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