zkSync, Ethereum’s protocol, has recently announced something that the users were looking for in the future.
The protocol announced the launch of Ethereum Virtual Machine compatible Zero-Knowledge rollup (zkEVM). Though, it was planned for its launch sometime in the future.
Ethereum Virtual Machine (EVM) facilitates a framework on which all ETH wallets and contracts operate, and it determines the rules of the chain from block to block. And zkEVM is unique as it is the sole thing that can support the whole Ethereum ecosystem. This zkEVMs testnet will clarify how effective it is for Zero-Knowledge technology to enhance the network’s scalability.
By far, the Ethereum network has looked into two varied paths: Optimism and Zero-Knowledge. But the vastness of the network made it a bit complex for the previous Zero-Knowledge implementations to support Ethereum. Hence, DyDix is the most considerable implementation of the Zero-Knowledge technology as yet. And because Optimism technology can support more applications in a single chain, it has been preferred over Zero-Knowledge.
This launch aims to make Zero-Knowledge compatible with Optimism. zkEVM is now coming up with the ability to handle and support as many applications as Optimism. And will be doing that at a comparatively low cost with facilitating instant withdrawals.
Ethereum network fees have always been a concern for some people, but now the Zk integration will take care of that by drastically reducing it.
According to data by L2fees(dot)info, the fees by zk rollup is reduced by around 200 times, and if this can be the case with zkEVM, it might prove to be a solution to the network’s scalability issues.
Ethereum is said to be a significant project in the DeFi sector, but its high gas fees have been a backdrop for newbies. Additionally, the emergence of other networks like Avalanche, Solana, etc., has increased the competition in the sector. And there have been various suggestions and approaches as to how the scalability could be improved, and this new testnet might prove to be an answer. It is to look forward to what changes it might bring and succeed in its endeavours.
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