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ZkRollup’s Second Tier Network Project Receives 650 Million Yen in Seed Round Financing

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On April 13th, ZkRollup\’s second tier network project, Intmax development company Ryodan Systems AG, announced the completion of a seed round financing of approximately 650 million

ZkRollups Second Tier Network Project Receives 650 Million Yen in Seed Round Financing

On April 13th, ZkRollup’s second tier network project, Intmax development company Ryodan Systems AG, announced the completion of a seed round financing of approximately 650 million yen (approximately $4.88 million), with angel investors including HashKey Capital, Scroll, Yusaku Maezawa’s MZ Web3 Fund and Alchemy Venture, as well as Ethereum cryptologist Justin Drake and former Coinbase Chief Technology Officer Balaji Srinivasan participating.

ZkRollup project Intmax completed approximately $4.88 million in seed round financing

On April 13th, Intmax development company Ryodan Systems AG announced the completion of a seed round financing of approximately 650 million yen (approximately $4.88 million) for their second tier network project, ZkRollup. The investment comes from a group of angel investors including HashKey Capital, Scroll, Yusaku Maezawa’s MZ Web3 Fund, and Alchemy Venture. Additionally, Ethereum cryptologist Justin Drake and former Coinbase Chief Technology Officer Balaji Srinivasan also participated in the funding round.

What is ZkRollup?

ZkRollup is a second tier network project that utilizes zero-knowledge proofs to increase scalability and reduce fees on the Ethereum network. It is essentially a form of layer 2 scaling that allows more transactions to be processed without clogging up the main Ethereum network. The project aims to provide a faster and more efficient way of processing transactions while maintaining the security and decentralization of the Ethereum blockchain.

Benefits of ZkRollup

ZkRollup offers several advantages over traditional scaling methods. Firstly, it significantly reduces gas fees for users by batching many transactions into a single transaction. This helps to make Ethereum more accessible for average users who may not have the means to pay high transaction fees. Secondly, it increases transaction throughput and reduces network congestion, which is crucial for the Ethereum network as it continues to grow. Finally, ZkRollup is highly secure as it relies on zero-knowledge proofs to ensure the validity of transactions without revealing sensitive information.

Seed Round Financing

The completion of the seed round financing of approximately 650 million yen is seen as a major milestone for the ZkRollup project. The funding will be used to develop and expand the project, as well as to attract more developers to work on it. The investment from such high-profile angel investors also provides a vote of confidence in the project and its potential to revolutionize the Ethereum network.

Conclusion

ZkRollup is a promising second tier network project for Ethereum that has the potential to significantly increase scalability while maintaining the network’s security and decentralization. The completion of a seed round financing of approximately 650 million yen is a major milestone for the project and will help to accelerate its development and expansion.

FAQs

Q: What is zero-knowledge proof technology?
A: Zero-knowledge proof technology allows for secure transactions without revealing sensitive information. It is a tool that enables privacy-preserving authentication and validation of information.
Q: Who are the main investors in the seed round financing of ZkRollup?
A: The seed round financing of ZkRollup was led by angel investors including HashKey Capital, Scroll, Yusaku Maezawa’s MZ Web3 Fund, and Alchemy Venture. Additionally, Ethereum cryptologist Justin Drake and former Coinbase Chief Technology Officer Balaji Srinivasan also participated in the funding round.
Q: How will ZkRollup impact the Ethereum network?
A: ZkRollup is expected to significantly increase transaction throughput and reduce gas fees for users. The project is crucial for the continued growth of the Ethereum network and its ability to scale to meet the demands of the market.
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