ConsenSys Introduces Linea zkEVM to Enhance Ethereum’s Scalability
ConsenSys, a prominent player in the Ethereum ecosystem, has recently launched Linea zkEVM, a layer-2 scaling solution that aims to further enhance Ethereum’s scalability. This network has already achieved significant scaling milestones during its testing phase.
What is Linea zkEVM?
Linea zkEVM is an Ethereum layer-2 scaling network that allows developers to build or migrate decentralized applications for Ethereum. It utilizes zero-knowledge proofs and is Ethereum Virtual Machine (EVM) equivalent, meaning that applications built on Linea can seamlessly interact with the Ethereum blockchain.
During the testnet period, Linea saw over 5.5 million unique wallets conducting more than 46 million transactions. ConsenSys has made significant improvements to Linea’s performance, transaction costs, and user experience based on the insights gained from testing.
The gradual alpha release of Linea started on July 11, with over 100 partners already on board. ConsenSys claims that Linea offers faster throughput and transaction fees that are 15 times lower compared to Ethereum’s mainnet.
Benefits and Integration with MetaMask
Linea is fully integrated with ConsenSys’ Ethereum browser wallet, MetaMask, which provides Linea users with access to token bridge, swap, and buy functionality.
ConsenSys’ founder and CEO, Joseph Lubin, highlighted the importance of layer-2 Ethereum scaling protocols and solutions in driving the advancement of Web3 applications:
“With the Merge to Proof of Stake and the broad traction of the rollup-centric roadmap, Ethereum L2s are set to play a crucial role in making great advances in scalability and usability.”
Linea aims to attract decentralized finance (DeFi) applications by offering fast finality, efficient bridge capabilities, and the inherited security of Ethereum’s mainnet. Additionally, Linea provides lower gas fees, high throughput, and low latency, making it suitable for non-fungible tokens, blockchain gaming, and social applications.
Linea Ecosystem Investment Alliance (EIA)
Alongside the launch of Linea zkEVM, ConsenSys also established the Linea Ecosystem Investment Alliance (EIA). This alliance involves more than 30 venture capital firms that will provide capital and advisory support to ecosystem builders on Linea.
Security and Safeguards
When it comes to security, ConsenSys has implemented several safeguards. During the initial week, only launch partners have the ability to execute calls on the network. The network will gradually open up during ETHCC in France starting from July 17. However, there may be some limitations on withdrawals during the first 90 days. ConsenSys will also conduct a bug bounty program and closely monitor system performance before fully opening Linea to end-users.
The Significance of Layer-2 Solutions
In 2023, layer-2 Ethereum solutions have become a major topic of discussion within the crypto space. Polygon, a leading layer-2 development firm, introduced its zkEVM network to the public in March 2023. Starknet, founded by Eli Ben-Sasson, who played a significant role in pioneering zk-proofs, has been focused on increasing throughput on its network throughout the year.
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Opinion Piece: Editor Notes
It’s exciting to see ConsenSys launching Linea zkEVM as another layer-2 scaling solution for Ethereum. The scalability challenges faced by Ethereum have been a topic of concern, and solutions like Linea zkEVM offer hope for a more scalable and efficient network. This is an industry where innovation is crucial, and ConsenSys is playing a pivotal role in driving the progress of Web3 applications. Stay up-to-date with the latest news and developments by visiting Uber Crypto News.