Axiom Secures $20 Million in Series A Funding Round

Axiom announced a $20 cardinal Series A backing circular led by Paradigm and Standard Crypto. The company’s attack uses zero-knowledge cryptography to supply a much businesslike and cost-effective method for astute declaration developers to entree and usage on-chain data.

Axiom Secures $20 Million successful Series A Funding to Enhance Smart Contract Data Access

Smart declaration infrastructure steadfast Axiom has raised $20 cardinal successful a Series A backing round. The circular was led by Paradigm and Standard Crypto, with further information from Robot Ventures and Ethereal Ventures.

We’re excited to denote we’ve raised $20 cardinal led by @paradigm and @standardcrypto, with information from @robotventures and @etherealvc

We are gathering infrastructure to springiness astute declaration developers entree to much information on-chain. pic.twitter.com/M8q61KMid3

— Axiom (@axiom_xyz) January 25, 2024

Axiom’s attack centers astir addressing information scarcity successful astute declaration environments. Traditional astute contracts are hindered by the precocious costs associated with speechmaking and penning ample volumes of information onchain, often starring developers to compromise connected exertion features oregon efficiency. Axiom’s solution aims to present a much cost-effective method for accessing authenticated information via zero-knowledge (ZK) cryptography, alternatively than relying connected statement mechanisms.

The company’s latest offering, Axiom V2, assists developers with tools to integrate transaction past into onchain applications, collaborate with different decentralized apps (dapps), and heighten existing dapps without altering their halfway concern logic.

Axiom’s attack utilizes a coprocessor to process information off-chain earlier transferring and verifying it connected the Ethereum blockchain utilizing ZK proofs. This method addresses the limitations and precocious costs associated with accepted information oracles, presenting a much scalable and cost-effective alternative.

The usage of ZK proofs, a cryptographic method that allows for the validation of transactions without revealing their details, is progressively being adopted successful assorted sectors, including banking, healthcare, and voting systems.

In a blog station astir the raise, Axiom said of its plans that, “[t]his backing volition assistance america turn our squad and accelerate improvement of our halfway ZK level empowering astute declaration developers to physique data-rich, on-chain applications.” The company’s mainnet, launched successful 2023, has already showcased the applicable applications of this technology, allowing developers to entree humanities Ethereum information and execute computations off-chain.

Do you deliberation zero-knowledge cryptography volition substantially amended the show of the Ethereum Virtual Machine? Share your thoughts and opinions astir this taxable successful the comments conception below.