Since the beginning of the Ethereum blockchain, ConsenSys has been committed to fostering its growth and accessibility. The company has been a pivotal player in the Ethereum ecosystem, creating widely-used developer tools such as Infura and open-source software like Hyperledger Besu and Teku. In a recent tweet, ConsenSys, a top blockchain development firm, revealed the release of its zkEVM (Zero-Knowledge Ethereum Virtual Machine) on the public testnet, set to provide enhanced levels of security and confidentiality to Ethereum settlements.
ConsenSys Finally Unveils Its Highly-Anticipated zkEVM
Consensys is set to release its zero-knowledge Ethereum Virtual Machine (zkEVM) rollup on a public testnet on March 28, after being developed over a four-year period. The zkEVM is expected to increase settlement security, provide faster finality, and offer higher throughput for Ethereum blockchain transactions. This forthcoming release is a significant milestone in ConsenSys’ current efforts to become a dominant player in blockchain technology by increasing scalability within the Ethereum ecosystem.
In Q4 of 2022, a select group of users was granted exclusive access to a private beta of the zkEVM, resulting in over 350,000 transactions being processed and multiple decentralized applications (DApps) being onboarded. Additionally, the testnet proved valuable for Solidity developers, as they could build, test, and launch DApps while rigorously testing the zkEVM’s scalability.
The ConsenSys zkEVM is the result of a joint effort from various teams, including Infura, Truffle, and MetaMask, as well as developers serving at Besu and Gnark. The rollup is designed to streamline the development process, improve security measures, and reduce onboarding times for developers. Furthermore, the zkEVM incorporates several features aimed at simplifying the developer experience and enhancing overall efficiency.
Ethereum Developers Set to Open Multiple Doors
ZK technology, which utilizes cryptography to accelerate transactions and reduce gas fees on blockchains, is quickly becoming a highly sought-after innovation for the Ethereum ecosystem. As a result, experts predict it will be one of the hottest blockchain trends this year.
ConsenSys has developed the zkEVM platform, which allows developers to create applications or switch to pre-existing DApps without modifying code or smart contracts. The platform utilizes Ether to pay gas fees, eliminating the requirement of a third-party code translation and other middleware solutions.
To facilitate user onboarding, the zkEVM platform collaborates with MetaMask. The integration with Infura enables developers to distribute DApps on a larger scale. Solidity smart contracts can be developed, examined, debugged, and deployed through various Truffle-powered layer two developer environments.
Once launched, ConsenSys intends to keep zkEVM live. According to Nicolas Liochon, Head of Research and Development at ConsenSys, the public beta testnet aims to test the congestion that it would face under the mainnet, where the stakes are higher.
Nicolas said, “Users and developers will be able to permissionlessly interact with our technology stack allowing us to stress test the system under challenging and adversarial conditions.”
As part of its efforts to create a “highly performant, trustless, and decentralized network,” ConsenSys plans to carry out a system upgrade following its integration with the public testnet. This will lay the foundation for the final upgrade, which is set to undergo auditing and security checks to ensure the safety and security of the zkEVM before its mainnet launch later this year.
To ensure the widespread adoption of its scaling rollup EVM-equivalent, ConsenSys is in discussions with emerging players in the Ethereum ecosystem to deploy and integrate with its zkEVM testnet. According to Liochon, the focus is on making it easy for DApps and tools to switch to the zkEVM, making it a critical factor in scaling the network.
In the race to launch the first ZK rollup, the competition has recently intensified. Polygon is set to release its mainnet beta zkEVM later this month. Moreover, Scroll and Matter Labs have expressed willingness to introduce ZK rollups, but launch dates have yet to be announced.