Smart contract platform Axiom raises $20M in Series A round

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Sensible contract infrastructure agency Axiom has raised $20 million in a Collection A funding spherical led by Paradigm and Commonplace Crypto, alongside Robotic Ventures and Ethereal Ventures funds. 

Axiom plans to make use of the capital to rent builders and speed up the event of its first product, in keeping with an announcement on Jan. 25. The startup proposes a brand new methodology of accessing authenticated information on-chain. As an alternative of counting on the standard consensus mechanisms — the place all nodes agree on a state of information — it makes use of zero-knowledge cryptography.

“On-chain functions have tailored to the exorbitant price of information by eradicating options or rigorously crafting contracts to optimize information utilization,” famous Axiom. In accordance with the protocol, builders are unable to leverage information at scale and are pressured to architect good contracts in a posh design on account of this drawback.

Zero-knowledge know-how permits customers to show {that a} assertion is true with out disclosing any particulars. In different phrases, it allows a verification mechanism with out revealing the info concerned within the computation. Through the use of ZK cryptography, Axiom claims to allow on-chain functions to deal with extra information at a decrease price.

The protocol launched its mainnet in 2023, permitting builders to entry historic Ethereum information, carry out off-chain computations, and ship information with zero-knowledge proofs. “We consider the demand to retailer, entry, and function over authenticated information will solely develop over time and that cryptography and blockchains are the right instruments to serve this demand,” reads Axiom’s assertion.

ZK proofs are being more and more applied throughout a wide range of sectors comparable to banking, healthcare, power, and voting techniques. A number of crypto companies are actively working on the technology for scaling and privateness functions. Polygon, as an illustration, launched in March 2023 its Polygon zkEVM for the Ethereum ecosystem, permitting off-chain batching of 1000’s of transactions, with a cryptographic proof containing minimal information.

Journal: Beyond crypto — Zero-knowledge proofs show potential from voting to finance