Brooklyn-based software firm, ConsenSys, is set to launch a public testnet for its zero-knowledge Ethereum Virtual Machine (zkEVM) on March 28, according to the report. This move comes after the company launched its private beta zkEVM testnet in December 2022. The private testnet has reportedly processed over 350,000 transactions since its launch.
Zero-knowledge (ZK) technology is gaining momentum in the blockchain space, using cryptography to speed up transactions and reduce gas fees. Several companies are racing to bring innovation to the Ethereum ecosystem, with industry experts predicting it will be one of this year’s hottest blockchain trends.
ConsenSys is one of many in the race to be the first to go live with the fast-emerging technology. This month, Polygon will go live with its mainnet beta zkEVM, while Scroll and Matter Labs have also announced their intention to release ZK rollups.
ZkEVMs are virtual machines capable of running the same low-level bytecode and high-level programming languages as the Ethereum Virtual Machine. They use zero-knowledge proofs to explain this code, which entails validating data without disclosing any information.
A ZK rollup, a layer two solution, speeds up transaction processing and faster data return to layer one. These rollups employ evidence to demonstrate that a transaction is genuine and unaffected. They show a small percentage of the transaction’s information.
“There is not enough activity, “said Nicolas Liochon, lead for the ZK Business Group and ConsenSys head of R&D. “We want to be one of the many zkEVMs because we believe their existence is crucial.”
While ConsenSys has yet to set a date for its zkEVM to move out of the testnet phase, Liochon said it should happen by the end of 2023.
Ethereum’s ZkEVMs and ZK Rollups Explained
Ethereum ZkEVMs are virtual machines that execute high-level programming languages or low-level bytecode while proving their code’s validity through zero-knowledge proofs. ZK rollup is a layer two tech processing transactions faster and returning data to layer 1, improving transaction speeds.
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ZK rollups use proofs to verify the validity of transactions and ensure they haven’t been tampered with. They only reveal a small piece of data from each transaction, confirming the privacy of the transaction details.
Multiple zkEVMs compete to be the first to launch as companies rush to innovate on the Ethereum ecosystem. The launch of ConsenSys’ zkEVM public testnet on March 28 will intensify the race for the first ZK rollup to go live.