Reddio Completes Seed Round Funding for Layer 2 Expansion with A-Round Financing Underway Amidst World ID Integration

Reddio Completes Seed Round Funding with Investment Amount Undisclosed

On 13 August, Reddio, an Ethereum layer-2 platform, announced the successful completion of its seed funding round, with Paradigm and Arena Holdings spearheading the investment.

This funding is intended to facilitate the swift deployment and enhanced adoption of its high-performance parallel EVM layer-2 solution.

While the exact amount of the investment has not been disclosed, it is clear that this seed round is just the beginning, with numerous investors already on board and the A-round financing currently in progress.

The names of notable figures and major institutions involved will be unveiled as the process unfolds.

The network has already rolled out staking and rewards systems, with more developments expected soon.

Reddio Integrates World ID into its Points System

Reddio, the high-performance parallel zkEVM Layer 2 platform, has successfully integrated World ID, a digital passport embedded within the Worldcoin network, into its points system.

As AI technology advances, the ability to distinguish between humans and bots online becomes increasingly crucial.

By integrating with World ID through the developer API, Reddio enhances user authentication for its points system.

World ID, a secure and permissionless protocol, empowers millions of individuals to prove their uniqueness and humanity online while safeguarding their privacy.

This integration helps ensure the validity of each user account, enabling fair participation in the points system and improving the efficiency of point transactions within the Reddio community.

The integration achieves this through several key features:

Enhanced Security and Sybil Resistance: Reddio leverages World ID's permissionless proof-of-personhood (PoP) protocol to ensure that only humans, and not AI, can participate in the Reddio points system. This effectively prevents malicious bots and enhances resistance against Sybil attacks, thereby improving overall security for all users.

Fair and Equitable Ecosystem: The integration ensures a clear distinction between bots and humans, fostering a fair ecosystem where genuine users are rightfully rewarded. This approach not only promotes fairness but also cultivates a more authentic and engaged community within Reddio.

Privacy Protection and User Autonomy: World ID leverages Zero-Knowledge Proofs (ZKP) to secure user credentials, ensuring that individuals maintain full control over their World IDs directly from their devices. This approach upholds both user autonomy and trust within the system.

Neil Han, Founder and CEO of Reddio, said:

“Worldcoin's Proof-of-Personhood protocol aligns perfectly with our mission to make Web3 more accessible and yet more secured promoting fairness within the community."

Reddio's integration with World ID enhances privacy, security, and fairness within the Web3 ecosystem.

To mark this collaboration, Reddio is offering an exclusive +10% reward bonus to all World ID users.

Simply link your World ID to your Reddio account via the points system on reddio.com to claim this benefit.

An Overview of Reddio

Reddio is engineered as a high-performance, parallel Ethereum-compatible Layer 2 network, harnessing zero-knowledge (ZK) technology to achieve unparalleled computational scale with Ethereum-level security.

It aims to surmount the limitations of current Ethereum Virtual Machine (EVM) implementations by introducing advanced features such as parallel execution, GPU acceleration, and a modular sequencer.

These enhancements are designed to augment blockchain capabilities while maintaining compatibility with existing Ethereum tools and smart contracts.

Reddio is engineered to elevate blockchain capabilities while ensuring seamless compatibility for developers and users alike.

With full support for EVM bytecode and the Ethereum RPC API, their solution allows for easy integration with a broad spectrum of Ethereum tools and innovations, streamlining development and enhancing user experience.

According to Reddio, as the industry adopts parallel processing and hardware acceleration, GPU miners will soon be able to operate as Reddio nodes.

The network is fully compatible with Ethereum's APIs, enabling the seamless deployment of Ethereum smart contracts on its platform.

Reddio is currently in its testing phase, allowing developers to explore its capabilities.

Traditional EVM processes transactions sequentially, which can result in congestion and higher costs during periods of high activity.

Reddio addresses this issue by introducing the Parallel EVM, which enables transactions and smart contracts to be processed concurrently.

This parallel processing is analogous to having multiple checkout counters in a busy store, significantly reducing wait times and improving network efficiency.

Reddio has also partnered with the National University of Singapore (NUS) to enhance the performance of its Layer 2 solution through GPU acceleration.

This involves translating EVM opcodes into CUDA, a parallel computing platform developed by NVIDIA.

CUDA allows for parallelism and high-performance computation, making it possible to execute smart contracts faster and more efficiently.

For projects with specific needs that Layer 2 cannot fully address, Reddio’s Modular Sequencer facilitates the development of custom Layer 3 Appchains.

This feature enhances real-time performance and throughput for applications such as real-time trading (RTT) games.

Neil Han, Founder & CEO

Han is the founder and CEO of Reddio, with a strong educational background from Stanford Graduate School of Business, NUS, and Peking University.

He is a seasoned software professional with a global network and exceptional operational and management skills.

Han has over 15 years of experience consulting with CIOs, CTOs, and engineering teams to enhance their digital, architectural, and product strategies.

As a leader in sales, pre-sales, and post-sales, he has been the voice of the customer and developer at previous companies, influencing internal product development strategies and building external partner ecosystems.

He was the first commercial team member at PingCAP, serving as the Head of APAC & EMEA.

Before that, he played a pivotal role in bootstrapping Twilio APAC as the 3rd employee and contributed to a 30-fold revenue growth in just four years.

Han has also assisted companies like SK Group, the third-largest conglomerate in South Korea, in globalising their products.

Prior to these roles, Neil founded Orastream, the world's first adaptive Hi-Fi audio streaming service, which is now a leading provider in its field.

He has been an early advocate of ZK-scaling technology and has contributed open-source scaling solutions to projects like Starknet.

Han's vision for Reddio is to create a scalable, secure, and developer-friendly platform that can support the next generation of decentralied applications.

His socials: X and LinkedIn

Reddio's Socials

Website

X

Discord

Facebook

LinkedIn

Working Towards a Smooth, Efficient On-Chain Transactions & App Experiences

The team behind Reddio has a proven track record in developing high-performance distributed databases, some of which are currently utilised by Bybit, OKX, and Square.

And although the seed round funding has concluded, the A-round financing is actively underway, with numerous investors already on board.

The roadmap for the third quarter of this year outlines three key goals: the parallel EVM layer 2 testnet, which is expected to continue into the fourth quarter; the integration of bridging modules; and the implementation of withdrawal access.

While specific details regarding the names of notable figures and major institutions involved, as well as the investment amount, have not been disclosed, Coinlive believes that credibility can be attributed to Han's extensive experience and repertoire, along with Reddio already being in its testing phase.

With more developments on the horizon, Reddio appears to be on track to achieve its goals.