A new open-source utility was released on September 22nd. Lit Protocol announced It was able to secure a $13 million venture in a fresh round of funding. A Capital, 6th Man Ventures, OpenSea Ventures and other investors participated in the financing round that was led by 1kxa cryptocurrency fund in its early stages.
Nearly two dozen venture capitalists also support the firm, including Messari CEO Ryan Selkis and Frances Haugen, a Facebook informant.
As per the firm’s website blog post, Lit Protocol was unveiled in January with the intention of “creating a decentralised network and open source for obtaining control and composability.”
A brand new cloud wallet application platform was also announced by the cryptography community on September 22.
Lit Programmable Key Pairs is a new cloud wallet platform that allows for protocol-specific key pairs, according to the firm’s announcement on Twitter.
As per Lit Protocol Every customizable key pair can be customized “cloud wallet platform possessed by the person, managed by a decentralised network.”
What is Lit Protocol and how can it help you?
The Lit Protocol Uses threshold cryptography to make public key encryption more accessible and decentralize it. The Lit Protocol This utility tool is open-source and provides users with access to the virtual and real worlds.
The Lit mechanism’s main component is a decentralised access protocol that operates on top of Solana EVM chains
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