Is Bitcoin Finally Ready for Web3? QED Protocol Might Hold the Key

Fresh Capital Injected to Fuel QED's Growth Engine

QED Protocol, a Hong Kong-based project building an execution layer for Bitcoin, has secured a total of $9 million in funding.

This recent funding round of $6 million was led by Blockchain Capital, a venture capital firm specialising in blockchain technologies.

Earlier this year, QED closed a pre-seed funding round of $3 million led by Arrington Capital.

Other notable investors include Starkware, Draper Dragon, Blockchain Builders Fund, UTXO, Lbank Labs, Paper Ventures, Valhalla Capital, Edessa Capital and Anagram Ltd.

This mix of investors with expertise in blockchain and finance highlights the potential of QED's technology.

The fresh influx of capital will be used to expand QED's operations and development efforts.

Their goal is to unlock the potential of Bitcoin by enabling smart contracts, layer-two solutions, and a wide variety of Web3 applications with high throughput and low latency.

What is QED Protocol?

Developed by Open Asset Standards (OAS), QED Protocol is a zk-native execution layer designed to address the challenges of Web3 development on Bitcoin.

It aims to unlock unparalleled performance for smart contracts, layer-two solutions, and various Web3 applications.

By leveraging zero-knowledge proofs (ZKPs), QED offers a secure and scalable platform for developers and users alike.

One of QED's key breakthroughs is its novel solution for verifying ZKPs directly on Bitcoin.

This innovation has the potential to significantly enhance transaction processing speeds, enabling applications with minimal latency and exceeding 150,000 transactions per second.

Additionally, QED integrates seamlessly with Bitcoin Core through Taproot script and ZKPs, ensuring compatibility with the existing Bitcoin ecosystem.

The Magic of ZKPs by Scaling Without Compromises

Imagine proving you paid for a coffee without revealing the exact amount or your bank details.

That's the power of ZKPs!

QED utilises this technology to create cryptographic proofs that verify transactions without disclosing all the underlying data.

This allows for significantly faster transaction processing and lower fees, making Bitcoin a more viable platform for various applications.

Is QED The Missing Piece for Bitcoin's Web3 Expansion?

At its core, QED Protocol functions as a native execution layer for Bitcoin.

It tackles the inherent challenges that have plagued Web3 development on the Bitcoin blockchain, primarily the roadblocks of scalability and the absence of native smart contract functionality.

QED offers a solution that is not only secure and scalable but also caters to both developers and users.

Here's a glimpse into how QED operates:

• Unleashing Scalability: QED boasts the ability to support millions of users conducting transactions simultaneously. This dismantles the critical scaling barrier that has historically impeded widespread blockchain adoption.
• Web2 Developer Friendly: QED empowers Web2 developers to craft smart contracts within minutes. QED accomplishes this feat by supporting the world's most popular programming languages, including JavaScript, Python, and TypeScript. This eliminates the need for developers to learn entirely new programming languages, streamlining the transition into Web3 development.

• Blazing-Fast zk-Speed: QED incorporates Turing complete smart contracts without the excessive burden of a zk-VM (zero-knowledge virtual machine). This translates to efficient circuits that empower users to validate their own transactions, safeguarding privacy and minimising fees.

The Mastermind Behind QED and His Vision

Carter Feldman, CEO and founder of Open Asset Standards and the Open Asset Standards Consortium, is the visionary behind QED Protocol.

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He is renowned for his pioneering work in blockchain technology, particularly in advancing modular arithmetic within Tapscript, a crucial element of Bitcoin's scripting language.

From his early years as a polymath and hacking prodigy, Carter has made significant contributions to computer security and verifiable computing communities.

He has also been actively marking his presence by attending crypto and blockchain events as a guest speaker.

Under his leadership, QED Protocol aims to overcome Bitcoin's scalability challenges, enhancing performance for smart contracts, layer-two solutions, and various Web3 applications.

With QED Protocol, Feldman envisions a future where Bitcoin becomes the foundation for a secure, scalable, and user-friendly Web3 ecosystem.

Launch L2O Consortium to Build a United Front for Bitcoin Innovation

QED's commitment to a secure and interoperable future extends beyond its own protocol.

The company is a founding member of the L2O Consortium, a powerful alliance dedicated to fostering trustless applications and Layer 2 solutions built upon the bedrock of Bitcoin's security and network effects.

Joining forces with industry leaders like StarkWare and zk.Link, the L2O Consortium is establishing essential standards for developers, ensuring a vibrant and secure ecosystem for Web3 applications on Bitcoin.

QED's Path Forward

With its recent funding and ongoing development, QED Protocol is poised to play a pivotal role in shaping the future of Web3.

By enabling secure, scalable, and user-friendly applications on the Bitcoin network, QED has the potential to unlock a new era of innovation and mass adoption for the world's most secure blockchain.

The roadmap for QED includes continuous development of its core protocol, fostering a vibrant developer ecosystem, and collaborating with industry leaders to establish Bitcoin as the foundation for the next generation of the internet.

Can QED Unlock Bitcoin's Web3 Potential?

QED Protocol's approach to scaling Bitcoin with zk-proof verification and user-friendly features is certainly daring and forward-thinking.

By attracting investment from established players and fostering collaboration through the L2O Consortium, QED positions itself as a key player in Bitcoin's Web3 integration.

Coinlive believes QED's success hinges on its ability to deliver on its promises of scalability, developer adoption, and user-centric design.

If successful, QED could usher in a new era for Bitcoin, making it a robust platform for a wider range of Web3 applications.

However, widespread adoption and integration with existing infrastructure will be crucial for long-term success.