Gevulot, a blockchain focused on zero-knowledge proofs, has completed a $6 million seed funding round led by Variant. The company plans to use the funds to launch its Layer 1 blockchain, which allows developers to create scalable applications using ZK proofs
Gevulot, a blockchain focused on zero-knowledge proofs, has completed a $6 million seed funding round. The round was led by Variant, a venture capital firm that invests in crypto and web3 startups.
The round also featured participation from RockawayX, Volt Capital, and Staking Facilities, as well as individual backers such as Polygon Labs CEO Marc Boiron and Manta Network founder Shumo Chu. Gevulot did not disclose its valuation.
Gevulot is a blockchain that aims to enable developers to harness the power of zero-knowledge proofs, or ZK proofs, and delegate computing tasks to an advanced network of hardware operators.
ZK proofs are cryptographic techniques that allow one party to prove to another that a statement is true, without revealing any information beyond the validity of the statement. This functionality creates new opportunities for scalable, private, and secure applications.
Gevulot to Launch Layer 1 Blockchain with ZK Proofs
Gevulot plans to allocate the capital toward the rollout of its Layer 1 blockchain, which will be the core of its platform. The Layer 1 blockchain will allow developers to create and deploy smart contracts that use ZK proofs and interact with other blockchains through cross-chain bridges.
The Layer 1 blockchain will also leverage a proof-of-stake consensus mechanism, which will reward hardware operators for providing computing power and validating transactions.
ZK proofs have gained significant traction in recent years, offering the scalability of blockchain apps through efficient data verification. It can also enhance the privacy and security of blockchain apps, as they do not require the disclosure of sensitive information.
ZK proofs have been used for various applications, such as decentralized exchanges, identity verification, and voting systems.
Gevulot to Collaborate with Staking Validator Firms
Gevulot is gearing up to launch its developer-focused network (or devnet), a restricted test network.
This network will allow developers to test and experiment with the features and functionalities of the Gevulot platform and provide feedback and suggestions for improvement.
The devnet is being brought to life in collaboration with staking validator firms, such as P2P.org, Supranational, Staking Facilities and RockawayX Infrastructure.
These firms will provide the hardware and software infrastructure for the devnet and help Gevulot optimize its performance and security.
