Axiom announced a $20 million Series A funding round led by Paradigm and Standard Crypto. The company’s approach uses zero-knowledge cryptography to provide smart contract developers a more efficient and cost-effective way to access and use on-chain data.
Axiom secures $20 million in Series A funding to power smart contract data access.
Smart contract infrastructure company Axiom has raised $20 million in a Series A funding round. This round was led by Paradigm and Standard Crypto, with additional participation from Robot Ventures and Ethereal Ventures.
We are pleased to announce that we have raised $20 million led by: @paradigm and @standardcryptoWith the participation of @robotventures and @etherealvc
We are building infrastructure to give smart contract developers access to more on-chain data. pic.twitter.com/M8q61KMid3
— Axiom (@axiom_xyz) January 25, 2024
Axiom’s approach focuses on solving the problem of data scarcity in smart contract environments. Traditional smart contracts are hindered by the high costs associated with reading and writing large amounts of data on-chain, often forcing developers to compromise application functionality or efficiency. Axiom’s solution aims to introduce a more cost-effective way to access authenticated data through zero-knowledge (ZK) encryption instead of relying on consensus mechanisms.
The company’s latest product, Axiom V2, provides tools for developers to integrate transaction history into on-chain applications, collaborate with other decentralized apps (dapps), and enhance existing dapps without changing their core business logic.
Axiom’s approach utilizes a coprocessor to process data off-chain before transferring and verifying data on the Ethereum blockchain using ZK proofs. This approach addresses the limitations and high costs associated with traditional data oracles, providing a more scalable and cost-effective alternative.
The use of ZK proofs, a cryptographic method that can verify the validity of transactions without revealing their details, is being increasingly adopted in a variety of sectors, including banking, healthcare, and voting systems.
In a blog post about the raise, Axiom said, “
Do you think zero-knowledge encryption will substantially improve the performance of the Ethereum virtual machine? Share your thoughts and opinions on this topic in the comments section below.
Source: Bitcoin.com