British cryptocurrency startup Nebula Completed a combined pre-seed/seed round of $4.5 million led by. New birth and bankless.

NEBRA is a research and development organization focused on privacy and scaling strategies for blockchain technology through zero-knowledge proofs, and was also supported by angels such as Tim Beiko of the Ethereum Foundation, Kartik Talwar of ETHGlobal, Nick White of Celestia, and Sandy. Scroll pen and Haichen Shen.

NEBRA has also received funding from the a16z Crypto Startup Accelerator as a participant in the CSX Spring 2024 cohort in London.

The funds will be used for further research into the new Internet Shared Settlement Layer (SSL) to advance ZKP technology to address the high cost of proof-of-settlement on Ethereum and other blockchains.

Zero-knowledge proofs promise on-chain privacy, which is key to blockchain scaling. However, these technologies are often prohibitively expensive, with users of the Ethereum ecosystem collectively incurring gas fees of more than $50 million.

During rigorous stress testing in 2023, UPA demonstrated remarkable resilience and throughput. 1,000,000 proofs in 36 hours – average throughput of 10 proofs per second The validation wait time is approximately 2 minutes.

“Just as Google is revolutionizing information access by aggregating internet data, Uber is Transforming urban mobility by consolidating transportation resources, NEBRA is a pioneer It is a new approach that brings economies of scale to blockchain ZKP payments,” said Dan Elitzer. Co-founder.

“NEBRA is establishing itself as the go-to platform for people looking to: Enabling cheaper and more efficient ZKP payment solutions across the blockchain ecosystem. ”

Source link