$27 Million Raised for Powerful Program to Verify the Truth Online

Cryptography could become more accessible than ever if Nexus is able to pull off their new program that will allow for what they are calling “zero-knowledge” cryptography.

The company has already secured $27.2 million for their new project, and they are dedicated to diving deep into the niche of verifiable computation. Their next step is to expand their engineering team.

The computation software that they are developing is designed to make it easy for people to verify statements without knowing any other information than that snippet they see that makes them wonder if it is truthful or not. They will be able to apply this technology to input a sentence or two into the cryptography program and get a response back as to whether the information is factual or not.

The development project is being funded by a number of partners, primarily Lightspeed Venture Partners and Pantera Capital, btu there is also involvement from Faction Ventures, Dragonfly Capital, and Blockchain Builders Fund.

The goal, says Nexus CEO Daniel Marin, is to “bring truth to the internet.” They are banking on major benefits from and interest in what they call a new form of computation. If it works, it could put Snopes and other fact checking sites out of business.

The Next Step

Marin says that this is the next step that humanity needs to take, fundamentally speaking. First came the internet, then cloud computing, and they were followed by AI. Now, we will soon have verifiable computation that tells internet users whether they are reading factual information or not.

One of the biggest benefits that Nexus foresees is that it will greatly reduce the cost of verifying statements and ascertaining the veracity of various bits of data. That would save companies a lot of money and effort.

In 2022, the company had managed to pull in $2.2 million in funding. Now, they are taking what they have accumulated to make their program work faster and smarter and use fewer resources. They are refining the program to make it easier to use as well.

Nexus representatives say there is more need for this kind of product than ever before with the rise of AI making it so easy to create false content that looks authentic.