HomeCrypto NewsDeFi: Hylé raises $2.6 million for blockchain

DeFi: Hylé raises $2.6 million for blockchain

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Press release relay. While the price of cryptocurrencies has seen red in recent days, this does not prevent our beautiful build ecosystem. In this dynamic, Hylé has just raised $2.6 million in a funding round led by Framework Ventures to build the future of its blockchain.

This fundraising marks a new milestone for Hylé, increasing its total funding to $3.4 million and bringing its cash flow to approximately $5 million. Notable investors include Cherry Crypto, Fabric Ventures, Frst Capital, and Heartcore Capital. This funding will enable Hylé to accelerate the development of its zero-knowledge proof (ZKP) verification network. Explanations.

What is Hylé?

Hylé is a blockchain that uses Zero Knowledge Proof (ZKP). THE ZKP make it possible to prove the veracity of information without revealing its content, thus offering considerable advantages in terms of confidentiality and D’scalability for the dApps (decentralized applications).

ZKPs rely on complex cryptographic principles, allowing a prover to demonstrate to a verifier that a statement is true without disclosing additional information. This technology is essential to guarantee the confidentiality of transactions while maintaining transparency and verifiability. For example, a user can prove that they have the funds to complete a transaction without revealing the exact amount of their assets.

In fact, ZK Proofs are used in many applications to improve security and confidentiality:

  • Cryptocurrencies: For anonymous and private transactions, like those used in Zcash.
  • Authentication: To prove identity without revealing sensitive information.
  • Blockchain: To verify transactions without revealing the details of those transactions.

ZKP validation infrastructure… Hylé is also a blockchain in itself. It is not simply an additional infrastructure for existing blockchains, but it operates with its own consensus mechanism. This means that Hylé can independently validate and verify ZKPs, providing an additional secure and decentralized settlement layer.

Hylé announces fundraising to develop ZKP
Don’t worry, check and nothing else – Source: Hyle

A $2.6 million round of funding

This recent fundraising of Hylé therefore amounts to $2.6 millionwith Framework Ventures at the top of investors’ lists. Other participants include Cherry Crypto, Fabric Ventures, Frst Capital and Heartcore Capital. This financing brings the total funds raised by Hylé to $3.4 million.

The funds raised will therefore be used to accelerate the launch of the Hylé mainnet and to integrate back-end experts and protocol engineers. Hylé also plans to develop additional ZKP programs to open up to other ecosystems, including Polygon zkEVM, Cairo and Black. The objective? Providing developers with a wider range of options for integrating ZKPs into their applications.

“With zero-knowledge proofs, a user can now be sure that a program worked correctly, under the right parameters. Before ZKPs, the only way to get these guarantees was to trust a centralized entity like a cloud provider, to run the program on the blockchain, which can be very expensive and tedious (…) We believe that ZKPs will become ubiquitous, as they give developers the ability to create off-chain applications that are still blockchain-secured, all by sending a simple proof to verify on Hylé. As verification costs trend toward zero, we expect adoption to continue to grow. »

Sylve Chevet, co-founder of Hylé

Hylé, millions to build the future

Hylé therefore plans to play an important role in the blockchain ecosystem. Its approach to ZKPs could thus transform the way blockchain applications are developed and deployed, offering more scalable and secure solutions.

Vance Spencer, co-founder of Framework Ventures, praised Hylé’s differentiated approach, emphasizing that the company’s strategy should reduce costs for applications wanting to verify their proofs on the blockchain. With a strong team and a first-mover advantage, Hylé is well positioned to attract many new users.

“We think the Hylé team is really interested in what the final settlement layer for a blockchain should look like. We believe their differentiated approach should significantly reduce costs for applications that want to verify their on-chain proofs and should be immediately attractive to most developers who want to use both private and public inputs for their transactions (…) They feature a strong team and a first-mover advantage, and I think they are in a good position to attract many new users with easy access to ZKP applications. »

Vance Spencer, co-founder of Framework Ventures

ZKP adoption is growing. By providing secure and adaptable infrastructure, Hylé contributes to the decentralization and security of the ecosystem. The future outlook is promising. With increasing adoption of ZKPs and contribution to the decentralization and security of blockchain applications. A technology that is constantly developing and which you can discover in more depth in this article.

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