=nil; Foundation has raised $22 million in a funding spherical led by Polychain Capital.
The agency will use funds to build a zero-knowledge proofs marketplace for Ethereum and L2s.
Apart from bettering safety and scalability, blockchains utilizing =nil;’s Proof Market won’t want centralised intermediaries
=nil; Foundation, the zero-knowledge proofs analysis and improvement platform trying to build a proofs marketplace for Ethereum and L2s, has secured $22 million in a funding spherical that valued the agency at $220 million.
Polychain Capital led the funding spherical, with participation from prime blockchain-focused enterprise companies together with Blockchain Capital, Starkware, and Mina Protocol. The funding additionally attracted a number of angel buyers, together with Hasu.
A Proof Market for Ethereum and different public blockchains
The nil; Foundation, launched in 2018, will use the funds from the fundraise to enhance the event of its zero-knowledge (ZK) Proof Market protocol, in accordance to particulars shared through a press launch on Thursday. Per the corporate, the funding will go into constructing options geared toward bettering the safety and scalability of Ethereum, different L1 blockchains and L2s.
A Proof Market will assist present business gamers with a trustless and seamless protocol for sharing zk-proofs with out having to depend on centralised intermediaries, the nil; Foundation famous within the announcement.
“Proof Market is now ready to ensure secure data transfer between Ethereum and public protocols, but that’s not the only thing that our team is aiming at,” Konstantin Lomashuk, co-founder of =nil; Foundation, mentioned in an announcement obtained by CoinJournal. He added:
“As the ecosystem grows, computations are getting heavier and more complex, thus posing a roadblock for effective and trustless interaction between Ethereum, L2s and other protocols. Creating a marketplace for computational powers that can prove any information will open new opportunities for the whole market, keeping it aligned with core blockchain principles,”
According to the nil; Foundation workforce, the market already has state proofs for Solana and Mina, whereas the identical ought to be out there on extra blockchains quickly. Industry gamers can now use the generated proofs to safe knowledge trade throughout Ethereum.
But a fully-fledged Proof Market will work as a zk-proof marketplace, permitting for additional accessibility to proofs as blockchains eye extra safety and scalability.