Roadmap, approach, manifesto and other key details revealed for the first time; Optimistic Rollup with ZK Fault Proof Testnet on track for end-March 2023 launch
Leading blockchain ecosystem developer WEMIX Pte. Ltd unveiled at ETHDubai 2023 the official teaser website and logo for WEMIX Kanvas, its next-gen Ethereum Layer 2 with EVM-Equivalent ZK Rollups. Themed “Infinite Space of Value Creation”, the WEMIX Kanvas teaser website provides an overview of the project including its philosophy, technology, roadmap, manifesto and more. Both website and logo were officially unveiled during a talk on WEMIX Kanvas given by the CEO, Taekyu Park (TK) and CTO, Dongjoo Lee (DJ) from Lightscale, the Wemade subsidiary in charge of developing solutions to solve Ethereum’s scalability challenges.
Due to its decentralized storing of data, blockchain suffers from the so-called blockchain trilemma: it is seemingly impossible to simultaneously be secure, decentralized, and scalable. Ethereum has struggled to find a scalability solution that does not compromise the values of security and decentralization. The limited maximum number of transactions that Ethereum can handle results in surging gas costs as the number of users increases.
Latest Fintech News: Morgan Stanley Wealth Management Announces Key Milestone in Innovation Journey with OpenAI
“Rapidly rising transaction fees and scalability challenges are major barriers to the widespread adoption of blockchain technology,” said Shane Kim, CEO, WEMIX Pte Ltd. “WEMIX Kanvas aims to help all users participate in the Ethereum mainnet ecosystem easily, quickly and cheaply by reducing such fees while still ensuring fast processing speed, high security and decentralization.”
Latest Fintech News: Dynamic Yield Launches Element, Bringing the Power of Mastercard to Personalization
Many solutions have been proposed to address Ethereum’s scalability issues including sharding, sidechains, state channels, plasma, validium, and rollups. To solve the issue, WEMIX Kanvas compresses transactions and rolls them up to the Ethereum mainnet, significantly reducing transaction fees compared to direct use of the mainnet. Most ZK Rollup projects are focused on application-specific ZK Rollups, and while they aim to achieve either Type 2 (EVM equivalent) or Type 1 (Ethereum equivalent) using zkEVM, commercialization can be a time-consuming process due to the time it takes to generate proofs. WEMIX Kanvas uses a two-step hybrid approach that evolves from a Optimistic Rollup with ZK Fault Proof in Phase 1 to an EVM Equivalent ZK Rollup in Phase 2.
WEMIX Kanvas Optimistic Rollup with ZK Fault Proof Testnet will be launched by the end of March, followed by the Mainnet in the 3rd quarter of this year, the EVM Equivalent ZK Rollup Testnet before the end of 2023, and finally, the ZK Rollup Mainnet in the second quarter of next year.
Latest Fintech News: 70% of European Banks And Fintechs Will Invest In Financial Technology Over The Next 18 Months Despite The Downturn
[To share your insights with us, please write to sghosh@martechseries.com]
