Tag: blockchain scaling

A16z Crypto Introduces Jolt zkVM for Blockchain Scaling

To tackle the scalability issues that blockchain networks are facing, A16z Crypto, the investment company Andreessen Horowitz’s cryptocurrency-focused branch, has unveiled Jolt, a zero-knowledge solution known as zkVM. This creative technique integrates SNARKs (Succinct Non-Interactive Arguments of Knowledge) in an effort to expedite and simplify blockchain scaling procedures.

What is zkVM (Jolt)? Jolt is a revolutionary approach to virtual machine construction validated using SNARKs. It offers significant performance advantages over current zkVMs and allows developers to quickly design SNARK-based Layer 2 solutions. By integrating SNARKs, Jolt is able to offload a significant amount of computing effort, expediting the compression and verification of computations without requiring the verifier to carry out the calculations themselves. Advantages of zkVM Jolt Enhanced Speed: Jolt is a potential option for scaling blockchain networks since it is said to be up to 2X quicker than existing zkVMs. Enhanced Extensibility: Jolt’s new paradigm for design facilitates developers’ ability to add new features, allowing for the development of more intricate and adaptable applications. Increased Auditability: Jolt’s new design paradigm also increases auditability, which benefits users’ and developers’ security. Applications and Possible Effects

Use CasesJolt’s use of SNARKs offers a number of opportunities to enhance blockchain scalability and facilitate effective, verified computation. Among the possible use cases are: Layer 2 Blockchains: Jolt improves the scalability of Layer 2 blockchains by enabling the execution of intricate operations off-chain while preserving on-chain verification. Cross-Chain Bridges: By using Jolt’s features, safe and effective cross-chain bridges can be constructed, allowing for smooth interoperability across several blockchain networks. Non-Blockchain Applications: Jolt’s zkVM has a number of non-blockchain applications outside of blockchain technology. To lower the danger of fraud, cloud service providers, for instance, might utilise Jolt to verify the accuracy of calculations assigned to their servers.

In summary A16z Crypto’s launch of Jolt zkVM is a major step forward in resolving scalability issues with blockchain technology. Jolt’s use of SNARKs provides enhanced speed, extensibility, and auditability, making it a desirable option for both developers and consumers. Jolt zkVM has the potential to spur innovation and acceptance in the blockchain ecosystem by improving the scalability of blockchain networks and enabling effective verifiable computing.

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Uniswap to Launch on Polygon's zkEVM

Polygon’s zero-knowledge Ethereum Virtual Machine (zkEVM) roll-up solution is going to be used for the launch of Uniswap, which is one of the most well-known decentralized exchanges (DEX) built on the Ethereum blockchain. All 191 Ethereum addresses cast their ballots in support of the integration, which means that the proposal has already surpassed the barrier of 40 million votes that was needed for acceptance.

Polygon is a scaling solution provider that was originally known as Matic Network. Their mission is to make it simpler for developers to construct decentralized apps (dApps) on the Ethereum network using their technology. Its zkEVM roll-up approach aims to increase Ethereum’s scalability, security, and usability, while also lowering the prices of transactions.

It is anticipated that the incorporation of Uniswap onto Polygon’s zkEVM will confer major advantages onto both of those platforms. Uniswap, which has been experiencing difficulties on the Ethereum mainnet due to high gas prices and poor transaction times, will be able to use Polygon’s scaling solution in order to provide its customers with transactions that are both quicker and less expensive. In the meanwhile, Polygon will profit from the increased adoption and liquidity that Uniswap delivers to its network thanks to the addition of Uniswap.

The Uniswap proposal to launch on Polygon’s zkEVM was first presented in March 2021, and tokenholders were given until April 14 at 9:05 pm UTC to vote on the proposal. Uniswap is a decentralized exchange (DEX) that allows users to buy and sell digital assets. However, the need for approval, which was 40 million votes, was already met long before the deadline, and over 42.4 million votes were registered in support of the merger.

According to Tally, a voting dashboard for decentralized finance projects, the Ethereum infrastructure provider ConsenSys and the financial modeling platform Gauntlet were among the top donors to the vote, both with over 7 million votes.

It is anticipated that the successful integration of Uniswap on Polygon’s zkEVM would further accelerate the expansion of decentralized finance (DeFi) on both platforms, in addition to the expansion of the Ethereum ecosystem as a whole. Ethereum is positioned to emerge as a more feasible and appealing platform for the development of decentralized apps in the years to come as a result of the proliferation of blockchain scaling solutions such as Polygon.

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