Bittime -The world of blockchain technology is gaining attention again after thezero-knowledgeHyle succeeded in raising $2.6 million (equivalent to IDR 41.86 billion) in the latest funding round led by venture capital company Framework Ventures. 

Apart from Framework Ventures, Cherry Crypto, Fabric Ventures, First Capital, and Heartcore Capital also participated in this round. 

Hyle Will Build a Network for Scalability and Privacy

Hyle's additional funding means that the total initial funds received reached $3.4 million (equivalent to IDR 54.74 billion). This project has also generated revenue of $1.5 (equivalent to IDR 24.15 billion) million from their NFT project , briqNFT.

Hyle aims to build a network that uses zero-knowledge proofs (ZKP) to improve scalability and privacy. 

ZKP technology enables information verification without disclosing sensitive details, making it an ideal solution for a wide range of applications, including financial transactions and sensitive data exchange.

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Hyle's Potential to Become a Core Layer of the ZK Tech Stack

In his official statement to The Block, Hyle expressed his desire to become the core layer for ZK's modular tech stack. The Hyle Network is designed specifically for ZKP verification, providing developers and users with flexibility in meeting their system needs. 

With a unique consensus mechanism, Hyle seeks to overcome the scalability and privacy challenges that have long been issues in blockchain technology .

Funding raised will be used to launch Hyle mainnet as quickly as possible. 

Additionally, these funds will also be used to contract backend experts and protocol engineers to develop additional proof schemes, such as Polygon zkEVM, Cairo, and Noir. 

This proof scheme uses cryptography to verify an item without revealing its sensitive information, an approach that is increasingly in demand in a variety of digital applications.

The Founder of Sylve Chevet 

Hyle co-founder Sylve Chevet explained that zero-knowledge technology is a truly revolutionary innovation, far beyond the usual blockchain setup. "We've only just scratched the surface of what's possible," Chevet said. 

According to him, Hyle's main goal is to help developers use ZK and abstract away its complexity by packaging all the amazing yet unorganized ZK technologies in a coherent way. 

"Imagine this like building react components for the frontend, but for ZK," adds Chevet.

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Conclusion

Framework Ventures led this funding round for Hyle, known as an active investor in the blockchain and cryptographic technology sectors. Their participation, along with Cherry Crypto, Fabric Ventures, First Capital, and Heartcore Capital, shows strong confidence in the potential of Hyle and ZK technology in general.

With this development, Hyle is on track to become a major player in the growing blockchain technology ecosystem. Through a combination of its technological innovation and support from renowned investors, Hyle is poised to change the way we understand and utilize zero-knowledge technology.

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How to Buy Bitcoin (BTC) on Bittime

You can buy and sell Bitcoin (BTC) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Bitcoin (BTC) is available on Bittime with the market pair BTC/IDR . To be able to buy BTC/IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn the complete guide on how to buy Bitcoin (BTC) on Bittime. 

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.