ConsenSys, the leading software company powering the Ethereum blockchain, has scheduled a public testnet for the Zero-Knowledge Ethereum Virtual Machine (zkEVM) on March 28, intensifying the race among top cryptocurrency firms to be the first to deploy today. The company with the hottest technology.
ConsenSys’ move comes after New York-based software firm Brooklyn launched a private beta version of its zkEVM testnet in December. Since then, the private testnet has processed over 350,000 transactions.
Zero Knowledge (ZK) is a technology that uses cryptography to help speed up transactions and reduce blockchain gas fees. Many companies are scrambling to bring innovation to the ethereum ecosystem, considered by industry observers to be one of the hottest blockchain trends of the year.
Recently, the race to get the first ZK rollup up and running has accelerated. Later this month, Polygon will launch the zkEVM beta mainnet. Scroll and Matter Labs have also announced that they will be launching ZK rollups, but no specific dates have been set yet.
Nicolas Liochon, head of R&D at ConsenSys and head of the ZK business group, said:
“We think it’s important to have many zkEVMs, and we want to be one of them.”
ZkEVM is “a virtual machine that can execute the same high-level programming language or low-level bytecode as the Ethereum virtual machine, and verify this code using zero-knowledge proofs, cryptographic proofs, to verify data without disclosing it.” The data itself, such as attributes or content,” according to a November 2022 Galaxy Digital report on the topic.
According to the report, they are a ZK rollup that “mimics a transaction execution environment similar to the Ethereum mainnet.”
ZK Rollup is a “Layer 2” on top of the main blockchain, designed to process transactions faster and then send data back to “Layer 1”. ZK rollups use “proofs” to prove that transactions are valid and have not been tampered with by revealing only a small portion of the data in the transaction.
ConsenSys has yet to set a date for moving zkEVM out of the testnet phase, but Liochon said this could happen by the end of 2023.
- Polygon is exploring how to use ZK technology for the main chain
- ZK-rollups explode as Ethereum scaling solutions grow
According to Coindesk