Crypto community welcomes Ethereum zkSync testnet

Crypto community welcomes Ethereum zkSync testnet

23.02.2022 0 By admin

zkSync, a provider of zero-knowledge blockchain solutions, has announced the successful deployment of its Rollup protocol on the Ethereum (ETH) testnet. The deployment is seen as a positive development by proponents of Ethereum, as it removes the need for human operators to validate transactions.

Last year, the creators of zkSync described their vision for a permissionless, Turing-complete rollout that allows decentralized applications (DApps) to be deployed in a low-cost and scalable layer-2 environment.

Users will supposedly have “a better” experience on this network, according to the official announcement by Matter Labs. One of the major issues when utilizing the Ethereum blockchain is its prohibitively high gas fees. As a result, many users and developers have migrated to lower-cost blockchains that do not require costly gas fees.

With the release of a completely EVM compatible scalability ZK Rollup, such as zkSync 2.0, it might be the long-awaited answer to this problem and crack open the door for a new era for Ethereum. The announcement was greeted with enthusiasm by the crypto community, with many fans joining Twitter to express their sentiments on the matter.

The latest deployment suggests that lower transaction fees are on their way. Hundreds of developers are anticipating launching projects zkSync 2.0. Developers were quick to express their desire to launch on zkSync 2.0:

Another user highlighted that the rollout would open up new possibilities:

The platform’s plan for scaling up is built around a framework that allows for rapid growth without sacrificing security and privacy. This scalability solution will allow various ecosystem upgrades and act as a significant step forward in user experience. It will also decentralize application development on the network.

As reported by Cointelegraph, Morgan Stanley’s global investment office in the wealth management firm believes that if significant market competition emerges, Ethereum’s popularity might decline. The firm stated that Ethereum may lose its smart contract advantage to lower-cost and faster blockchain networks. The new rollout might be just what Ethereum needs to stay relevant in this competition.