ZkSync, a provider zero-knowledge blockchain solutions has announced that its Rollup protocol was successfully deployed on the Ethereum testnet. Proponents of Ethereum see this as a positive step, since it eliminates the need to have human operators verify transactions.
The creators of zkSync outlined their vision last year for a permissionless, Turing complete rollout that would allow decentralized applications to deploy in a low cost, scalable layer-2 environment.
According to Matter Labs’ official announcement, users will experience “a better” on this network. The prohibitively high fees for Ethereum blockchain usage is one of the biggest problems. Many developers and users have moved to cheaper blockchains, which don’t require high gas fees.
The release of an entirely Ethereum Virtual Machine-compatible scaling zk-Rollup (such as zkSync2.0) could be the answer to this long-standing problem and open up the doors for a new era in Ethereum. Many crypto enthusiasts joined Twitter to share their excitement at the announcement.
According to the latest deployment, lower transaction fees are likely. Many developers anticipate launching projects on ZkSync 2.0. Developers expressed their desire to launch projects on zkSync 2.0.
This is great, I can’t wait for my first solidity contract to be deployed on this unexplored territory. Kudos to the team https://t.co/sAeyuwxdsc
— qdqd.sismo.eth, February 23, 2022 (@qdqd___).
Another user pointed out that the rollout would offer new opportunities:
Testnet with evm compatibility, zkporter and testnet is available. It opens up so many possibilities! @zksync *is* the Layer 2 that we need. https://t.co/ER3jPQIp64
— 0xTakeshi, @0xTakeshi February 22, 2022
The platform’s strategy for scaling up revolves around a framework that allows rapid growth without compromising security and privacy. This will enable ecosystem upgrades and make a significant improvement in user experience. It will also allow for application development to be decentralized on the network.
Congratulations @zksync for the launch of their public testingnet! We look forward to helping connect zkSync to the entire EVM ecosystem https://t.co/bM3fkB0xIG
— Synapse Protocol (@SynapseProtocol), February 22, 2022
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According to Cointelegraph, the global investment office at Morgan Stanley in wealth management believes that Ethereum might lose its popularity if there is significant market competition. According to the firm, Ethereum’s smart contract advantage could be lost to faster and cheaper blockchain networks. This new rollout may be what Ethereum needs in order to remain relevant in this competitive market.