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Blockchain research and development startup Matter Labs secured $2 million in a seed round to develop a new scaling initiative for the ethereum blockchain.
As per a press release, the capital injection will be used to create a protocol based on zero-knowledge proofs (ZKPs) atop the ethereum blockchain.
“Zero-Knowledge Proofs are the most promising solution to the problem of blockchain scalability, especially in applications where maintaining a high degree of decentralization is paramount,” Co-Founder Alex Gluchowski said,
“You will be able to deposit any funds on it and it will be as safe as depositing on ethereum itself,” he said as quoted in a report by CoinDesk.
Leveraging ZKPs, which rely on “pure math,” transactions on ethereum will have not only a high throughput but also a cheaper cost, he explained.
“Not only very cheap but predictively cheap because the bulk of the cost will be coming from [ZPK] computation,” Gluchowski added.
However, Matter Labs is still working on ZKP research, and it is still in its early stages. The firm has created a prototype for its platform, with plans to work on a new minimum viable product in the coming months.
Other than the scalability and privacy solution, the firm also plans to use the funding to expand its scientific and engineering teams.
The funding was led by Placeholder with participation from 1kx, Dekrypt, Hashed, and Dragonfly Capital Partners.
On the other hand, blockchain privacy solutions startup QEDIT has teamed up with Tradeshift to implement QEDIT’s privacy solution to create a new type of competitive marketplace that proves the quality of assets to financiers while preserving the full privacy of transactions of participating firms. QEDIT utilizes ZPK cryptography for enterprise blockchains to allow collaborations among competitors.
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