Matter Labs Saves $2M Funding for Ethereum Blockchain with Zero-knowledge Proofs

By September 24, 2019 Ethereum
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Matter Labs secures $2M funding to develop zero-knowledge proofs for ethereum blockch

Matter Labs announced financing funds of $2M in a seed round to develop Ethereum blockchain. From the past year, the team of Matter labs has been continuously working on the layer-2 scalability and finding privacy solution for the Ethereum blockchain.

The seed funds will help in growing scientific and engineering teams of Matter Labs to support the R&D roadmap. Placeholder led this funding with participation from Dekrypt, 1kx, Hashed, and Dragonfly Capital Partners. The main aim is to develop the protocols and infrastructure by Zero-Knowledge Proofs (ZKP). It is a group of cryptographic protocols that allows in verifying the integrity of computations by untrusted counterparties.

A software engineer, Alex Gluchowski, founded Matter Labs. The company is focusing on academic research on Zero-Knowledge Proofs, which is the best solution for the blockchain scalability problem. It can help in maintaining applications with a high degree of decentralization. Alex added that users would deposit any funds on it and it will be secure if depositing in Ethereum itself.

In the coming months, it is planned to launch a highly scalable system with great security and usability.

According to Alex, ZKP is based on pure math to ease the user experience and decrease the work for the users. ZKP provides a way for true privacy which is to be believed that in the future, there will be mass adoption of blockchain applications.

The prototype of the payment platform of Matter Labs is designed in such a way that it offers decentralization with high usability, high throughput, and low transaction cost. It is live on the Ethereum mainnet. The team of Matter Labs is also working on the MP version that will be in a list of many blockchain and crypto events all over the world in the coming months.

On the other hand, QEDIT, a startup in blockchain privacy solutions is in partnership with Tradeshift to apply the privacy solution of QEDIT to develop a new competitive marketplace. It will give proof of assets quality to financiers and at the same time, preserves the transaction privacy of participating firms. The ZPK cryptography is utilized by QEDIT for collaborating competitors for enterprise blockchain.

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