Axiom, an emerging Ethereum data protocol, has secured $20 million in Series A funding for zero-knowledge proofs.
A key technological underpinning of Axiom is its utilization of zero-knowledge proofs (ZK proofs). These cryptographic tools verify transactions without disclosing their specific details. They are instrumental in enabling Axiom’s method of accessing and processing Ethereum’s historical data.
At the core of Axiom’s innovation is its ability to grant smart contract developers the capacity to retrieve historical Ethereum data. The data is then processed externally, off the main blockchain network. This approach enhances efficiency and addresses some of the inherent limitations of Ethereum’s smart contracts, specifically their inability to access older blockchain data directly.
Ethereum’s smart contracts have historically faced challenges in accessing old data, with solutions like oracles emerging to bridge this gap. However, these oracles have drawbacks, including high costs and computational constraints.
Axiom’s approach, which involves running an off-chain coprocessor that processes data and then syncs it back to the Ethereum blockchain with the validation of ZK proofs, presents a novel solution to these challenges — positioning Axiom as a pivotal player in the evolving landscape of blockchain data processing and access.
The funding round was primarily led by Paradigm and Standard Crypto, two notable entities in the crypto-investment space. The funding will be dedicated towards the enhancement of the protocol and the expansion of the team.