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Zero-Knowledge Proofs
The new “Cronos zkEVM chain” is launching initially as a test network, based on Matter Labs’ software tools, which can be used to spin up new layer 2 and layer 3 “hyperchains” atop Ethereum.
Vitalik Buterin, a member of the Ethereum Foundation’s executive board, once pushed “layer-2” networks as a way to provide faster and cheaper transactions. Now he’s got ideas for “enshrining” some of those functions on the main chain.
The crypto exchange is still considering which blockchain developer should build its network, with Polygon, Matter Labs and the Nil Foundation in the mix, according to people familiar with the situation. Rival crypto exchange Coinbase blazed the trail with Base.
The network, which just went live a couple weeks ago as a so-called optimistic rollup – the core underpinning of OP Stack – will now become a “ZK-rollup,” which is what Polygon’s software kit provides.
The new Ethereum layer-2 network’s debut adds to the competition among rival providers of so-called “zkEVMs,” including Polygon and Matter Labs.
The new Ethereum scaling solution’s architecture will include a shared bridge and a “coordination layer” that connects all of Polygon’s chains, including an emphasis on zero-knowledge technology that has become one of this year’s hottest blockchain trends.
By making their code open source and easy to replicate, projects including Arbitrum, Optimism and zkSync are making it easier for copycat blockchains to steal away their users – in pursuit of broader ecosystems of related networks.
Emin Gun Sirer, who also weighed in on zero-knowledge proofs (ZKPs), was addressing the annual Cornell Blockchain conference on New York City’s Roosevelt Island.
The two partners say using zero-knowledge proofs will allow Bitcoin nodes to sync quickly from anywhere on earth, “even without Internet.”