Tech
QED Protocol Raises $6M to Scale with Bitcoin-Based Technology
Funding for high-performance zk-native blockchain led by Blockchain Capital
HONG KONG–(BUSINESS WIRE)–QED Protocolthe first zk-native execution layer to power the emerging Web3 ecosystem on Bitcoin, today announced that it has raised $6 million in a funding round led by Blockchain CapitalThe new influx of capital reinforces QED’s mission to use its new technology to unlock unparalleled performance for smart contracts, layer two solutions, and a wide variety of Web3 applications.
Among QED’s innovations is a new solution for verifying zero-knowledge proofs, or ZKP, on Bitcoin that dramatically increases scalability while preserving maximum security. This is a first-of-its-kind innovation in the ZK world that can unlock significant performance improvements, enabling native smart contracts that were previously lacking on Bitcoin and offering the potential for applications powered by minimal latency and with speeds already capable of exceeding 150,000 transactions per second.
In a statement, QED founder Carter Feldman praised the recent funding and highlighted how QED technology is compatible with Bitcoin Core by leveraging the power of the Taproot script and ZKPs.
“This funding round is critical to our mission of bringing the security of Bitcoin to all of digital finance, but in a way that unlocks unmatched performance and utility,” Feldman said. “Indeed, our goal is to extend the full security of Bitcoin to all of Web3 and eventually the rest of the Internet, and in doing so, our value proposition is simple: high throughput, low latency, and performance suited to applications that benefit the masses.”
In another statement, Blockchain Capital General Partner Aleks Larsen expressed excitement about QED’s game-changing technology, particularly its potential to power a wide range of applications with new use cases within the growing Bitcoin-centric ecosystem.
“QED brings the power of ZK to Bitcoin in a trust-minimizing and cost-effective way, unlocking native Bitcoin smart contracts and scaling solutions that have long been considered impractical,” Larsen said. “We are thrilled to support the brilliant QED team as they usher in a new era of Bitcoin innovation.”
In addition to adding innovative smart contract capabilities to the Bitcoin ecosystem, QED’s security model is closely aligned with Bitcoin’s proof-of-work consensus model and does away with fragile economic incentive models and trusted multisig that could be used to misappropriate user funds at layer 2. Additionally, with its horizontally scalable architecture, QED completely bypasses traditional security and scalability tradeoffs using its revolutionary architecture that uses fast recursive zero-knowledge proofs and a unique PARTH state model that combine to enable hyperscale Web3 applications such as orderbook exchanges, as well as fully trustless Web2-scale applications and games.
QED Protocol has raised more than $10 million to date, securing a $3.25 million pre-seed funding round earlier this year led by Arrington Capital and involving other prominent investors such as Starkware, Draper Dragon, Blockchain Builders Fund, UTXO, Lbank Labs, Paper Ventures, Valhalla Capital, Edessa Capital, and Anagram Ltd.
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About QED
QED is Bitcoin’s native execution layer, designed to address the challenges of Web3 development. The horizontally scalable, secure, and intuitive platform is built for developers and users, supporting a wide range of applications from DeFi to NFTs and beyond.
Contacts
Website: www.qedprotocol.com
Twitter: @qedprotocol
E-mail: news@qedprotocol.com