partnership would enable the company to reach its goals. The strategic round raised 60% to help develop the community necessary for developers to quickly authenticate users by using keys and identities. Additionally, app users can interact seamlessly with the apps as well as share and manage their data.

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. DeFi developers must have easy-to-use tools for creating secure apps.

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. The ecosystem faces significant challenges, according to Himanshu Yadav from Woodstock Fund. These include a lack of data storage options and privacy as well as unverifiable users identities. Arcana’s interoperable structure will tackle these issues and accelerate the development of DApps.

Arcana provides decentralized storage options and security for DApp developers. It is a Virtual Machine platform (EVM). Mayur Relekar and Aravindh Kumar, along with Abhishek Chaudhary, founded the company in 2019. The goal was to maximize privacy and protect user data. Its stacks allow users to perform encryption at the end of each transaction, control their keys and verify who has access. Users can also create their NFTs by accessing their NFTs. Provisions for creating NFTs have not yet been made. Arcana’s team revealed that they are working to include that in the future.

Arcana’s Whitepaper Is All-Inclusive and Detailed

Arcana’s whitepaper was designed to help developers create secure applications using simple-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. They can then understand the basics of blockchain operation and what they need to do.

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.

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