With Axiom’s good contract infrastructure, builders, burdened by the challenges of accessing authenticated information, can seamlessly combine transaction historical past information into on-chain functions.
Good contract infrastructure startup Axiom has efficiently secured $20 million in its latest Sequence A funding spherical, led by Paradigm and Commonplace Crypto.
In line with a weblog put up published on January 25, 2024, the brand new funding spherical noticed participation from different notable enterprise capital firms, akin to Robotic Ventures and Ethereal Ventures, reflecting the rising confidence in Axiom’s revolutionary strategy.
Axiom Plans for the Funds
The crypto infrastructure firm intends to make use of the substantial funding to develop its enterprise choices and gasoline platform development. The funds will help the recruitment of expert builders and speed up the event of the Zero-Data (ZK) community.
“As we speak, we’re excited to announce our newest milestone at Axiom: we’ve raised $20 million in funding led by Paradigm and Commonplace Crypto. This funding will assist us develop our group and speed up the event of our core ZK platform empowering good contract builders to construct data-rich, on-chain functions,” the corporate mentioned.
With the momentum gained from the Sequence A funding, Axiom is poised to additional advance its mission of enabling builders to construct data-rich, on-chain functions.
Entry Historic Information on the Ethereum Blockchain
The protocol, launched in 2023, belongs to an rising class of crypto initiatives leveraging zero-knowledge proofs (ZK proofs), a cryptographic technique for verifying particular information with out disclosing any transaction particulars. Presently, Ethereum’s good contracts face limitations in accessing historic information, prompting the event of options like oracles.
Axiom mentioned the latest introduction of its V2 mainnet opens the door for builders to compute over the whole historical past of Ethereum, fostering a extra environment friendly and cost-effective ecosystem.
The corporate’s core focus is empowering good contract builders with enhanced entry to authenticated on-chain information. In contrast to conventional strategies that always result in vital time and value investments in studying and writing information, Axiom introduces a pioneering strategy utilizing ZK cryptography.
The startup mentioned in a social media put up on X that their utilization of ZK cryptography, quite than typical consensus mechanisms, permits on-chain functions to course of a broader vary of information at a decrease value.
3/ Axiom introduces a brand new strategy to authenticated information entry utilizing ZK cryptography as a substitute of consensus.
Through the use of ZK, Axiom permits on-chain functions to compute over extra information a decrease value, beginning with the whole historical past of Ethereum in Axiom V2:https://t.co/Z9GHpMtMc4
— Axiom (@axiom_xyz) January 25, 2024
Information Entry
With Axiom’s good contract infrastructure, builders, burdened by the challenges of accessing authenticated information, can seamlessly combine transaction historical past information into on-chain functions.
The corporate’s methodology permits for the trustless incorporation of previous transaction exercise and permissionless composition with different good contracts, offering modular flexibility with out modifying present deployed enterprise logic.
Axiom’s imaginative and prescient aligns with the rising demand for storing, accessing, and working over authenticated information. The adoption of cryptography and blockchain expertise serves because the spine to fulfill this escalating demand.
The protocol’s dedication to providing an answer that optimizes information utilization with out compromising trust-minimized ensures resonates with the broader blockchain neighborhood.
The corporate’s introduction of a novel strategy to authenticated information entry positions it as a key participant in shaping the long run panorama of good contract growth.
