Axiom has secured $20 million for a Series A round of funding, according to the official blog. The round of funding was led by Paradigm, Standard Crypto and Robot Ventures with investments from Ethereal Ventures and Robot Ventures. This milestone is a significant step forward in Axiom’s mission to revolutionize access to authenticated data via blockchain networks.
Axiom’s innovative strategy is based on the use of zero-knowledge encryption. Zero-knowledge technology allows a verification method that doesn't reveal the data used in the computation. This is different from traditional consensus mechanisms, which require that all nodes agree on the state of the data. This allows users to verify the accuracy of an assertion without disclosing underlying data, improving privacy and reducing data management costs.
The funding will help accelerate the development of Axiom’s first product. It will give smart contract developers greater access to on-chain data. The startup wants to tackle the problems posed by high data costs in on-chain apps, which can lead to features being removed or contract designs that are complex to optimize data usage. Axiom aims to improve data handling efficiency and privacy by leveraging zero-knowledgeproofs. This will allow on-chain applications manage greater volumes of data for lower costs.
Axiom’s commitment to the technology was demonstrated by its launch of its mainnet 2023. This launch gave developers unprecedented access to historic Ethereum data and enabled off-chain calculations backed by zero knowledge proofs. Zero-knowledge proofs are not limited to cryptocurrency. They can be used in other sectors, such as healthcare, energy and voting systems.
Axiom’s successful funding round, along with its technological advancements, positions the company at the forefront of an industry shift that could lead to more efficient and private blockchain data management. Axiom will play a key role in shaping future smart contract development, and the accessibility of blockchain data.
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