ConsenSys Introduces The zkEVM Private Testnet Beta

The creator of the Web3 ecosystem, ConsenSys, revealed the zero-knowledge Ethereum Virtual Machine (zkEVM) network on December 13 in a blog post for private beta testing.

Developers can install and maintain decentralized apps using tools like MetaMask, Truffle, and Infura as if they were directly using the EVM, which is designed and run by ConsenSys. Additionally, users can test their smart contracts and decentralized applications, or DApps, by bridging assets between the Goerli testnet and the zkEVM.

“Testnet participants can also bridge tokens, transfer tokens, and interact with deployed dApps listed on our upcoming ecosystem portal page. We intend to learn whether the developer experience of the zkEVM has the potential to accelerate innovation in Web3 and will be evaluating feedback from the community to inform our next step.”

ConsenSys has been working for years to build a zkEVM by encapsulating EVM computation in zero-knowledge proofs as opposed to building zk-Rollups on networks apart from the EVM. With zero-knowledge technology, transactions are verified on a different layer, and computation is sent back to Ethereum without sending all of the data.

Ethereum developers estimate that rollup solutions like Optimism can boost scalability by as much as 100x by simply providing verification that everything was correctly computed on layer 2 and adding a brief proof back to the blockchain.

In January 2023, user onboarding for the new ConsenSys zkEVM will start. According to ConsenSys, it is presently unknown how early testers would be compensated or whether a newly created token will be connected to the zkEVM.

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Annie

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.