The venture firm Framework Ventures has led a recent funding round that raised $2.6 million for the zero-knowledge project Hylé. Other participants in the round include Cherry Crypto, Fabric Ventures, First Capital, and Heartcore Capital. This brings Hylé’s total initial funding to $3.4 million, with an additional $1.5 million in revenue from their NFT project briqNFT. The composition of Hylé’s board of directors will remain unchanged.
Hylé is a Layer-1 platform specifically designed for verifying zero-knowledge proofs. By submitting a proof to be verified on Hylé, users can build fully off-chain applications that benefit from the security guarantees of the blockchain.
The Hylé network utilizes zero-knowledge proofs for scalability and privacy, aiming to become the core layer for the modular ZK tech stack. It operates on its own consensus mechanism and is tailored for ZKP verification, offering flexibility to developers and users based on their system preferences.
To expedite the launch of its mainnet, Hylé intends to use the funding to recruit backend experts and protocol engineers. It also plans to develop additional proving schemes such as Polygon zkEVM, Cairo, and Noir. Proving schemes employ cryptography to verify an item while preserving its sensitive information.
The advantages of Hylé include leveraging zero-knowledge proofs for maximum trustlessness and privacy, off-chain execution of complex logic in smart contracts, cost savings through efficient and trustless storage proofs, improved readability with the on-chain Name System, and the ability to create transactions using both private and public inputs. Smart contracts can be executed off-chain on various platforms, whether it be a rollup, on-premise, or client-side.
Data can be securely stored in the user’s chosen backend, such as IPFS, Arweave, or another long-term solution, with Hylé providing a verifiable source of truth for the end user. Additionally, users have the freedom to select their preferred proving scheme, language, and prover, while still enjoying the benefits of instant finality and enhanced security.