Zksync 2.0 launched with promises of lower gas fees and faster transactions on the Ethereum blockchain
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Answer Zksync 2.0 launched with promises of lower gas fees and faster transactions on the Ethereum blockchain
announced Matter Labs, a blockchain startup that builds a high-end product, on Friday announced the launch of ZkSync 2.0.
ZkSync 2.0 is an Ethereum scaling solution, which is set up to enable developers to host smart contracts and deploy DeFi, NFT, and other types of decentralized applications on the Ethereum network.
According to the report, the launch is highly anticipated given that the Layer 2 expansion solution uses zero-knowledge technology and remains compatible with Ethereum applications.
This compatibility is what makes ZkSync 2.0 easy and fast for developers to migrate existing Layer 1 smart contracts and decentralized applications from the Ethereum home network to the ZkSync 2.0 blockchain.Read:Report: Hong Kong to Plan to Regulate Crypto Market by July 2022
The announcement states that despite the launch, dapps (decentralized applications) will not be able to build on the zkSync 2.0 platform.
Matter Labs calls this version “Baby alpha”, which means that access to it at first will be very restricted.
In the first month, the ZkSync 2.0 network will operate without any external applications open for use and no external participant will be able to use it.
The Matter Labs team explained that the initial phase is only for stress testing and safety efforts.
Meanwhile, within a month from now developers will be able to port their applications to zkSync 2.0 and start building on the network.
Several crypto projects, including DeFi protocols such as Uniswap, among other platforms, have previously expressed interest in deploying their applications on the zkSync 2.0 network.
Matter Labs said the final stage is expected to be at the end of the year when the network will be fully open to all.
Notably, Matter Labs, the company behind zkSync, has been working on a 2.0 version of the project since 2020.
The company has received funding from both the Ethereum Foundation and from major investors, such as Union Square Ventures, to do the job.Read:The Central Bank of Vietnam is preparing a pilot study for the use of cryptocurrencies
Matter Labs released version 1.0 in June 2020 and has now launched zkSync 2.0 publishing network.Read:Update: Sending $9.9 million worth of cryptocurrency to Ukraine, including nearly $2 million from NFT sales
Earlier, the Ethereum Foundation clarified that while the Ethereum Merge upgrade may improve transaction speeds, it will not reduce gas fees.
This is because gas charges are a product of grid demand.
In other words, the merger upgrade does not reduce gas fees because gas costs depend on how much the Ethereum blockchain is being used.
At this critical point, projects like zkSync or StarkNet are trying to offer cheap and fast transactions on the Ethereum network through new and alternative solutions.
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