With Axiom’s smart contract infrastructure, developers, burdened by the challenges of accessing authenticated data, can seamlessly integrate transaction history data into on-chain applications.
Smart contract infrastructure startup Axiom has successfully secured $20 million in its recent Series A funding round, led by Paradigm and Standard Crypto.
According to a blog post published on January 25, 2024, the new investment round saw participation from other notable venture capital companies, such as Robot Ventures and Ethereal Ventures, reflecting the growing confidence in Axiom’s innovative approach.
Axiom Plans for the Funds
The crypto infrastructure company intends to use the substantial investment to expand its business offerings and fuel platform growth. The funds will support the recruitment of skilled developers and accelerate the development of the Zero-Knowledge (ZK) network.
“Today, we’re excited to announce our latest milestone at Axiom: we’ve raised $20 million in funding led by Paradigm and Standard Crypto. This funding will help us grow our team and accelerate the development of our core ZK platform empowering smart contract developers to build data-rich, on-chain applications,” the company said.
With the momentum gained from the Series A funding, Axiom is poised to further advance its mission of enabling developers to build data-rich, on-chain applications.
Access Historical Data on the Ethereum Blockchain
The protocol, launched in 2023, belongs to an emerging category of crypto projects leveraging zero-knowledge proofs (ZK proofs), a cryptographic method for verifying specific data without disclosing any transaction details. Currently, Ethereum’s smart contracts face limitations in accessing historical data, prompting the development of solutions like oracles.
Axiom said the recent introduction of its V2 mainnet opens the door for developers to compute over the entire history of Ethereum, fostering a more efficient and cost-effective ecosystem.
The company’s core focus is empowering smart contract developers with enhanced access to authenticated on-chain data. Unlike traditional methods that often lead to significant time and cost investments in reading and writing data, Axiom introduces a pioneering approach using ZK cryptography.
The startup said in a social media post on X that their utilization of ZK cryptography, rather than conventional consensus mechanisms, enables on-chain applications to process a broader range of data at a lower cost.
3/ Axiom introduces a new approach to authenticated data access using ZK cryptography instead of consensus.
By using ZK, Axiom allows on-chain applications to compute over more data a lower cost, starting with the entire history of Ethereum in Axiom V2:https://t.co/Z9GHpMtMc4
— Axiom (@axiom_xyz) January 25, 2024
Data Access
With Axiom’s smart contract infrastructure, developers, burdened by the challenges of accessing authenticated data, can seamlessly integrate transaction history data into on-chain applications.
The company’s methodology allows for the trustless incorporation of past transaction activity and permissionless composition with other smart contracts, providing modular flexibility without modifying existing deployed business logic.
Axiom’s vision aligns with the growing demand for storing, accessing, and operating over authenticated data. The adoption of cryptography and blockchain technology serves as the backbone to meet this escalating demand.
The protocol’s commitment to offering a solution that optimizes data usage without compromising trust-minimized guarantees resonates with the broader blockchain community.
The company’s introduction of a novel approach to authenticated data access positions it as a key player in shaping the future landscape of smart contract development.