Axiom Raises $20M to Accelerate Development of its Zero-Knowledge Cryptographic Product
Summary:
Axiom, a smart contract infrastructure firm, has raised $20 million in a Series A funding round led by Paradigm and Standard Crypto, with additional participation from Robot Ventures and Ethereal Ventures. The funds will be used to recruit developers and expedite the development of Axiom's first product. Axiom proposes a novel approach to access authenticated data on-chain, using zero-knowledge cryptography instead of traditional consensus mechanisms. The company's mainnet, launched in 2023, enables developers to access historical Ethereum data, perform off-chain computations, and send data using zero-knowledge proofs.
Axiom, a company specialising in smart contract infrastructure, has successfully garnered $20 million in a Series A investment round. Paradigm and Standard Crypto led the fundraising effort, with Robot Ventures and Ethereal Ventures also joining them in backing Axiom. Based on an announcement shared on January 25, the funds will be used to bring in more software developers and hasten the progress of Axiom's inaugural product. The firm offers a novel approach to gaining authenticated data on-chain, utilizing zero-knowledge cryptography rather than traditional consensus mechanisms where all nodes reach unanimity on data state. Axiom observes that due to the high costs associated with data, on-chain applications have had to delete features or meticulously tweak contracts for optimized data usage. The protocol indicates that developers can't utilize data on a large scale, requiring them to meticulously engineer smart contracts, due to this conundrum.
Zero-knowledge technology empowers users to validate a claim without revealing extra details. Essentially, it provides a system to authenticate without exposing the data involved. Axiom, through the usage of ZK cryptography, professes to give on-chain applications the means to manage data more efficiently at reduced costs. Axiom's mainnet launched in 2023, granting developers the ability to access historical data from Ethereum, conduct off-chain calculations, and transmit data using zero-knowledge proofs. Axiom's statement declares their belief that the craving for storage, access and handling of authenticated data will only amplify with time, and that cryptography and blockchains are the perfect fit for this growing demand. An increasing number of sectors such as banking, healthcare, energy, and voting systems are adopting ZK proofs. Various cryptocurrencies are also actively exploring this technology for scaling and privacy applications. An example is Polygon, which debuted its Polygon zkEVM for the Ethereum ecosystem in March 2023, allowing for off-chain grouping of thousands of transactions, bundled with a cryptographic proof that contains minimum data.
Published At
1/25/2024 9:40:00 PM
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