In an official announcement, the renowned smart contract infrastructure development firm Axiom completed a $20 million Series A funding round. The fundraising was led by the San Francisco venture capital Standard Crypto and Paradigm. Other participants included Robot Ventures and Ethereal Ventures.
In the January 25 blog post, the Axiom team confirmed that the funds will be used for the expansion of operations. Firstly Axiom plans to recruit new talents to fill the professional gaps in its technical unit.
Axiom Completes a $20M Funding Round
In particular, the Axiom group plans to hire more developers to support the firm in researching, designing and managing software. Also, the announcement demonstrated that the Axiom team will reroute the multimillion-dollar capital to support the development of its first product.
For years the Axiom group has offered developers a platform to access historical data from the Ethereum network. This data plays a crucial role in excuting off-chain tasks.
With the ongoing development in the digital sector, the Axiom team revealed plans to develop a new approach to accessing on-chain data seamlessly. Initially, the developers used a traditional consensus approach to access on-chain information.
Growing Demand for Authenticated Data
A statement from the co-founder of Axiom Yin Sun demostrated that the firm will remain committed to supporting the developers to access the on-chain platforms. The executive admitted that the current development forced the on-chain applications developers to optimize data usage to curb the high cost of data.
Sun complained that the surge in data cost has limited the developers from using data at their desired scale. To navigate the data challenges the developers opted to leverage their expertise to create more sophisticated smart contracts.
Sun admitted that from last year the Axiom team actively supported the developers to share information on zero-knowledge proofs.The official recognized that the development of zero-knowledge technology allows the user to verify information even without disclosing confidential information.
Features of Zero-Knowledge
The unique features of zero-knowledge proofs increased the use case of this technology in diverse industries including healthcare, banking, education and others. Currently, the growing demand for zero-knowledge technologies inspired the developers to invest in doubling down the privacy and security of these platforms.
Based on the benefits offered by the zero-knowledge technology Sun confessed that the Axiom group will enable this concept to allow the developers to access on-chain applications at a low cost. The executive envisioned the demand for reliable and convenient on-chain data to increase exceedingly in future.
Sun believes that blockchain and cryptography technologies will play a critical role in meeting the demand for authenticated data.
In a subsequent report the chief technology officer at Paradigm Georgios Konstantopoulos, revealed that the venture capital will work on improving its system to lower the cost of data. The official believes that by removing the requirement to access authenticated data the Axiom team will attain a sustainable customer base.
