Key Points:
Zero-knowledge (ZK) technology is a form of technology that employs encryption to assist in boosting transaction speed and lower gas fees on blockchains.
ZkEVMs are a sort of scaling mechanism, also known as a ZK roll-up, that tries to process transactions more quickly on a Layer 2 chain atop the main blockchain before sending the data back to Layer 1.
Several organizations are scrambling to bring innovation to the Ethereum ecosystem, which is expected to be one of the year’s biggest blockchain developments, according to industry analysts. Coincu also has an article on this topic.
ConsenSys’ action comes after the Brooklyn, New York-based software company launched its private beta zkEVM testnet in December. The private testnet has completed over 350,000 transactions since then.
The ConsenSys zkEVM team also collaborated with the Hop community to expedite the integration. Shane Fontaine, Co-Founder and COO of Hop Protocol, said:
“The ease of integration, tooling, compatibility, and responsiveness from the ConsenSys team allowed this integration to work seamlessly with the existing Hop development stack.”
The company stated that its objective was to not just scale test its zkEVM but also to offer a smooth developer experience. It intended to empower builders to focus only on innovation by providing native connectors with other ConsenSys technologies like as MetaMask and Truffle.
The battle to be the first ZK rollup to go live has lately escalated. Polygon will launch its mainnet beta zkEVM later this month. Scroll and Matter Labs have also announced the release of ZK rollups, although no dates have been established.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Harold
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