The Scroll has its own EVM, making it capable of interacting with smart contracts.
Ethereum’s New L2 Focus on Security. According to its developers, the Scroll is a development with years of experimentation and audits by reputable companies. Scroll’s mainnet became available to the public this Tuesday, October 17, adding a new option to Ethereum’s list of second-layer networks. Scroll hardens the security-centric approach using zero-knowledge (zero knowledge or ZK) proofs.
According to the official announcement from Scroll’s development team, the network, its bridge (to interact with other networks), and its respective roll-up (a tool to group transactions and make them cheaper to register on Ethereum’s mainnet) were audited by several companies. Among these, they mention Open Zeppelin and Zellic. In addition, Trail of Bits and Kalos participated in audits of Scroll’s zkEVM (ZK proof-of-concept Ethereum virtual machine) circuits.
After more than two years of building, we are thrilled to announce the launch of Scroll Mainnet.
As we open the doors to Mainnet, we want to take a moment to reflect on our journey thus far 💛 pic.twitter.com/WKfkjyIkB0
They also detail that the project has been in the works for more than two years, with stages of experimentation in three test networks that, in cases such as the Sepolia network, involved the participation of more than 900,000 addresses. In that time, more than 450,000 Smart Contract implementations and more than 90 million transactions were generated, with an average of 305,000 daily transactions. More than 9 million blocks were produced during Scroll’s testing in its test networks, leading to more than 280,000 ZK tests.
Having its version of the EVM, Scroll is an L2 capable of interacting with smart contracts. Of course, it is compatible with Ethereum and inherits its security once transactions register on the mainnet of this “mother” network. Some activity developed in the Scroll network, even before the developer team’s official announcement. These actions are likely from “airdrop hunters” who aim to become early adopters of the project, hoping for their selection for future token distribution. This strategy has been successful on other second-layer networks like Arbitrum and Optimism.
ZK developments grow on Ethereum
Scalability solutions based on zero-knowledge (ZK) proofs have the unique feature of proving the validity of information without revealing it. In other words, they can demonstrate that transactions are valid without disclosing specific details. ZK tests will be critical in future Ethereum developments for many developers and experts. In addition to ensuring greater security for applications developed on this network, it will allow greater scalability and more efficient resource use.
With ZK-based and optimistic second layers, Ethereum adds more possibilities for growth and scalability. According to data from the l2beat.com site, there are already more than three dozen second-layer networks, with a total blocked value (funds deposited in their smart contracts) of more than $10 billion.
What is a Layer2 solution?
A blockchain layer2 solution builds upon a blockchain network like Ethereum. These solutions address the network’s scalability limitations and improve its efficiency, security, and speed. “Layer 2” relates to a second layer of technology that operates on top of the blockchain network to perform specific functions. One of the main benefits of layer2 solutions is that they enable developers to build decentralized applications (dApps) that can handle much larger transactions than the underlying blockchain network. You get more capacity by moving some transaction processing off the main blockchain and onto the layer2 solution.
Layer 2 solutions come in different forms, but they all share the same objective of helping to scale the blockchain network. The most popular layer2 solutions include sidechains, state channels, and rollups. Sidechains are separate blockchain networks that are interoperable with the main blockchain. A sidechain allows developers to build and deploy dApps on a different network and move assets between the main blockchain and the sidechain.
State channels provide a layer2 solution that allows users to carry out off-chain transactions without requiring verification from the main blockchain. These transactions add to the blockchain when the channel closes, making them faster and less expensive. Rollups, the latest addition to the layer2 landscape, bundle multiple transactions together and submit them to the main blockchain as a single transaction. This method decreases the number of transactions the system needs to process by the leading blockchain, making it more scalable.
A Layer-2 blockchain represents a collection of scaling solutions crucial for enhancing the performance and scalability of Layer-1 blockchains, like Ethereum. These layer 2 protocols operate atop the primary blockchain, significantly reducing congestion, lowering transaction costs, and boosting throughput.
