Axiom Raises $20 Million in Series A Funding to Improve Smart Contract Data Access
Axiom, a smart contract infrastructure firm, has secured $20 million in a Series A funding round. Leading the round are Paradigm and Standard Crypto, with participation from Robot Ventures and Ethereal Ventures.
Axiom’s Mission to Address Data Scarcity in Smart Contracts
Axiom is focused on addressing the issue of data scarcity in smart contract environments. Commonly, the high costs associated with reading and writing large amounts of data on the blockchain lead to compromises in application features and efficiency. Axiom aims to tackle this problem by providing a more cost-effective method for accessing authenticated data through zero-knowledge (ZK) cryptography rather than relying on consensus mechanisms.
Axiom V2: Enhancing Smart Contract Functionality
Axiom V2, the company’s latest offering, equips developers with tools to integrate transaction history into on-chain applications, collaborate with decentralized apps (dapps), and enhance existing dapps without altering their core business logic.
Utilizing Zero-Knowledge Proofs for Scalability and Cost-Effectiveness
Axiom employs a coprocessor to process data off-chain before transferring and verifying it 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.
Greater Applications for Zero-Knowledge Proofs
Zero-knowledge proofs are gaining adoption in various sectors, including banking, healthcare, and voting systems. This cryptographic method allows transaction validation without disclosing transaction details.
Plans for Growth and Development
Axiom intends to use the funding to expand its team and accelerate the development of its core ZK platform. The aim is to empower smart contract developers in building data-rich, on-chain applications. With the company’s mainnet already launched in 2023, developers can access historical Ethereum data and perform off-chain computations.
Hot Take: Axiom Revolutionizes Smart Contract Data Access Through Zero-Knowledge Cryptography
Axiom’s $20 million Series A funding round led by Paradigm and Standard Crypto marks a significant step forward in improving smart contract data access. By leveraging zero-knowledge cryptography, Axiom provides a more efficient and cost-effective method for smart contract developers to access and utilize on-chain data. With the company’s innovative approach and their latest offering, Axiom V2, developers can enhance the functionality of their applications without compromising on features or efficiency. This funding will further propel Axiom’s mission to empower smart contract developers in building data-rich, on-chain applications, revolutionizing the industry as a whole.
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