Zero-knowledge rollup ZKM has been unveiled out of incubation from the MetisDAO Foundation, saying it plans to make Ethereum the “universal settlement layer for all blockchain and non-blockchain applications.”
With funding from the foundation that oversees development of Metis, a layer-2 Ethereum protocol, ZKM is developing a hybrid approach that combines Optmistic and Zero-Knowledge rollups into one, according to an emailed announcement on Thursday. Rollups are a way of bundling transactions to improve throughput and lower transaction costs.
The system plans to start operating on the Ethereum testnet in January next year.
Metis will be the first network to use ZKM’s hybrid rollup, which will allow the layer 1 chain to implement instant transfers from the layer 2.
“From a user experience perspective, all the users in the Metis ecosystem will benefit from instant, no-limit asset transfers,” ZKM told CoinDesk in a statement.
ZKM said it aims to improve existing layer-2 networks, such as Metis and Optimism, with the goal of making its rollup compatible with other layer 1s, like Solana, Avalanche and BNB Chain.
After that, ZKM said, it plans to make Ethereum a settlement layer for non-blockchain applications, offering its infrastructure to systems in cloud computing, artificial intelligence (AI) and Internet of Things (IoT).
Edited by Sheldon Reback.
https://www.coindesk.com/tech/2023/07/13/zero-knowledge-rollup-zkm-sets-out-to-make-ethereum-universal-settlement-layer/?utm_medium=referral&utm_source=rss&utm_campaign=headlines
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