Vitalik Buterin, one of the co-founders of Ethereum, has put forward the initial block for the L2 rollup project called Taiko, which will help prepare it for its launch on the mainnet. Buterin praised Taiko’s unique approach of utilizing based rollups.
In his message within the block, Buterin emphasized that Taiko, established in 2022, implements based rollups to enhance scalability by eliminating the need for additional consensus mechanisms and reducing network congestion on the Ethereum platform. These rollups leverage Ethereum’s core infrastructure to simplify and secure the blockchain, thereby reducing complexities.
Buterin has shown his support for Taiko by endorsing its use of Zero-Knowledge Proofs (ZKPs) to improve scalability. The project primarily focuses on achieving EVM-equivalence at the operational code level and aims to enhance compatibility between smart contracts, decentralized apps (Dapps), and the overall Ethereum ecosystem. By utilizing ZK proofs, Taiko addresses the limitations within the Ethereum Network.
In January, Buterin sparked a debate on L2 chain definitions when he responded to Daniel Wang, the founder of Taiko, regarding the distinction between rollups and Validiums. Buterin stated that the crucial aspect of a rollup is its security guarantee, which can only be achieved if the rollup’s data availability (DA) systems are independent of external systems.
Interestingly, Taiko utilizes Ethereum’s validators to sequence transactions, as it adopts based rollups. Its focus on scalability aims to improve speed by utilizing type 1 ZK-rollups, which do not make any changes to the Ethereum system and maintain the same hash function, transaction tree, state tree, and other transaction methods.
In other crypto news today, there is speculation about whether the price of Ethereum (ETH) will find a new bottom following the approval of an ETF.