HONG KONG, JULY 4, 2024 — QED Protocol, the pioneering zk-native execution layer for the emerging Web3 ecosystem on Bitcoin, announced today that it has secured $6 million in funding, with Blockchain Capital leading the funding round. This new capital injection further supports QED’s mission to leverage its innovative technology to unlock unparalleled performance for smart contracts, layer-two solutions, and a wide range of Web3 applications.
One of QED’s major breakthroughs is a revolutionary solution for verifying zero-knowledge proofs (ZKPs) on the Bitcoin network. This solution significantly enhances scalability while maintaining maximum security. It is a groundbreaking innovation in the ZK world that has the potential to enable native smart contracts on Bitcoin, which were previously lacking, and offers the possibility of powering applications with minimal latency and speeds that can exceed 150,000 transactions per second.
QED founder Carter Feldman expressed his enthusiasm for the recent funding and highlighted how QED’s technology is compatible with Bitcoin Core through the utilization 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 full security of Bitcoin to the entire Web3 ecosystem and eventually the rest of the internet. Our value proposition is simple: high throughput, low latency, and application-friendly performance that benefits the masses.”
Aleks Larsen, General Partner at Blockchain Capital, also shared his excitement about 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 trust-minimized and extremely cost-efficient. It 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. It eliminates fragile economic-incentive models and trusted multisigs that could potentially be used to misappropriate user funds on layer 2s. Furthermore, QED’s horizontally scalable architecture 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 unique PARTH state model. This combination enables the development of hyperscalable Web3 applications, such as orderbook exchanges, as well as fully trustless Web2-scale applications and games.
So far, QED Protocol has raised a total of $10.6 million. Earlier this year, it secured $3.25 million in a pre-seed funding round led by Arrington Capital, with participation from other 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 visit qedprotocol.com/blog.
About QED:
QED is the native execution layer for Bitcoin, designed to tackle the challenges of Web3 development. This horizontally scalable, secure, and user-friendly platform caters to both developers and users, 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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