ZK-fever is spreading in the #blockchain community!
Let's catch you up on the latest developments in this blooming #ZKrollups ecosystem π₯
0/6ππ§΅
1/ Do you struggle with high gas fees & slow tx times on #Ethereum?
Fear not, because Ethereum CAN and is scaling up!
Instead of doing all tx by itself, Ethereum now has a blossoming #L2 ecosystem of fast & inexpensive off-chain execution environments to ramp up users. π
2/ Popular L2s, like #ZKrollups, use zero-knowledge proofs (ZKP) to verify tx off-chain, allowing faster processing while keeping data secure.
ZKP uses cryptography to prove a statement w/o revealing extra info, which strengthens security & privacy in blockchain.
Even better: devs were able to implement most desired functionality through a smart contract, instead of at Ethereum protocol level, accelerating the roadmap π
Not long ago, the only approach to building #blockchains was a monolithic design where a single blockchain did EVERYTHING:
block creation, consensus, data storage, and smart contract execution...
This led to a blockchain trilemma.
Enter modular blockchains π¦
1/ In a monolithic blockchain, a single layer handles all 3 core functions: execution, consensus & data availability.
This approach poses a scalability trilemma.
(Note: Thanks to rollups & sharding, Ethereum 2.0 will be a modular blockchain.)
2/ Modular blockchains are set to bring a paradigm shift to blockchain design by breaking down blockchain networks into several pieces.
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They outsource one of the core responsibilities above and only specialize in Execution / Consensus / Data Availability.
You'll have a whole weekend to build on top of Blokness' tools! From creating an NFT tax software to building an NFT loyalty program, the skyβs the limitπ
The hackathon takes place at #Polkastarter new office in #Lisbon β and you can also join remotely π