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ConsenSys zkEVM set for public testnet to deliver secure settlements on Ethereum

ConsenSys will release its zkEVM rollup to its public testnet on March 28, paving the way for an eventual mainnet integration later in 2023.

ConsenSys has announced the upcoming release of its zero-knowledge Ethereum Virtual Machine (zkEVM) rollup to a public testnet on March 28, allowing for stress testing of the layer-2 scaling technology.

ConsenSys’ research and development team has been working on its zkEVM rollup over the past four years. The zkEVM is touted to offer fast finality, high throughput and security of settlements on the Ethereum blockchain.

A private beta launched in Q4 of 2022 gave early access to limited users, which processed over 350,000 transactions and onboarded various decentralized applications (DApps). The testnet allowed Solidity developers to build, test and launch DApps while testing the zkEVM at scale.

ConsenSys zkEVM is the culmination of work from teams at Infura, Truffle and MetaMask, as well as developers on Besu and Gnark. Integrations and features of the rollup were aimed to remove developer complexity, improve security and expedite onboarding times.

An announcement shared with Cointelegraph highlighted zero switching costs as a benefit to projects in the ecosystem. Developers can build on the zkEVM or migrate existing DApps without changing code or rewriting smart contracts. The zkEVM also uses Ether (ETH) for gas fees, cutting out the need for third-party code translation and other middleware solutions.

ConsenSys zkEVM integrates with MetaMask, which is aimed to expedite the onboarding of users. Infura integration also allows developers to ship DApps at scale. Developers will also be able to build, test, debug and deploy Solidity smart contracts with a variety of layer 2 developer environments powered by Truffle.

ConsenSys also aims to keep its zkEVM open-source after launch. Nicolas Liochon, head of research and development at ConsenSys, told Cointelegraph that the goal of the public beta testnet is to trial the system under the same conditions it would face on mainnet where the stakes are higher.

“Users and developers will be able to permissionlessly interact with our technology stack allowing us to stress test the system under challenging and adversarial conditions.”

Following integration with the public testnet, ConsenSys will carry out a system outgrade. This is aimed at laying the foundation for a “highly performant, trustless, and decentralized network,” according to Liochon.

The final upgrade will also start its auditing and security process to ensure the zkEVM is safe and secure before a mainnet launch earmarked to take place later in 2023.

ConsenSys is in discussions with leading players in the Ethereum ecosystem to deploy and integrate with its zkEVM testnet. Liochon highlighted the focus on making the scaling rollup EVM-equivalent a key factor in making it easy for DApps and tools to switch to its zkEVM.

Liochon also said efforts to make decentralized and trustless applications available to the public require simpler and cheaper systems. The zkEVM aims to achieve this by building a trustless, censorship-resistance, decentralized and performant execution layer that scales Ethereum.

Collaboration with the wider layer 2 ecosystems is also a focus for ConsenSys. Liochon said the organization is looking to work with innovators in the space to convene the first zkEVM “multi-prover” rollup.

This type of scaling rollup would have multiple prover implementations generating validity proofs of computation.

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Ethereum (ETH) Developer Announces Plan To Launch New ‘Holli’ Testnet Later This Year

Ethereum (ETH) Developer Announces Plan To Launch New ‘Holli’ Testnet Later This Year

A prominent Ethereum (ETH) developer is announcing a new testnet for the smart contract platform set to launch later this year. In a lengthy thread, ETH developer Tim Beiko says that Holli, a new testnet, is planned for launch as a means of helping validators, node operators, stakers and miners. First, Beiko explains what each […]

The post Ethereum (ETH) Developer Announces Plan To Launch New ‘Holli’ Testnet Later This Year appeared first on The Daily Hodl.

The First Web3 RPG From Saudi Arabia Astra Nova Launches a SocialFi Platform on Immutable zkEVM

Coinbase new blockchain seen as ‘massive confidence vote’ for Ethereum

One Ethereum bull hopes the launch will help onboard a host of other crypto companies and financial institutions onto Ethereum.

The Ethereum community appears to have taken a bullish view of Coinbase’s newly announced layer-2 network, Base, which has been described as a “massive confidence vote” and a “watershed moment” for the blockchain network. 

Secured on Ethereum and powered by layer-2 network Optimism, Base aims to eventually become a network for building decentralized applications (DApps) on the blockchain. The layer-2 network is currently in its testnet phase, according to Coinbase CEO Brian Armstrong.

Members of the crypto community such as Ryan Sean Adams, host of the Bankless Show, believe the move “is a massive vote of confidence for Ethereum,” which could set a precedent for cryptocurrency companies and financial institutions to use Ethereum as the settlement layer of choice.

Coinbase has approximately 110 million verified users and has partnered with 245,000 companies in over 100 countries since it was founded in 2012. Its cryptocurrency exchange is the second largest in terms of trading volume, behind Binance according to CoinGecko.

