SAN FRANCISCO, CA / ACCESSWIRE / May 7, 2024 / ZKM (zkm.io), a general-purpose zkVM seeking to unite the fragmented Web3 universe, announced the successful closure of a $5M Pre-A funding round in November 2023, led by OKX Ventures and joined by other prominent backers, including Amber Group, P2 Ventures, Crypto.com, Leland Ventures, Pacific WaterDrip Digital Asset Fund, JSquare, Contribution Capital, and Metis Foundation.
ZKM is now announcing the development of a uniquely innovative technology based on its zkVM and Decentralized Sequencers to extend Bitcoin; a Bitcoin L2 with native asset security and yield, offering a sustainable model for all BTC holders and miners to benefit from.
BTC holders can get whitelisted to contribute to Decentralized Sequencer Nodes built on Bitcoin Layer 1, thereby securing batch transactions on Layer 2 while earning transaction gas revenue and ZKM mining rewards.
The ZKM Bitcoin L2 will leverage a proof-of-stake decentralized sequencer architecture, giving Bitcoin holders the ability to earn a sustainable BTC yield, all while securing the Layer 2 network. The ZKM Bitcoin Layer 2 network will be the first demonstration of ZKM's groundbreaking Entangled Rollup Network, which aims to connect and unify the liquidity of all blockchains. The key component of this network is our state of the art zkVM, which ensures the total security of all communications and asset transfers within the network, enabling Bitcoin to flow smoothly and securely to other ecosystems, including Ethereum, Cosmos, Ton, and many more.
"We are excited to reach the development milestone for our universal-purpose zkVM," said ZKM CEO and Co-Founder Kevin Liu. Launching a Bitcoin Layer 2 network will serve as an excellent proof of concept for what ZKM's liquidity-unifying technology can do."
With an ever-growing number of chains, liquidity is becoming increasingly fragmented, significantly hampering the fluid movement of value. zkVM-integrated blockchains can interoperate with each other seamlessly, enabling liquidity to flow frictionlessly between different ecosystems, creating truly unified native liquidity.
Additionally, cross-chain bridging is woefully insecure in its current forms. Blockchains typically function in silos, forcing users to rely on potentially insecure third-party bridges for interoperability. ZKM's Entangled Rollup Network synchronizes the states between blockchains, irrespective of the differences between their underlying virtual machines, through recursive zero-knowledge proofs, entirely bypassing the need for traditional bridging mechanisms and culminating in a vastly safer user experience.
At this key juncture in its development process, ZKM is sponsoring the upcoming Bitcoin Asia conference in Hong Kong, the world's biggest and best-attended Bitcoin event. This event will offer Bitcoin miners and holders an opportunity to ask questions face-to-face about the upcoming ZKM Bitcoin Layer 2 launch.
Bitcoin enthusiasts around the globe, including some of the best and brightest builders, investors, and innovators, will convene to discuss Bitcoin's present and future. ZKM, along with co-host ZetaChain, is throwing a can't-miss bash during Bitcoin Asia called "Bitcoin Dragonland Fest," promising an unforgettable night full of fun, networking, dancing, and vibes.
Bitcoin miners and holders who want to stake BTC, earn native yield, and secure the ZKM Layer 2 network are invited to the Bitcoin Dragonland Fest on May 8 by getting tickets here. They may also email the ZKM team at [email protected].
The Bitcoin Asia Conference will be held in Hong Kong May 9-10.
About ZKM
ZKM is extending Bitcoin through its Entangled Rollup Network, offering native asset security and sustainable yield. Its mission is to unite the fragmented Web3 universe via its zkVM, establishing ZKM as the Global Settlement Network for all blockchains. ​Through its innovative technology and a relentless pursuit of excellence, ZKM aims to create a seamless infrastructure that enables the frictionless transfer of value and data across multiple blockchain networks.
Contact:
Colin Landers
[email protected]
SOURCE: ZKM