Article Summary, Automatically Generated By AI
About Arcana Network
Key Points:
- Arcana Network is a Web3 infrastructure platform that simplifies Web3 UX and adoption.
- Founded in 2021 by Mayur Relekar, Aravindh Kumar, and Abhishek Chaudhary.
- Products: Web3 Authentication, Gasless Transactions, and SendIt.
- Arcana Auth has generated over 3M wallets since its launch in Feb 2023.
- SendIT has gained 100,000 users in 3 weeks and crossed 500,000 users in Oct 2023.
- $XAR is the native utility token for economic security, incentivizing nodes and validators.
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Introducing Arcana Network: Unlocking the Power of Decentralized Data Storage
Introducing Arcana Network (XAR): A Revolutionary Blockchain Ecosystem
Arcana is revolutionizing the Web3 landscape with its comprehensive suite of products. By providing developers with a range of plug-and-play SDKs, Arcana empowers them to effortlessly build, launch, and scale a vast array of applications, thereby streamlining the web3 infrastructure.
Arcana is a user-centric Validium chain designed to streamline Web3 user experiences and facilitate widespread adoption.
The Visionary Founders Behind Arcana Network
Established in 2021 by visionary CEO Mayur Relekar, alongside co-founders Aravindh Kumar and Abhishek Chaudhary, Arcana Network is poised to revolutionize the development landscape by providing a platform that empowers developers to craft highly performant and user-centric applications with unparalleled ease.
Mayur, a seasoned entrepreneur with three successful ventures under his belt, formerly served as Chief Product Officer at a venture studio before co-founding Arcana. Having navigated the blockchain landscape across diverse verticals since 2018, the founders drew inspiration from their personal experiences as Web3 developers, which ultimately led to the inception of Arcana.
Arcana’s Innovative Offerings:
1) Seamlessly integrate Web3 authentication, combining social authentication with a multitude of additional features. 2) Eliminate transaction fees with our innovative gasless transactions. 3) Introducing SendIt: effortlessly send cryptocurrencies via email, with many more exciting features on the horizon.
Notably, Arcana has introduced the Auth SDK, a seamless solution enabling developers to effortlessly onboard users and provide them with a non-custodial wallet. In essence, users can leverage their email or social logins, and instantly access a secure, in-app wallet, eliminating the need for passwords, seed phrases, and installations. By integrating this innovative solution, developers can significantly streamline Web3 authentication, resulting in a remarkable improvement in user conversion rates of up to 90%. Boasting the fastest decentralized social login in web3, this technology achieves a remarkably swift sub-5-second login time.
Arcana’s second product is Arcana Gasless, a pioneering solution built upon ERC 4337, which empowers developers to graciously absorb gas fees on behalf of their users, aligning seamlessly with the burgeoning trend of Account Abstraction.
Arcana’s third and most popular product is SendIt, aptly dubbed the “PayPal of Crypto”. This innovative solution enables users to send cryptocurrency to an email address, thereby streamlining crypto payments and rendering them accessible to a broader audience.
Arcana leverages the power of Distributed Key Generation (DKG), Threshold cryptography, proxy re-encryption, and other bleeding-edge cryptographic innovations to craft its blockchain infrastructure.
Since its inception in February 2023, Arcana Auth has successfully generated over 3 million wallets.
Arcana has the capability to empower a diverse range of innovative applications, including private NFTs, token gating, immersive metaverses, decentralized finance (DeFi) protocols, engaging games, and dynamic social networks.
Arcana’s innovative B2C application, SendIT, empowers users to seamlessly transfer cryptocurrencies to one another using merely an email address. Launched in July 2023, SendIT rapidly gained traction, amassing an impressive 100,000 users within a mere three weeks, and subsequently surpassing the 500,000-user milestone by October 2023.
$XAR is the native utility token designed to facilitate economic security.
Within the Appchain ecosystem, a native cryptocurrency will be utilized to incentivize nodes and validators, while also serving as a medium for staking and distributing staking rewards. Notably, Arcana achieved significant milestones, including the launch of its Alpha Testnet in November 2021, followed by the Beta Testnet in September 2022, and ultimately, the Mainnet on February 1st, 2023.
The Highly Anticipated $XAR RegD Public Token Sale Commences on Republic Platform, Effective November 29th
In the year 2023.
Arcana has secured a substantial investment of over $4.5 million from a prestigious roster of investors and founders within the ecosystem, including Balaji Srinivasan, the founders of Polygon, Polygon Ventures, Woodstock, Republic Crypto, Digital Currency Group, Fenbushi, and more than 40 other esteemed investors.