- Funding led by Ribbit Capital, with Castle Island Ventures participation.
- Integration of ZK proofs accelerates data transfer and aids blockchain scalability.
- Rollup infrastructure adds smart contract capabilities to the Bitcoin network.
The Bitcoin layer-2 platform, Alpen Labs, has inked a deal worth $10.6 million to strengthen the blockchain of the global currency through the use of ZK proofs. The novelty of the company came about after a year of R&D in Bitcoin rollup infrastructure, which is their way of adding smart contract capabilities to the network. The funding round was led by Ribbit Capital and had other investments from Castle Island Ventures, Robot Ventures, and Axiom Capital. With zero-knowledge technology, you can not only transfer the data with encryption but also speed it up. This facilitates scaling blockchain through rollups. The role of rollups is similar to that of blockchains, they consolidate and settle transactions, which can help improve speed while keeping costs as low as possible. These developments were moving away from the world of Bitcoin where the solution to simplify the network to get more security was necessary.
Edited by Shruti Thapa
