Ethereum Data Protocol Axiom Secures $20M Funding Led by Paradigm, Standard Crypto

• Axiom Raises $20 Million to Develop Platform, Expand Team
• Investment Geared Towards Team Expansion and Platform Enhancement
• A New Breed of Protocols Utilizing Zero-Knowledge Proofs
• Axiom's Recent Announcements and Future Prospectus

Axiom Raises $20 Million to Develop Platform, Expand Team

Axiom, a pioneering protocol that offers smart contract developers access to Ethereum$2,315 -2.42%'s historical data for off-chain computations, has successfully raised $20 million in a Series A funding round. Paradigm Ventures and Standard Crypto are the primary contributors to this funding round.

Investment Geared Towards Team Expansion and Platform Enhancement

The funds raised are primarily aimed at further developing their platform and expanding their team, as per the information from a preliminary blog post. Our main focus is to assist smart contract developers in utilizing this new primitive and integrating it seamlessly into their applications, says Yi Sun, Axiom's co-founder.

A New Breed of Protocols Utilizing Zero-Knowledge Proofs

Axiom is among the latest protocols utilizing zero-knowledge proofs (ZK proofs), a unique kind of cryptographic proof that verifies a transaction's occurrence without exposing transaction details. Currently, Ethereum's smart contracts cannot access aged data, leading to the emergence of solutions like oracles to overcome these challenges.

However, oracles can often be costly and have computational restrictions. This is where innovative solutions like Axiom come into play. Axiom operates a coprocessor, a software tool that processes data off-chain, transports it to the principal Ethereum blockchain, and validates it with ZK proofs.

Our focus is on developing systems and mechanisms that offer lower cost and trust requirements to users. These solutions are more scalable and have the potential to reach a wider audience, says Georgios Konstantopoulos, Paradigm's Chief Technology Officer.

Axiom's Recent Announcements and Future Prospectus

The latest funding news follows the release of Axiom's recent V2 upgrade, which emphasizes the protocol's usability for smart contract developers. Axiom rolled out its mainnet in July.

Alok Vasudev, Standard Crypto's co-founder, describes a zero-knowledge proof as a computer that can provide a receipt for its actions. He continues, In Axiom's case, we're beginning to explore new areas and contemplate new markets that could be unlocked by this core technology.

Read more about the potential of Axiom's Zero-Knowledge Proofs in possibly aiding deepfake detection in the future.

Edited by Jonathan Stoker