Polygon. Standing at the forefront of Ethereum layer-2 solutions, Polygon has established itself as a leader in this space. Its ability to offer scalability while ensuring security has made it a go-to platform for developers and projects.
A security mechanism for blockchains that requires nodes to expend energy in the form of computation to find a certain value. to proof-of-stake began with Ethereum pioneers “staking” their ETH in a deposit contract. That ETH is used to protect the network.
Common types of Layer-2 solutions on Ethereum include optimistic rollups and Zero-Knowledge rollups (ZK rollups). Optimistic rollups and ZK rollups are considered secure, as they inherit the Ethereum mainnet's security.
L2 chains enable Ethereum to scale by executing transactions off-chain, thereby allowing more transactions per second for lower fees in the entire network. These L2 chains “roll up” several off-chain transactions into single batches, which are published on the Ethereum L1 chain.
— Due to the network's prioritization of decentralization and security over scalability, its increased popularity has led to major network congestion. — Ethereum Layer 2 solutions are blockchains built with one primary purpose: to provide a faster, cheaper route to executing Ethereum transactions.
Among the top 5 Ethereum Layer 2 altcoins poised for growth are xDai (STAKE), Loopring (LRC), Matic Network (MATIC), OMG Network (OMG), and Immutable X (IMX). xDai, a stablecoin-based sidechain, provides fast and inexpensive transactions, making it ideal for everyday use.
Starknet. Starknet is a permissionless, decentralized zero-knowledge rollup (ZK rollup) for Ethereum. It operates as a Layer 2 (L2) blockchain, enabling any dApp to achieve unlimited scale for its computation without compromising on Ethereum's composability and security.
Layer 2 blockchain solutions significantly improve transaction processing speed and throughput. The transactions conducted off-chain or through sidechain enable users to receive faster confirmation times. This enhanced speed makes applications such as decentralized finance (DeFi), gaming, and other DApps quick.
The move would undoubtedly have severe repercussions for the entire crypto industry, including derailing plans for an spot ETH exchange-traded fund. This is an excerpt from The Node newsletter, a daily roundup of the most pivotal crypto news on CoinDesk and beyond.
Insider Threats: Layer 2 security measures can help prevent unauthorized access and malicious activities within the network by implementing features like MAC address filtering and port security. These techniques contribute to controlling access rights and reducing the risks posed by insiders.
These contracts are decentralized (meaning no one can manipulate the outcome) and do not require intermediaries. The Ethereum Blockchain uses Proof of Stake (PoS) consensus mechanism to keep its blockchain secure.
Put simply, ETH layer-2 scaling solutions can tackle Ethereum's issues by processing transactions off the main chain, only interacting with the network when necessary. This approach reduces the load put on Ethereum's mainnet, leading to much faster transaction speeds, significantly lower fees, and other advantages.
Layer 2 solutions — like the Ethereum-based Polygon or the Bitcoin-based Lightning Network — enhance the user experience by offering higher transactions per second, lower gas fees and the assurance that all transactions are irreversibly recorded on the mainnet.
Arbitrum's value as an Ethereum Layer-2 scaling network has been validated in a big way by the market over the past week. Arbitrum surpassed Ethereum in terms of DEX trading volume, and its TVL hit an all-time high.
Layer 2 blockchain solutions significantly improve transaction processing speed and throughput. The transactions conducted off-chain or through sidechain enable users to receive faster confirmation times. This enhanced speed makes applications such as decentralized finance (DeFi), gaming, and other DApps quick.
Once The Merge is complete, there will be no differentiation between ETH 1 and ETH 2, which has since been renamed the execution and consensus layer, respectively. Instead, there will only be one Ethereum moving forward. It is a misconception that Ethereum 2.0 is a new coin or its own asset.
ERC-20 tokens are a type of digital asset that primarily operates on the Ethereum blockchain and can also be found on Ethereum L2 (Layer 2) networks like Arbitrum One, Optimism, and Base.
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