Co-founders Preston Evans and Cem zer informed TechCrunch that Sovereign Labs has secured $7.4 million in early investment, with Haun Ventures as the primary investor.
The company is creating a software development kit (SDK) for safe and interoperable zero-knowledge rollups as part of a “open, linked rollup ecosystem” (ZK-rollups).
In a statement, zer said that “Sovereign’s mission has always been to make scaling [blockchains] straightforward.” If you’ve been working in blockchain for four years or more, you know that rollups and ZK-rollups are the key to taking blockchains mainstream.
According to Evans, a rollup blockchain is a blockchain that receives security from another blockchain, making it a method for adding functionality to an existing chain without compromising security. Tokens, NFTs, smart contracts, and other use cases may all be supported via rollups, which are less expensive to run since they outsource transaction processing.
zer said that the funds will be utilised to create its software development kit (SDK) and to recruit protocol engineers and researchers with knowledge of blockchains and their frameworks. Neither of the company’s co-founders are cryptography specialists, but they do intend to make it easier for Rust (and ultimately C++) developers to utilise ZK technology on any blockchain.
Polygon, zkSync, and the StarkNet platform from StarkWare are three of the most prominent ZK-rollup blockchains currently in use, all of which aim to improve developers’ scalability and security off-chain with faster transaction times and lower transaction fees before submitting their work to Ethereum. In addition to expanding the Ethereum ecosystem and enhancing user experiences in areas like decentralised exchanges, dApps, and gaming, ZK-rollup initiatives like dYdX, Sorare, and Immutable are striving to scale the sector.
“Current blockchain technologies are useless without scale,” stated zer. Applications must learn to scale “the minute they establish product-market fit and there is demand, fees increase and it becomes worthless.”
According to zer, most ZK-rollup solutions are self-contained items developed specifically for the teams responsible for them. According to him, Sovereign Labs “isn’t in the business of doing rollups ourselves,” but rather wants to provide frameworks for other companies. Our goal is to make this technology freely available so that other people may use it to grow their own ecosystems.
While the team is developing several methods of revenue, Evans assured that the SDK framework will remain open source and free “forever.”
The company’s co-founders anticipate that rollups will remain mostly unavailable for the foreseeable future unless and until infrastructures such as their SDK are created. “SDK goods will become available over time,” zer stated. “We anticipate a flood of ZK-rollups, with widespread adoption among developers.”
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