Polyhedra Network raises $10m with support from Binance Labs, Polychain Capital
Polyhedra Network, a web3 infrastructure solutions provider leveraging zero-knowledge proof (ZKP) technology, announced that it has raised $10 million in a strategic funding round co-led by Binance Labs and Polychain Capital, and supported by Animoca and dao5.
Polyhedra Network raises $10 million
With a team of top engineers, developers, and researchers from UC Berkeley, Tsinghua University, and Stanford University, Polyhedra Network is building a full-stack suite of ZKP-based web3 solutions focusing on interoperability, scalability, and privacy.
With these funds, Polyhedra Network will invest in ecosystem growth initiatives, recruiting additional engineering talent, and cutting-edge ZKP protocol research.
“Polyhedra is pushing boundaries on some of the most innovative ZK infrastructure within web3. The well-oiled architecture facilitates cross-chain operations that will interconnect blockchain ecosystems to build the next generation of financial technology.”Luke Pearson, Polychain Capital.
To date, Polyhedra Network has developed and deployed products that are next-generation zkSNARK protocols such as zkBridge and zkDID.
A zkBridge supports cross-chain asset and data interoperability between various web2 and web3 systems by using deVirgo, a novel distributed proof system.
Meanwhile, a zkDID (decentralized identity) is a solution for verifying credentials without compromising user privacy by advanced zero-knowledge proofs. In addition, there’s a paraPlonk-based scalability solution to accelerate ZK-rollups.
Why zero-knowledge proof matters
To attract more users, web3 needs to introduce improvements over the previous version of the internet. In this case, ZKP serves as a cryptographic tool helping two different parties in exchanging information without revealing anything.
“Zero-knowledge proofs are the key technology that will revolutionize Web3 infrastructure. We’re thrilled to have the support of top VCs and builders in the space, who believe in our vision to develop ZKP-enabled solutions for Web3 interoperability and scalability.”James Zhang, co-founder of Polyhedra Network.
Meanwhile, ZK-Snarks is the code for verifying proof that operates autonomously, without the need for human intervention. As there is no way to remove passwords from the equation, ZKP is important for web3 and its future.
Due to the limitations of the methods CEXes are using for Proof-of-Reserve (PoR), CEXes leverage zk-SNARKS is suggested that can provide more robust proof of solvency. Last year, Binance announced an upgrade to its PoR system to include zk-SNARKS to verify its reserves more transparently and securely.
In the coming months, Polyhedra Network will integrate its zkBridge and zkDID infrastructure with additional blockchain networks, and launch APIs and SDKs to provide builders with the tools for streamlined development and collaboration.
Furthermore, it will also continue to refine its paraPlonk protocol to attract developers seeking a highly efficient and distributed zk-rollup solution.