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Blockchain

zkSync Era Mainnet Alpha Now Launched On Ethereum

March 24, 2023 - Around 3 mins mins to read

Key Points:

  • Layer-2 solution zkSync has suddenly announced the launch of zkSync Era, the first zkEVM platform to open on Ethereum.
  • zkSync Era will support Account Abstraction from the start.
  • To protect zkEVM at launch, zkSync will delay transaction validation by up to 24 hours.
Given the community’s past reservations when a number of Layer-2 initiatives were revealed, zkSync unexpectedly announced the launch of zkSync Era, the first zkEVM platform available to all Ethereum users.
zkSync Era Mainnet Alpha Now Launched On Ethereum

The zkEVM, which was renamed zkSync Era last month, has only been available to developers since October 2022. But, the metaphorical training wheels are going off, and the general public will be able to engage with dapps on the platform for the first time.

ZkSync Era was originally known as zkSync 2.0, and its 1.0 cousin, published in December 2020 by developer Matter Labs, is still available as zkSync Lite.

ZkSync is a Layer 2 scaling solution that is cheaper and quicker than the main Ethereum network. Rollups are a kind of Layer 2 solution that includes zkSync. zkSync, in particular, is a ZK rollup.

Rollups enable Ethereum to grow by transferring transactions from the mainnet to a layer-2 network such as zkSync. Users may then conduct their transactions on this second network, with transactions being batched and compressed into a little piece of data known as proof. This proof is then returned to Ethereum and validated.

Another key component of zkSync’s scaling offering is a zero-knowledge Ethereum Virtual Machine or zkEVM. The team is developing a rollup technique that is based on zero-knowledge cryptography, thus the ZK rather than optimistic rollups. Hence, zkSync’s virtual machine enables this complicated encryption to be readily merged with Ethereum as it now exists, is proven, and is battle-tested.

zkSync Era Mainnet Alpha Now Launched On Ethereum

Polygon, ConsenSys, Scroll, and Taiko are among the projects developing zkEVM, with Polygon set to launch zkEVM on March 27. As a result, it is clear that zkSync has beaten Polygon to become the first zkEVM to debut on Ethereum.

Balancer, Pyth Network, Mute, Redstone, Graph, and Argent are among the 32 to 50 projects set to go online on March 24 or over the weekend. Banxa, Yearn Finance, Celer, Chainlink, Aragon, Woo Network, and Tracer DAO are also bringing their cryptocurrencies to the network.

Account Abstraction will be supported by zkSync Era from the start. This is a recent Ethereum improvement that allows cryptocurrency wallets to be converted into smart contracts, easing the usage of wallets where previously manual procedures are now available. pre-programmed.

Moreover, the zkEVM platform provides several degrees of data availability. zkSync Era will most likely report transaction outcomes and balance movements rather than transmit entire transaction data to Ethereum. This reduces the quantity of data that must be exchanged, assures a stronger connection with Oracle, promotes privacy, and makes additional utilities easier to integrate.

To safeguard zkEVM at launch, zkSync will postpone transaction validation for up to 24 hours, which means that a transaction is only deemed complete 24 hours after it was conducted.

zkSync Era will not be entirely decentralized at launch, allowing the developers to address any security or technical flaws quickly. A time lock will be added later, however, so that the Security Council and community may sign off on choices.

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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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.