Polyhedra Network is a crypto startup that provides web3 infrastructure that is backed by ZK(Zero Knowledge) proofs. The firm is in a process of building the next-generation web3 infrastructure to facilitate web3 interoperability, scalability and privacy. The solutions developed by the network are trust-minimized and highly efficient in the transfer of value and assets, message passing and data sharing while bridging the gap between various web2 and web3 enterprises. he firm also develops extensions for web3 systems with a goal to utilize stealth address models and protocols that meet privacy requirements enshrined in compliance policies. To meet its obligations in theweb3 space, Polyhedra has formed partnerships with numerous investors like Binance Labs, Polychain Capital, Apeswap and Metis among many others. The firm prides itself in offering a ZK Full-stack for web3 infrastructure.
Polyhedra network has in recent days raised $15million in a Pre-series A funding round that was led by Polychain capital, a second round in 2023. The fist funding round of 2023 was conducted a little over a month ago and yielded a $10 million strategic from Binance Labs and Polychain Capital. Despite the prevailing bearish conditions in the crypto market, Polyhedra has managed to secure 2 funding deals in quick succession defying circumstances that that have nearly stalled investments in the ecosystem. Polyhedra Network has a Carlifonia-based sub-chain, Berkely, that develops systems geared towards achieving blockchain interoperability, scalability and privacy.
Some of the products developed through the network’s subsidiary include ZKBridge, ZK-DID and ZK-NFT. ZKBridge is a testnet that has since gone live and offers trustless and efficient cross-chain infrastructures for enhancing interoperability between layer-1 and layer-2 protocols. The testnet utilizes deVigo, a distributed proof system to achieve its functionalities. ZK-DID on the other hand, is a verifiable credential system that is described as secure, scalable, interoperable and easy to use. It also utilizes zero-knowledge proofs to protect users’ privacy in web2 and web3 systems. Another product, ZK-NFT is a programmable NFT protocol with dynamic asset and data containers to realize optimized interoperability. ZK-NFT is also powered by ZK proofs.
Other participants in the just concluded round include ABCDE, Sparkle Ventures, Kucoin Ventures, Arcane Group and HashKey Capital among others. Having secured new funding, the Network is planning to integrate ZKBridge into more blockchain networks and launch its own APIs(Application Programming Interfaces) as well as SDKs(Software Development Kits) to enable developers build and collaborate. James Zhang, Polyhedra’s co-founder said that ZK proofs implemented in ZKBride offer strong security without reliance on external assumptions therefore, significantly reducing on-chain verification costs. The new solutions are set to bring significant efficiency in the verification of validity of consensus between 2 blockchains.
