The platform intends to scale rapidly using a framework that allows for quick expansion while maintaining Ethereum’s security and decentralisation.
The Rollup protocol from zkSync, a supplier of zero-knowledge blockchain solutions, has been successfully deployed on the Ethereum (ETH) testnet. Proponents of Ethereum regard the deployment as a positive step forward because it eliminates the need for human operators to validate transactions.
zkSync’s authors revealed their idea for a permissionless, Turing-complete deployment that lets decentralised apps (DApps) to be deployed in a low-cost, scalable layer-2 environment last year.
According to Matter Labs’ official statement, users will have a “better” experience on this network. One of the most significant disadvantages of using the Ethereum blockchain is the prohibitively high gas fees. As a result, many users and developers have switched to blockchains with reduced transaction fees and no gas expenses.
The release of a fully EVM compliant scalability ZK Rollup, such as zkSync 2.0, could be the long-awaited solution to this problem, ushering in a new age for Ethereum. The crypto community reacted positively to the news, with many users taking to Twitter to voice their feelings on the subject.
Lower transaction fees are on the way, according to the newest deployment. Hundreds of developers are looking forward to launching zkSync 2.0 projects. Developers expressed their eagerness to use zkSync 2.0 right away:
This is huge, can't wait to deploy my first solidity contract on this new unexplored land. Kudos to the team 👏 https://t.co/sAeyuwxdsc
— qdqd.sismo.eth 🦇🔊 (@qdqd___) February 23, 2022
Another user stated that the deployment would provide new opportunities:
testnet with evm compatibility and zkporter is here. people underestimate how many usecases it opens!!!@zksync is *the* Layer 2 we need. https://t.co/ER3jPQIp64
— 0xTakeshi (@0xTakeshi) February 22, 2022
The platform’s scaling strategy is based on an architecture that allows for quick expansion while maintaining security and privacy. This scalability solution will enable numerous ecosystem updates and will represent a substantial advancement in user experience. It will also decentralise network application development.
Congratulations to @zksync on the launch of their public testnet!
We look forward to helping connect zkSync to the entire EVM ecosystem 🌉 https://t.co/bM3fkB0xIG
— Synapse Protocol (@SynapseProtocol) February 22, 2022
The wealth management business Morgan Stanley’s global investment office predicts that if considerable market competition occurs, Ethereum’s popularity may drop. Ethereum’s smart contract edge may be lost to cheaper and faster blockchain networks, according to the firm. The fresh rollout could be exactly what Ethereum needs to be competitive in this market.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
