In a significant boost to the Ethereum development ecosystem, Axiom has announced a successful $20 million Series A funding round. The round is led by crypto-investing mega powers Paradigm and Standard Crypto and strongly reveals that digital investors believe in Axiom’s ability to disrupt how smart contracts operate.

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• Axiom secures a $20 million Series A funding round, led by crypto industry leaders Paradigm and Standard Crypto, to advance Ethereum data accessibility.
• The investment will support Axiom’s development efforts, specifically in expanding its team and enhancing the contract developer protocol to enable access to essential historical Ethereum data off-chain.
• Axiom’s innovative use of zero-knowledge proofs is expected to introduce a disruptive model for Ethereum smart contracts, offering cost-effectiveness and scalability beyond the traditional reliance on oracles.

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Axiom Attracts $20 Million Investment to Enhance Ethereum Data Accessibility

By providing new capital, it will be possible to expand the team of the company and improve some capabilities of the protocol. Axiom will solve this by allowing complex computations to be done off-chain allowing platforms like Ethereum to dabble into more complex scenarios and efficiency through the use of smart contracts. 

In an interview published by CoinDesk, the co-founder of Axiom, Yi Sun, clearly pointed out that the innovative technology they have brought forth is meant to empower their developers by making it possible for them to integrate it into their different applications. 

By using zero-knowledge proofs, which is a higher form of validation protocol used by Axiom, the information contained in the transactions can be verified without revealing the fullness of the contents. Ethereum’s smart contracts have traditionally faced difficulties in accessing historical data, a problem usually addressed by integrating external data sources known as oracles.

However, these oracles often require significant payments and adhere to restrictions in computation. However, zero-knowledge proofs quickly establish that the data originated in the blockchain and was processed by Axiom and then sends the validated data, in the optimal case, 10 MB, along with a suitable proof back to the blockchain. 

The validated data gets stored in the correct data storage, and while the process reaches a certain level of efficiency and cost-effectiveness, Georgios Konstantopoulos, the Chief Technology Officer of Paradigm, called for the creation of systems that cut down on people’s dependence and optimize the system’s workflow; such technologies would become more in-demand and widespread. 

This comes after Axiom’s launch of a mainnet in July and the other protocol V2 update that was meant to provide better developer utility to the protocol. Co-founder of Axiom, Alok Vasudev, became excited by the discoveries Axiom’s crypto technology brought to various markets. 

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