PRESS RELEASE. LBank Labs has achieved a new milestone by participating in the $3 million funding round for QED. This innovative venture is poised to revolutionize the Bitcoin ecosystem with its groundbreaking zk-Native blockchain protocol. The funding round, spearheaded by Arrington Capital, saw contributions from renowned venture capital firms such as Starkware, Draper Dragon, Blockchain Builders Fund, Edessa Capital, and others.
LBank Labs Invests in QED: Unleashing Bitcoin's Full Potential with Zero-Knowledge Proofs
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QED’s pioneering technology integrates the scalability of Zero-Knowledge (ZK) Proofs with the liquidity and security of Bitcoin ( BTC), aiming to establish Bitcoin as a cornerstone of the decentralized economy. Developed by the team renowned for implementing modular arithmetic in TapScript, this innovative approach transcends traditional blockchain solutions. It represents a paradigm shift in decentralized applications (DApps), offering unlimited computation for a fixed gas fee and introducing ‘smart signatures’, akin to smart contracts.
One of QED’s most notable features is its horizontal scalability, making it the world’s first blockchain of its kind. This scalability is achieved through increased throughput from a greater number of network nodes. Additionally, the Dapen Web IDE in QED empowers developers to rapidly build and deploy smart contracts using popular programming languages like JavaScript and Python. This user-friendly approach, coupled with the protocol’s end-to-end Zero-Knowledge Proof recursive verification, establishes QED as a secure and versatile platform.
QED supports all Layer-1 chains and WebAuthn Wallets, and its robust security model ensures high censorship resistance and immunity to front-running. With a roadmap that includes launching a Testnet and the QED mainnet in 2024, alongside a token event, QED is poised for an exciting year ahead.
Reflecting on the investment, Czhang, an IC board member of LBank Labs, shared a quote, “Besides boasting the strongest tech team we’ve ever encountered, QED is also extremely dynamic with market adaptation on scaling solutions ‘for all’ in the ecosystem.” This statement encapsulates LBank Labs’ confidence in QED’s potential to revolutionize the Bitcoin landscape.
About LBank Labs
LBank Labs, with its $100M AUM, is renowned for its strategic investments in the blockchain and cryptocurrency space. Its portfolio includes innovative projects like Entangle, Puffer Finance, LunarCrush, Navi Protocol, Exabits, Hivello, and significant investments in VC funds such as Collab Currency, SevenX Ventures, IOSG Ventures, Blockchain Builders Fund, and more.
About QED
QED is Bitcoin’s native execution layer, designed to address the challenges of Web3 development. The horizontally scalable, secure, and user-friendly platform is built for developers and users alike, supporting a wide range of applications from DeFi to NFTs and beyond.
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