HONG KONG, JULY 4, 2024 — QED Protocol, a revolutionary platform for powering the emerging Web3 ecosystem on Bitcoin, announced today that it has successfully raised $6 million in a funding round led by Blockchain Capital. This significant influx of capital further supports QED's mission of utilizing its innovative technology to unlock unparalleled performance for smart contracts, layer-two solutions, and a wide variety of Web3 applications.
One of QED's groundbreaking achievements is its unique solution for verifying zero-knowledge proofs (ZKPs) on Bitcoin, which significantly increases scalability while maintaining maximum security. This pioneering innovation in the ZK world allows for significant performance enhancements, enabling the execution of native smart contracts that were previously limited on Bitcoin. It also holds the potential to power applications with minimal latency and speeds that can already surpass 150,000 transactions per second.
QED founder Carter Feldman expressed his excitement about the recent funding round and highlighted how QED's technology is fully compatible with Bitcoin Core, harnessing the power of Taproot script and ZKPs. Feldman stated, "This funding round is crucial in pursuing our mission to bring Bitcoin security to the entire digital finance industry while unlocking unmatched performance and utility. Our goal is to extend the complete security of Bitcoin to the entire Web3 ecosystem and eventually to the rest of the internet. Our value proposition is simple: high throughput, low latency, and application-friendly performance that benefits everyone."
Aleks Larsen, General Partner at Blockchain Capital, also expressed enthusiasm for QED's breakthrough technology, particularly its potential to power a wide range of applications with novel use cases within the growing Bitcoin-centric ecosystem. Larsen said, "QED brings the power of ZK to Bitcoin in a way that is both highly trust minimized and extremely cost-efficient. This unlocks Bitcoin-native smart contracts and scaling solutions that were previously considered unviable. We are thrilled to support the brilliant QED team as they usher in a new era of Bitcoin innovation."
In addition to introducing groundbreaking smart contract functionality to the Bitcoin ecosystem, QED's security model aligns closely with Bitcoin's proof-of-work consensus model, eliminating fragile economic-incentive models and trusted multisigs that could be misused to appropriate user funds on layer 2s. With its horizontally scalable architecture, QED completely avoids the traditional tradeoffs between security and scalability. It achieves this through its breakthrough architecture, which utilizes fast-recursive zero-knowledge proofs and a first-of-its-kind PARTH state model. These innovations enable hyperscalable Web3 applications, such as orderbook exchanges, as well as fully trustless Web2-scale applications and games.
To date, QED Protocol has raised a total of $10.6 million. Earlier this year, it secured a pre-seed funding round of $3.25 million led by Arrington Capital, with participation from notable investors such as Paper Ventures, Starkware, Draper Dragon, Blockchain Builders Fund, UTXO, Lbank Labs, Valhalla Capital, Edessa Capital, and Anagram Ltd.
For more information on QED Protocol, please follow on Twitter and/or read more at qedprotocol.com/blog/.
About QED:
QED is the native execution layer for Bitcoin, designed to address the challenges of Web3 development. This horizontally scalable, secure, and user-friendly platform is built for developers and users alike, supporting a wide range of applications from DeFi to NFTs and beyond.
Contact:
Website: www.qedprotocol.com
Twitter: @qedprotocol
Email: [email protected]
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