Axiom Raises $20 Million in Series A Funding for Zero-Knowledge Cryptography Protocol

Axiom, a smart contract platform, has raised $20M in a Series A funding round.

Axiom, a smart contract infrastructure firm, has successfully raised $20 million in a Series A funding round led by Paradigm and Standard Crypto. Other participants include Robot Ventures and Ethereal Ventures funds. This significant investment will be used by Axiom to recruit more developers and accelerate the development of their first product.

Say Goodbye to Exorbitant Costs with Zero-Knowledge Cryptography

Axiom aims to revolutionize how authenticated data is accessed on-chain. Rather than relying on traditional consensus mechanisms, which require all nodes to agree on the state of the data, they have proposed an alternative approach using zero-knowledge cryptography.

🔒 Zero-knowledge technology allows users to prove the truth of a statement without revealing any specific details. Essentially, it provides a way to verify computations without sharing the actual data involved. By leveraging this cryptographic method, Axiom claims that on-chain applications can handle larger volumes of data at a significantly lower cost.

Unleashing the Full Potential of On-Chain Applications

According to Axiom, current on-chain applications face challenges due to the exorbitant costs associated with data usage. Developers often have to remove features or employ complex design patterns to optimize data usage. This limits their ability to leverage data at scale and creates unnecessary complexity in their smart contracts.

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With its new protocol, Axiom offers a solution that allows developers to access historical Ethereum data, perform off-chain computations, and transmit data using zero-knowledge proofs. The team believes that the demand for storing, accessing, and operating over authenticated data will continue to grow, and cryptography and blockchains are the ideal tools to meet this demand.

The Expanding Application of ZK Proofs

Zero-knowledge proofs are increasingly finding applications in various sectors such as banking, healthcare, energy, and voting systems. Numerous crypto firms are actively working on implementing this technology for scaling and privacy purposes. For example, Polygon recently launched its Polygon zkEVM, enabling off-chain batching of thousands of transactions on the Ethereum ecosystem with minimal data through cryptographic proofs.

Want to learn more about the potential of zero-knowledge proofs? Check out the article Beyond crypto — Zero-knowledge proofs show potential from voting to finance.

Q&A

Q: Why is the usage of on-chain data costly for developers? A: On-chain data usage comes with high costs due to the traditional consensus mechanisms that require all nodes to agree on the state of the data. Developers have to carefully optimize their data usage or remove features to mitigate these costs.

Q: How does zero-knowledge cryptography help reduce costs for on-chain applications? A: Zero-knowledge cryptography offers a way to prove the truth of a statement without revealing sensitive details. By leveraging this technology, on-chain applications can handle more data while significantly reducing costs.

Q: Are there any other projects implementing zero-knowledge proofs? A: Yes, many projects are exploring the use of zero-knowledge proofs. One notable example is Polygon, which released the Polygon zkEVM for the Ethereum ecosystem to enable off-chain transactions with minimal data.

Future Outlook and Investment Recommendations

The adoption of zero-knowledge cryptography in various sectors demonstrates its potential for widespread use. As the demand for storing, accessing, and operating over authenticated data continues to grow, the integration of cryptography and blockchain technology will play a pivotal role.

Investors should keep a close eye on projects that leverage zero-knowledge proofs, as they have the potential to disrupt industries and provide cost-effective solutions for data-intensive applications. Axiom, with its unique approach and impressive funding, could be a promising player in this space.

References

1. Beyond crypto — Zero-knowledge proofs show potential from voting to finance
2. HKbitEX Collaborates With Shanghai Technology Exchange on Asset Tokenization Solutions
3. Knowledge Power: Using Research Reviews to Navigate Crypto Casino Safety

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