Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
The newly-announced ConsenSys zkEVM project has already received over 150,000 signups so far and will admit external users next year.
ConsenSys has launched its zero-knowledge Ethereum Virtual Machine (zkEVM) private beta testnet to scale Ethereum (ETH). The New York-based blockchain software tech company heralded this initiative yesterday via a blog post. ConsenSys says it will begin a zkEVM beta testnet internal testing next week and onboard external users to the Layer 2 zk-rollup from January next year.
The software has received more than 150,000 sign-ups so far, and a wide range of participating Web3 protocols. These include stablecoins, decentralized finance (DeFi), the non-fungible token (NFT) marketplace, gaming, and social. According to ConsenSys:
“Testnet participants can also bridge tokens, transfer tokens, and interact with deployed dApps listed on our upcoming ecosystem portal page. We intend to learn whether the developer experience of the zkEVM has the potential to accelerate innovation in Web3 and will be evaluating feedback from the community to inform our next step.”
However, ConsenSys stated that there are currently no details regarding the reward of early testers. In addition, the company did not specify whether the zkEVM network will have its own newly issued token. The company says it is too soon to discuss launching a token because the network is still in private beta.
ConsenSys zkEVM to Enhance Ethereum Network Operability
ConsenSys has worked for years to create a zkEVM by wrapping EVM computation in zero-knowledge proofs. The blockchain software specialist sought this creative route instead of creating zk-Rollups on networks separate from the Ethereum Virtual Machine. Transactions are verified on a separate layer with zero-knowledge technology, with the resulting computation sent back to Ethereum without needing the entire data.
According to Ethereum developers, rollup solutions such as Optimism can achieve higher scalability up to 100 times more with zero-knowledge technology. This enhanced operability entails providing proof of correct layer 2 computation and rendering a summarized proof back to the network.
ConsenSys designed and will operate its zkEVM private beta testing network. In the testnet, developers could deploy and manage decentralized applications as if they were using the EVM directly. In addition, developers would also have access to various tools such as Infura, Truffle, and MetaMask to aid them. Furthermore, zkEVM users could bridge assets between the ConsenSys private beta testnet and the Goerli testnet. By actualizing this bridge, testing of smart contracts and decentralized applications (dApps) becomes seamlessly possible.
ConsenSys, Others Invest $17.6M in Web3-focused Business Kiln
ConsenSys was among a group of investors that injected $17.6 million into Web3 staking platform Kiln. On November 28th, reports stated that ConsenSys, GSR, Kraken Ventures, Sparkle Ventures, Leadblock Partners, and XBTO combined capital forces to prop up Kiln. The funding round also drew participation from existing investors, including Alven, SV Angel, Blue Yard Capital, and 3KVC.
At the time, Kiln co-founder and CEO Laszlo Szabo enthused about the deal, saying:
“I am thrilled to close a robust funding round with such respected investors in the crypto space which will enable us to build out the next generation market standard in staking technology.”
Read other blockchain news on Coinspeaker.