zkSync Era - a new dawn for Ethereum Scaling as first zkEVM goes public
zkSync Era launches to bring first zkEVM to Ethereum.
Matter Labs made history as it opened the gates of its zkSync Era Layer 2 network to the public, introducing the first zkEVM (Zero-Knowledge Ethereum Virtual Machine) on the Ethereum blockchain.
This development aims to accelerate transactions and reduce fees while maintaining compatibility with the Ethereum Virtual Machine.
The journey of zkSync has been gradual since October 2022, where its baby alpha phase emerged on the Ethereum mainnet for internal testing. Today, the alpha network is accessible to all.
Account abstraction features
A key feature of zkSync is its native support for account abstraction, which enhances the functionality of crypto wallets. Instead of standard addresses, wallets can now be customized with a wider range of functions, such as multi-signature transactions, two-factor authentication, or even username-password access.
This added flexibility and security is expected to facilitate onboarding new users into the world of crypto.
Matter Labs is also pioneering a new level of data availability for zkSync Era. By publishing state differences rather than transaction inputs, zkSync Era achieves data compression, more frequent oracle updates, cheaper privacy, and better integration with off-chain storage extensions.
Although zkSync Era's launch does not come with a token, it is estimated that the sequencer will be decentralized in about a year. A dedicated team is already working on introducing a decentralized sequencer mechanism with validators and some form of stake.
Security remains a top priority during zkSync Era's alpha phase. Matter Labs has invested $3.8 million in network testing and auditing, including seven external security audits, three internal audits, two public security contests, and an ongoing bug bounty program.
To safeguard the network at its launch, Matter Labs has implemented a 24-hour transaction confirmation delay as a buffer against potential issues. This delay will be gradually removed as the network matures.
The long-term plan is to gradually hand over control of zkSync to its community, following the model of zkSync Lite. After a year or more, the network will be decentralized, with users trusting the open-source code, mathematics, and the underlying Ethereum network.
Rather than rigidly adhering to backward compatibility, Matter Labs aims to maximize the potential of zk-proofs for the future.
This approach allows for innovative features like native account abstraction and the ability to pay for transactions with the token in question instead of requiring a specific token for transaction fees.
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