The startup Axiom, focused on smart contract infrastructure, has just received a significant investment of US$20 million in its Series A financing round. Paradigm and Standard Crypto, renowned venture capital companies specializing in crypto assets, led this round, scoring a pivotal moment for Axiom. The round also had support from other important entities in the sector, such as Robot Ventures and Ethereal Ventures.
Axiom’s mission is to simplify and streamline developers’ access to authenticated data on the blockchain. Developers currently face significant challenges when reading and writing data, which requires considerable time and investment. Axiom proposes an innovative solution to this problem, with an approach that could revolutionize the way data is accessed in smart contracts.
We are building infrastructure to give smart contract developers access to more data on-chain. pic.twitter.com/M8q61KMid3
— Axiom (@axiom_xyz) January 25, 2024
The company highlighted in a recent social media post that its innovative methodology uses ZK (Zero Knowledge) encryption instead of traditional consensus. “By using ZK, Axiom enables on-chain applications to process more data at reduced cost, starting with the entire Ethereum story on Axiom V2,” Axiom stated. This technology not only increases efficiency but also reduces costs associated with processing data on the blockchain.
This new infrastructure offered by Axiom enables developers to integrate historical transaction data into on-chain applications and interact more efficiently with other smart contracts. This advancement represents a significant step for the company and the blockchain ecosystem as a whole, as it allows for greater integration and utility of data on the network.
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