The Era of ZK-Proofs is Here
Known as the ‘Moon Math among cryptographers because of the complexities involved, zk-proofs are indeed a revolutionary technology of our times. Even though it's been more than two decades since the technology first emerged, only now we’re starting to see real-world applications.
With the launch of Polygon’s zkEVM, achieving blockchain scalability by leveraging zero-knowledge proofs, we’re witnessing the rise of zk-proofs in blockchain technology.
Besides blockchain scalability, zk-proofs are also being used in decentralized identifiers, privacy-preserving blockchain networks, private-DeFi, and whatnot. Hopefully, in the coming years, we’ll be able to do KYC and regulatory compliance without revealing our sensitive personal data.
This week in web3 Wednesdays:
- 💜Polygon announces zkEVM, an EVM-equivalent ZK L2
- 🎯Explaining the zkEVM – a thread
- 🤩Solana Mobile to open up its first physical store in NY
- 🤯Vitalik claims Ethereum will be able to process 100,000 transactions per second
- 🔯The Cosmos Hub community spent 150,000 $ATOM to build a new blockchain – Neutron
- 🪂 Airdrop Alert – Gelato Network
- ⚔️LUNA vs. LUNC vs. USTC: A cold war heating up
💜Polygon announces zkEVM, an EVM-equivalent ZK L2
In the latest announcement, Polygon has released a complete implementation, fully open-source EVM-equivalent ZK L2. It inherits the security of Ethereum while increasing throughput and radically reducing fees.
It is fully EVM-equivalent meaning that any smart contract or dev tool that you can use on Ethereum can be used on Polygon #zkEVM.
Read the full announcement here.
🎯Explaining the zkEVM – a thread
With Polygon announcing zkEVM, it has sparked conversations about the competitive landscape of zk-rollups, how they compare to other rollups, and much more.
To answer these questions, a Crypto Twitter Anon going by the name of 0xfoobar has written a Twitter thread explaining all the intricacies of zk-EVMs. Check out the thread here.
🤩Solana Mobile to open up its first physical store in NY
In our last few editions of web3 Wednesdays, we covered how every L1 blockchain ecosystem going mobile these days. Well, it all started with Solana launching its Saga smartphone.
Now, it seems like Solana is going all the way to promote and sell its first-ever web3 compatible smartphone. According to a video posted on Twitter recently, Solana is all set to launch its physical store in New York. Check out the video here.
🤯Vitalik claims Ethereum will be able to process 100,000 transactions per second
With the Ethereum network being really close to ‘The Merge’ and switching to the PoS network, Vitalik Buterin has made an ambitious statement claiming it will be able to process 100,000 transactions per second (TPS).
But the question arises, how is it possible for the network to reach this stage? Well, as per Vitalik, the network will reach this stage by completing five key stages namely –
- The Merge
- The Surge
- The Verge
- The Purge
- The Splurge
So what are these key stages and what do they mean for the Ethereum network? Check out this thread to understand all about these key stages.
🔯The Cosmos Hub community spent 150,000 $ATOM to build a new blockchain – Neutron
The ever-growing Cosmos ecosystem has introduced a new chain called Neutron – a permissionless interchain-secured cosmWasm gateway to IBC. The Neutron governance token will be called "Neutrino." and the ticker will be $RINO.
Will there be an airdrop? How is it different from Juno? Find all your answers in this Twitter thread here.
🪂 Airdrop Alert – Gelato Network
$GLTO airdrop claim is LIVE and available for those who have staked either of these Cosmos ecosystem assets – $ATOM, $JUNO, $OSMO, $SCRT, and $STARS.
To check your eligibility with Kepler wallet and claim, go to this link.
⚔️LUNA vs. LUNC vs. USTC: A cold war heating up
Ever since the Terra’s collapsed and the subsequent rebirth of Terra 2.0, the Luna community has divided into two different factions – one rooting for the older chain and the other rooting for the new one.
Meanwhile, TFL (Terraform Labs) the company behind Terra has completely abandoned the development of the older chain while still keeping control. Now, the Terra rebel faction is deciding on a governance vote on $LUNC (older chain) to re-enable delegation and take control in the hands of the community.
Read the complete story here.