Financе

Sequoia China and Dao5 back ZK startup Hyper Oracle

Zero-knowledge (ZK) middleware developer Hyper Oracle closed a $3 million round co-led by Sequoia China’s seed fund and Dao5.

Foresight Ventures and FutureMoney Group also participated in the round, according to a company release.

Founded in 2022, Hyper Oracle is a developer of a suite of «Meta Apps,» which include indexing and automation protocols for blockchains. A key component of these protocols is a ZK proving system that enables trustless transmission of blockdata, which is needed in indexing and automation tasks.

A ZK proof is a cryptographic technique that confirms whether a statement is true or false without revealing that statement’s contents. ZK technology is being used by Layer 2 scaling solutions called ZK-rollups to allow blockchains to validate transactions at a lower cost and in a faster timeframe.

Hyper Oracle is just one of a number of ZK startups that have raised funds this week including Ulvetanna, a startup that builds hardware to increase the efficiency of ZK proofs, and the Nil Foundation, a ZK data accessibility developer, which raised at a $220 million valuation.

Hyper Oracle’s funding will be put toward research as well as the development of ZK oracle and blockchain infrastructure, the company said.

   

Source

Click to rate this post!
[Total: 0 Average: 0]
Показать больше

Добавить комментарий