Axiom proposes a new approach for accessing authenticated data on-chain through zero-knowledge technology.
Smart contract infrastructure firm Axiom has raised $20 million in a Series A funding round led by Paradigm and Standard Crypto, alongside Robot Ventures and Ethereal Ventures funds.
Axiom plans to use the capital to hire developers and accelerate the development of its first product, according to an announcement on Jan. 25. The startup proposes a new method of accessing authenticated data on-chain. Instead of relying on the traditional consensus mechanisms — where all nodes agree on a state of data — it uses zero-knowledge cryptography.
“On-chain applications have adapted to the exorbitant cost of data by removing features or carefully crafting contracts to optimize data usage,” noted Axiom. According to the protocol, developers are unable to leverage data at scale and are forced to architect smart contracts in a complex design as a result of this problem.
