Scalability issues no more? First EVM compatible ZK Rollup live on ETH’s public testnet

ambcrypto.com:

Ethereum‘s scalability issues have created a whirlwind of problems for the cryptocurrency industry, however, it has also fostered a ground for innovative ideas to overcome the same. Many layer 2 solutions have emerged in the recent past in order to combat the congestion on Ethereum, including zero-knowledge rollups. An enhancement for this has now been released by zkSync, which has announced the launch of its Rollup protocol on the Ethereum public testnet.

The zkEVM is the first EVM-compatible ZK Rollup on the Ethereum network, according to a blog post by the company. Additionally, it is also a permission-less and Turning-complete rollout that facilitates the launch of decentralized applications (dApps) in a more scalable and cost-effective manner.

Moreover, since the Rollup relies on cryptography for transactions to be processed, it also eliminates the need for human validators. This is also expected to significantly reduce the transaction fee that the Ethereum network currently charges its users, a pain point that has led to many migrating from the network to other new-age blockchains that are much more affordable.

The EVM-compatible rollup was much awaited by the community, which considers this the last piece to solve Ethereum’s scalability puzzle, as they handle transactions off-chain and hence reduce the computing and storage resources required from Ethereum’s Layer 1.

As expected, crypto Twitter appeared to be rejoicing on the news, with some dApps having already deployed on the zkSync 2.0 testnet.

— zkSync (@zksync) February 22, 2022

Others too appeared ecstatic, with one developer claiming they could “smell the future” with the Rollup’s