BTC

$61615.278

-1.31%

ETH

$3034.718

-4.37%

BNB

$580.456

-1.13%

XRP

$0.5

-1.67%

News

Sovereign Labs Raises $7.4 Million For Developers To Create New ZK-rollups

January 31, 2023 - Around 2 mins mins to read

Key Points:

  • Sovereign Labs raises $7.4 million to help developers construct new ZK-rollups.
  • Haun Ventures is leading the seed round. 1kx and Robot Ventures are two other investors.
  • Sovereign Labs is now attempting to address this issue by developing a software development kit (SDK) that allows developers to design new ZK rollups by leveraging open-source reusable components
Sovereign Labs raised $7.4 million in a round headed by Haun Ventures to let developers deploy zero-knowledge (ZK) rollups more simply.
Sovereign Labs Raises $7.4 Million For Developers To Create New ZK-rollups

According to a corporate announcement, investors in the seed round, which will close in November 2022, include 1kx, Robot Ventures, and Maven 11. Celestia Labs’ head of communications, Ekram Ahmed, serves as a strategic advisor.

A ZK proof is a cryptographic technique that certifies whether a statement is true or incorrect without revealing its contents. ZK rollups use this technology for blockchain scaling, which makes blockchains run cheaper and faster by combining transactions together, verifying them off-chain, and returning a confirmation that they are all legitimate.

According to Preston Evans, co-founder and chief technology officer at Sovereign Labs, implementing ZK rollups can be a time-consuming and challenging procedure for developers.

Sovereign Labs is attempting to address this issue by developing a software development kit (SDK) that allows developers to design new ZK rollups by leveraging open-source reusable components, making it easy to deploy on a number of blockchains.

Sovereign Labs Raises $7.4 Million For Developers To Create New ZK-rollups

The SDK is presently in the research and development phase, but it hopes to support a variety of blockchains in the future. It will supply all boilerplate information, allowing developers to concentrate on business logic. Celestia for data availability and Risc Zero for testing are included in the present prototype.

So far, Ozer and Evans have been in charge of developing the SDK. They intend to use the funds from the current campaign to hire more employees and grow the team to roughly seven people.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Thana

Coincu News

Ekram Ahmed

haun ventures

SDK

Sovereign Labs

ZK

Avatar of Thana

Author

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.
News

Sovereign Labs Raises $7.4 Million For Developers To Create New ZK-rollups

Key Points:

  • Sovereign Labs raises $7.4 million to help developers construct new ZK-rollups.
  • Haun Ventures is leading the seed round. 1kx and Robot Ventures are two other investors.
  • Sovereign Labs is now attempting to address this issue by developing a software development kit (SDK) that allows developers to design new ZK rollups by leveraging open-source reusable components
Sovereign Labs raised $7.4 million in a round headed by Haun Ventures to let developers deploy zero-knowledge (ZK) rollups more simply.
Sovereign Labs Raises $7.4 Million For Developers To Create New ZK-rollups

According to a corporate announcement, investors in the seed round, which will close in November 2022, include 1kx, Robot Ventures, and Maven 11. Celestia Labs’ head of communications, Ekram Ahmed, serves as a strategic advisor.

A ZK proof is a cryptographic technique that certifies whether a statement is true or incorrect without revealing its contents. ZK rollups use this technology for blockchain scaling, which makes blockchains run cheaper and faster by combining transactions together, verifying them off-chain, and returning a confirmation that they are all legitimate.

According to Preston Evans, co-founder and chief technology officer at Sovereign Labs, implementing ZK rollups can be a time-consuming and challenging procedure for developers.

Sovereign Labs is attempting to address this issue by developing a software development kit (SDK) that allows developers to design new ZK rollups by leveraging open-source reusable components, making it easy to deploy on a number of blockchains.

Sovereign Labs Raises $7.4 Million For Developers To Create New ZK-rollups

The SDK is presently in the research and development phase, but it hopes to support a variety of blockchains in the future. It will supply all boilerplate information, allowing developers to concentrate on business logic. Celestia for data availability and Risc Zero for testing are included in the present prototype.

So far, Ozer and Evans have been in charge of developing the SDK. They intend to use the funds from the current campaign to hire more employees and grow the team to roughly seven people.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Thana

Coincu News

Visited 26 times, 1 visit(s) today