In order to build the first fully trustless bridge that connects appchains, layer 1 networks, and layer 2 networks, Union Labs, the team that is developing a hyper-efficient, zero-knowledge interoperability layer, has managed to raise $4 million in seed funding for the project. In addition, Union has secured capital for the expansion of its experienced team, comprised of leaders from Composable Finance, Consensys, Tokensoft, and Polygon, in anticipation of its upcoming Mainnet launch in the near future.. In addition to Lightshift and Chorus One, there were a number of notable investors in the round.  
 
According to Karel Kubat, founder of Union Labs, "this support signifies the confidence the industry has in Union and the team, and at the same time, shows strong support from the industry for projects focused on sovereignty and decentralization, which are the keys to a fair digital economy.". In terms of hacks, bridges have been the most prominent, but bridges remain a vital part of almost all projects, which proves the need for better, more resilient products. In order to realize a secure and interoperable future for the blockchain ecosystem, it is our responsibility to innovate new ways to protect these assets and to further the adoption of ZK technologies at the same time
In order to realize a secure and interoperable future for the blockchain ecosystem, it is our responsibility to innovate new ways to protect these assets and to further the adoption of ZK technologies at the same time
The company has over $1 billion in revenue.Considering the fact that 6 billion dollars will be stolen in bridge hacks in 2022, it is crucial that the Web3 industry has a razor-sharp bridging stack to protect the Web3 space in order to future-proof it. In order to address the growing need for efficient and secure data transfers and interactions between various blockchains, Union's infrastructure layer has been designed with a view to being the first fully trustless and censorship-resistant powerhouse that enables horizontal scalability.. With the unique consensus engine that it utilizes, any asset can be transferred natively to any chain, and it prioritizes efficiency, security, scalability, and interoperability, without relying on third parties, oracles, multi-signature algorithms, or MPC (Multi-Party Computation) methods.. Union does not grant relayers a special authority as it does with other contemporary bridge solutions. In this way, private keys are no longer a target for hackers, since they cannot take control of the protocol in this way. Instead of using zero-knowledge proofs to verify messages, zero-knowledge proofs are used instead.
Instead of using zero-knowledge proofs to verify messages, zero-knowledge proofs are used instead.
Founder of Galileo David Feiock commented that ZK infrastructure enables secure, reliable, and cost-effective communication between networks and decentralized applications, which in turn means a greater number of users and use cases. Union represents a watershed moment for the entire crypto industry: an integration of Ethereum blockchains with IBC-connected blockchains that reduces trust. With Union's contribution to the multichain movement, Web3 users will be able to take advantage of new, unforeseen opportunities."
Among the key features of Union's ZK bridge architecture are two key components that allow the project to enable IBC on Ethereum; CometBLS, which is the consensus mechanism, and Galois, which is the proof mechanism. As part of Union Labs' Cosmos network, CometBLS is an augmentation to Tendermint-a crucial component of the Cosmos network-that reduces both the cost of state growth as well as that of client verification for light clients. Hence, it will replace existing systems, which are not able to accommodate the required number of validators in space-restricted chains such as Ethereum, because they are unsuited for scaling. As far as CometBLS is concerned, it is focused on consensus verification, emphasizing fast execution, low operational costs, and a decentralized infrastructure.
As far as CometBLS is concerned, it is focused on consensus verification, emphasizing fast execution, low operational costs, and a decentralized infrastructure.
Towards the end of the article, Dan Elitzer, Co-Founder at Nascent, concluded that Union Labs was "building genuinely new infrastructure that enables improvements to the user experience and security that will be needed for the next phase of crypto adoption at a time when many projects are making small iterations on existing protocols."
Union will also make use of this investment to further its commitment to providing a user-friendly experience through its high-level API, allowing developers of a wide range of ecosystems to integrate and utilize its technology with ease. In the end, these objectives serve as a solid springboard for Union Labs to achieve the ultimate goal of providing trustless financial infrastructure to its customers.
If you would like to learn more about Union Labs, please visit union.build.
Union Labs is a company specializing in:
The Trustless Bridge at Union is the next generation of interoperability layer built for the next century. With its zero-knowledge proofs, Union's trustless bridge connects any appchains, L1s, and L2s without the need for trusted third parties, Oracles, Multi Signatures, or MPCs. In order to unlock a horizontally-scaled future where thousands of chains are able to connect, communicate, and prosper in a way that is free of charge and permissionless, Union is building ZK solutions to solve the cost and security challenges plaguing the industry.
Union Labs is the source of this information
'Union Labs', the team that is building a hyper-efficient, zero-knowledge interoperability layer, has been able to raise $4 million in seed funding to build their product.
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