On Feb 22, 2022, Mater Labs announced that Ethereum zkSync test net went live. The platform aims to scale up ETH with a framework to bolster its growth without compromising its security and decentralization.
zkSync Protocol Deploys on ETH Test Net
zkSync is a zero-knowledge-proof blockchain solutions provider and has announced the successful integration of its roll-up protocol on the ETH testnet. The deployment of the roll-up protocol is essential to the network as it replaces the services provided by human operators to validate ETH transactions.
The creators of the protocol talked openly about it and its aims. They said it would be permissionless, turning complete protocol that would allow dApps to be deployed on a layer 2 network at a low cost. According to Matter labs, the users of the updated network will enjoy “a better” working experience.
Per the Mater Labs, the protocol comes to solve the scalability issues of the ETH network. The high gas fees are prohibitive to many investors and developers. As a result, they opt to go for similar networks with lower gas fees. The zkSync protocol may be the critical solution to unlocking a new era for the ETH network.
The protocol’s plan for scaling up ETH depends on a framework built to sustain rapid growth while protecting the decentralization and security of the network. Therefore, the protocol will offer a scaling solution that allows for the upgrade of the ecosystem and a significant improvement of the user experience. It will also introduce the decentralization of application development on the ETH network.
Crypto Space Welcomes the ETH zkSync Test Net
The deployment of the protocol on the ETH testnet was welcomed wholeheartedly by the crypto community. Many community members took to Twitter to comment about their expectations and views.
As the protocol promises to offer a solution to the scalability of ETH, gas fees are expected to reduce. Consequentially, many developers are teeming with the hope of launching their projects on the zkSync 2.0 protocol. They also weren’t left behind in expressing sentiments on social media.
One developer with Twitter name @qdqd_ commented that the news was huge. He also added that he couldn’t wait to deploy his first solidity contract on the unexplored ‘land .’Another username @0xTakeshi explained that a testnet with an EVM compatibility and zkporter is now available. He added that the protocol is what they have been waiting for.
zkSync Protocol Adds to ETH’s Scaling Solutions
According to Morgan Stanley’s global investment office, ETH is facing stiff competition that can phase it out. ETH may lose popularity if the other networks capitalize on their innovation as many migrate to lower cost and more efficient networks.
The firm also added that ETH might lose its capital advantage, smart contracts, to faster and lower-cost networks. Therefore, a new rollout and dependable solution like the zkSync protocol is what the network needs. Regarding scaling solutions for the ETH network, plans for the ETH 2.0 are underway. The new iteration of the network aims to reduce congestion to improve its efficiency.
It will also transform the network to a complete PoS mechanism with the whole updating process divided into 4 phases that will require 2 years to complete. In so doing, ETH will create another level of innovation that might inspire other developers.