Melbourne, Australia, May 13, 2021 (GLOBE NEWSWIRE) -- (via Blockchain Wire) As one of the most promising expansion solutions, the zkTube protocol has attracted attention since the beginning of the project. The mechanism was first proposed by Vitalik Buterin, a second layer scaling solution that uses zero-knowledge proof to solve the congestion problem of the Ethereum network.
Under the expectation of the community, the zkTube testnet was launched on April 27, so far, the system has been running normally. Meanwhile, the technical team is also constantly optimizing various data and functions, solving problems in the test, and continuously updating the version to improve the stability and other performance of the system. This project mainly adopts ZK-Rollup + Plonk to provide a Layer 2 expansion solution for the Ethereum network. Currently, the circulation of ETH in Layer 1 and Layer 2 has been completed. It includes functions such as Deposit, Transfer, and Withdraw. Next, the team will mainly improve the stability of the system and the user experience, and functions like a faucet, Native tokens, and mainstream ERC20 support will also be launched in the near future.
As one of the most typical Layer 2 scaling solutions, the zkTube testnet has received close attention from all parties at the beginning. Currently, more than 13,000 early users worldwide have participated in the zkTube testnet to experience the Deposit function. The Angel Right 100,000 ZKT donation plan launched at the same time was 100% subscribed within two hours, which shows the popularity of zkTube worldwide. It is growing faster than other Layer 2 related protocols, so the technical challenges in the development process are unprecedented, all technical problems encountered need to be solved carefully by the project team.
In addition, the vision of the zkTube protocol is to create a Layer 2 cross-rollup solution based on ZK-Rollup architecture, this is the first of its kind in the world. It means zkTube Labs technical team needs to acquire the most advanced and highly skilled technologies to support the system. The testnet is used as the polishing process before the mainnet launch, one of its biggest goals is to find and solve as many problems as possible, to ensure the smoothness and user experience as well as the developer environment of the mainnet. This is the biggest driving force for the team.
The successful launch of the testnet is a small step for zkTube Labs, but a giant leap for Layer 2.
Future Vision
In the long term, the zkTube protocol supports a wide range of applications built on ERC721 and Web 3.0, as well as providing a wallet as an entry point to enterprise-scale decentralized scenarios. This concentration and friendly development environment will enable more developers and users to use the zkTube protocol for research, thus enriching the zkTube ecosystem. Other than launching the mainnet very shortly, the zkTube Labs team will also launch PayTube Wallet, the first decentralized super wallet developed under the zkTube protocol. The wallet allows users to conduct transactions and transfers of ERC20 tokens, providing efficient, smooth, low-cost user service and quality experience. Superior characteristics: the first phase has already achieved TPS 3000+, and the transfer fee is in US cents only, but the security level is the same as the Ethereum mainnet. On this basis, the zkTube Labs team is working on a newer extension solution to improve TPS. Right now, the team has tried to coordinate all provers to improve the processing speed of all provers per second and shorten the proof time as much as possible. According to preliminary estimates of zkTube Labs, this scheme can achieve a staggering TPS 20,000+. It is conceivable that with the launch of the zkTube mainnet and PayTube wallet, the ETH Layer 2 ecosystem around zkTube will become more and more mature, with great prospects for future development.