“If Coinbase converts 20% of its 110m verified users to Layer 2 users in the coming years, this alone will 10x the total number of crypto native users,” Adams added.

Adam also commended Coinbase for opting to open-source Base and believes the new layer-2 network will bring about even more block space demand on Ethereum.

Meanwhile, Sebastien Guillemot, co-founder of blockchain infrastructure firm dcSpark, suggested that Coinbase made a wise decision to go with a layer 2 as opposed to an independent sidechain, noting that “almost all” cryptocurrency transactions and value locked on Ethereum resides on layer 2s these days.

Ryan Watkins, the co-founder of crypto-focused hedge fund Syncracy Capital, described the news in a Feb. 23 tweet as a “watershed moment” in the Ethereum rollup ecosystem. He added that there was “likely no one better” positioned than Coinbase to onboard the next 10 million users and institutions to Ethereum.

Not everyone was bullish though.

Gabriel Shapiro, general counsel of investment firm Delphi Labs, explained in a Feb. 23 Twitter post that launching a centralized layer-2 network “opens the door” to unwanted SEC scrutiny.

Related: Coinbase beats Q4 earnings estimates amid falling transaction volume

“A centralized L2 that trades lots of tokens any number of which could be alleged securities, or does lots of DeFi transactions that arguably might alleged to be regulated (securities swaps etc), opens the door to the SEC making new kinds of secondary market claims,” wrote Shapiro, adding:

“imo, this will accelerate the SEC's "secondary market" agenda re: blockchain securities issues, because they can't let an SEC registrant "get away with" potential violations & build up a legal arbitrage strategy right under the SEC's nose.”

Shapiro’s concerns come as the SEC has recently upped its enforcement efforts against several stablecoin issuers and staking service providers of late.

Regarding the launch of Base, the lawyer opined that it could be a “bad step for them” and inflict “collateral damage” on the rest of the ecosystem, particularly in the event that the SEC finds a vulnerability to expose:

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Cardano (ADA) Launches New Ethereum-Compatible Sidechain Proof of Concept

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The post Cardano (ADA) Launches New Ethereum-Compatible Sidechain Proof of Concept appeared first on The Daily Hodl.

The First Web3 RPG From Saudi Arabia Astra Nova Launches a SocialFi Platform on Immutable zkEVM

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The First Web3 RPG From Saudi Arabia Astra Nova Launches a SocialFi Platform on Immutable zkEVM

Arbitrum-Based Vest Exchange Emerges, Aims to Democratize Perpetual Futures 

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The First Web3 RPG From Saudi Arabia Astra Nova Launches a SocialFi Platform on Immutable zkEVM

Ethereum Developers Commence Finalizing Shanghai Upgrade ‘Shadow Fork’ for Testing and Bug Identification

Ethereum Developers Commence Finalizing Shanghai Upgrade ‘Shadow Fork’ for Testing and Bug IdentificationEthereum developers have begun finalizing the Shanghai upgrade “shadow fork,” according to software engineer Marius van der Wijden. The “shadow fork” will serve as a testing environment for the Shanghai upgrade, allowing developers to identify bugs and any potential issues. Ethereum’s Shanghai Upgrade ‘Shadow Fork’ Launches As the cryptocurrency community awaits the upcoming Shanghai hard […]

The First Web3 RPG From Saudi Arabia Astra Nova Launches a SocialFi Platform on Immutable zkEVM

Ethereum Validator Count Surpasses 500,000 Ahead of Upcoming Shanghai Hard Fork

Ethereum Validator Count Surpasses 500,000 Ahead of Upcoming Shanghai Hard ForkAccording to statistics, the number of Ethereum network validators on the Beacon chain exceeded 500,000 as of Jan. 12, 2023. The validator milestone comes as Ethereum core developers prepare for the Shanghai hard fork. Five days ago, Ethereum core developers launched a developer network environment called “devnet 2” for the upcoming upgrade. Ethereum Developers Launch […]

The First Web3 RPG From Saudi Arabia Astra Nova Launches a SocialFi Platform on Immutable zkEVM

Ethereum Developers Prepare to Deploy Shanghai Public Testnet, Focus on Staked Ether Withdrawals

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The First Web3 RPG From Saudi Arabia Astra Nova Launches a SocialFi Platform on Immutable zkEVM

Ethereum (ETH) Developers Announce Timeline for Final Testing Stage Before Massive September Upgrade

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Leading smart contract platform Ethereum (ETH) is moving one step closer to its long-awaiting transition to operating via proof-of-stake (PoS). A new post on the Ethereum Foundation blog is alerting users of all stripes on what to expect in the coming days as a new stage of ETH 2.0 is being tested ahead of its tentative […]

The post Ethereum (ETH) Developers Announce Timeline for Final Testing Stage Before Massive September Upgrade appeared first on The Daily Hodl.

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