Hong Kong based QED Protocol, the first zk-native execution layer for powering the Web3 ecosystem emerging on Bitcoin, has raised $6 million in a funding round led by Blockchain Capital.
The fresh influx of capital furthers QED’s mission of utilizing its novel technology to unlock unparalleled performance for smart contracts, layer-two solutions and a wide variety of Web3 applications.
Among QED’s breakthroughs is a novel solution for verification of zero-knowledge proofs (ZKPs) on Bitcoin that radically increases scalability while preserving maximum security.
This is a first-of-its-kind innovation in the ZK world that can unlock significant performance enhancements, enabling native smart contracts that had previously been lacking on Bitcoin and holding out the potential for applications to be powered with minimal latency and with speeds already capable of surpassing 150,000 transactions per second.
QED founder Carter Feldman lauded the recent funding and emphasized how QED’s technology is compatible with Bitcoin Core by harnessing the power of Taproot script and ZKPs.
“This funding round is key to pursuing our mission to bring Bitcoin security to all of digital finance – but in a way that unlocks unmatched performance and utility,” said Feldman.
“Indeed, our aim 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 application-friendly performance that benefits the masses.”
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