By George Ward
Expanding Developer Access to Data
The smart contract infrastructure platform Axiom has secured $20 million in Series A funding to expand developers’ access to the Ethereum ecosystem. Prominent investment firms, such as Ethereal Ventures, Robot Ventures, Paradigm, and Standard Crypto, spearheaded the latest funding round.
The injection of capital will be crucial in furthering Axiom’s strategic goals, specifically in augmenting its group of expert developers and accelerating the development of its debut product. According to an official statement, Axiom’s innovative methodology transforms how blockchain users obtain authenticated data from leading networks, especially Ethereum.
Furthermore, Axiom has introduced an innovative paradigm that differs from traditional consensus mechanisms. By harnessing the capabilities of zero-knowledge (ZK) cryptography, the blockchain firm establishes a more secure framework for the authentication of on-chain data. This novel approach strengthens the blockchain’s integrity and optimizes the retrieval procedure for authenticated data.
Addressing Data Costs With ZK Technology
Furthermore, Axiom has observed that the high cost of data has forced on-chain apps to struggle with transaction charges. To overcome this issue, software developers had to adopt two strategies: limit the number of accessible functions or carefully tailor contract terms to maximize data use.
An unintended consequence of this decision is that large-scale data implementation becomes immensely complex. Hence, programmers must negotiate a web of intricate smart contract structures.
However, Axiom is at the forefront of creating a unique solution using technology that requires no prior expertise. With this novel approach, individuals can substantiate the authenticity of a given contract without disclosing any details about it.
Its primary objective is to provide a verification process that runs without complexities and does not require disclosing extensive data details. Axiom believes using ZK cryptography can enhance developments in the on-chain application sector.
According to Axiom, on-chain apps can efficiently handle increasing volumes of data at lesser costs. This breakthrough makes developments of on-chain applications affordable and scalable.
Axiom’s Mainnet Debut
The successful introduction of the Axiom protocol’s mainnet in 2023 was a turning point for developers because it allowed them to access historical Ethereum data. Developers can also execute off-chain computations and transport data via a unique version of zero-knowledge proofs.
Axiom’s commitment to advancing cryptographic functions is consistent with its belief that the requirement to store, access, and process authorized data will grow in importance in the future.
The protocol believes that cryptography and blockchains are the most appropriate technologies to manage this growing demand. That explains its commitment to developing suitable solutions that meet the evolving needs of developers and customers in this space.
Zero-knowledge proofs, a key component of Axiom’s approach, are widely used in various industries, including energy, banking, healthcare, and voting systems. The growing recognition of ZK proofs’ versatility as a technology with diverse applications has contributed to their increased use.
Hence, it is no surprise that many crypto businesses are currently working on creating and deploying ZK proofs to address pressing challenges such as scalability and privacy.