ZkSync, a zero-knowledge blockchain solution provider, has announced the successful implementation of its Rollup protocol on the Ethereum testnet. Ethereum proponents see the rollout as a positive development as it removes the need for human operators to validate transactions.
Last year, the creators of zkSync outlined their vision for a permissionless Turing-complete release that enables decentralized applications to be deployed in a low-cost, scalable Layer 2 environment.
Users are supposed to have a “better” experience on this network, according to the ad official from Matter Labs. One of the main problems with using the Ethereum blockchain is its prohibitively high gas fees. As a result, many users and developers have migrated to lower cost blockchains that do not require expensive gas fees.
With the release of a fully scalable zk-Rollup compatible with Ethereum Virtual Machine, such as zkSync 2.0, it could be the long-awaited answer to this problem and open the door to a new era for Ethereum. The announcement was met with enthusiasm by the crypto community, with many fans taking to Twitter to express their feelings about it.
The latest rollout suggests that lower transaction fees are on the way. Hundreds of developers anticipate launching projects in zkSync 2.0. The developers were quick to express their desire to launch in zkSync 2.0:
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
This is huge, I can’t wait to implement my first solidity contract in this new uncharted land. Congratulations to the team
Another user highlighted that the release would open up new possibilities:
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
a testnet with evm and zkporter compatibility is here. people underestimate how many use cases it unlocks! @zksync is *the* Layer 2 we need.
The platform expansion plan is based on a framework that allows rapid growth without sacrificing security and privacy. This scalability solution will enable multiple ecosystem upgrades and will act as a significant step forward in the user experience. It will also decentralize the development of applications on the network.
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
— SynapseProtocol (@SynapseProtocol) February 22, 2022
Congratulations to @zksync for launching their public testnet!
We look forward to helping connect zkSync to the entire EVM ecosystem.
As Cointelegraph reported, Morgan Stanley’s global investment office at the wealth management firm believes that if significant competition emerges in the market, Ethereum’s popularity could decline. The firm stated that Ethereum may lose its smart contract advantage to faster and lower cost blockchain networks. The new release could be just what Ethereum needs to stay relevant in this competition.
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