Axiom successfully acquires $20 million to enhance Ethereum data accessibility
Axiom, a promising Ethereum data protocol, has successfully raised $20 million in Series A funding to support its zero-knowledge proof technology.
The utilization of zero-knowledge proofs (ZK proofs) is a crucial aspect of Axiom’s technological foundation. These cryptographic tools allow for the verification of transactions without revealing specific details, making them essential for Axiom’s method of accessing and processing Ethereum’s historical data.
Axiom’s main innovation lies in its ability to provide smart contract developers with the capability to retrieve past Ethereum data. This data is then processed externally, away from the main blockchain network. By adopting this approach, Axiom improves efficiency and addresses the limitations of Ethereum’s smart contracts, which traditionally struggle to access older blockchain data directly.
In the past, Ethereum’s smart contracts have encountered difficulties in accessing old data, leading to the emergence of solutions like oracles to bridge this gap. However, these oracles come with drawbacks such as high costs and computational limitations.
Axiom’s solution involves running an off-chain coprocessor that processes data and then synchronizes it back to the Ethereum blockchain with the validation of ZK proofs. This approach offers a unique resolution to the challenges faced by Ethereum’s smart contracts, establishing Axiom as a significant player in the evolving landscape of blockchain data processing and access.
The recent funding round was primarily led by Paradigm and Standard Crypto, two prominent entities in the crypto-investment field. The funding will be dedicated to enhancing the protocol and expanding the team.
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