The zero-knowledge rollup ZKM was published by the MetisDAO Foundation incubation and says it plans to make Ethereum a “universal payments layer for all blockchain and non-blockchain applications.”
With funding from the foundation that oversees the development of Metis, a layer-2 Ethereum protocol, ZKM is using a hybrid approach that combines optimistic rollups and zero-knowledge rollups into one, according to an email announcement Thursday. It is said to be under development. Rollups are a way to bundle transactions to increase throughput and reduce transaction costs.
The system is scheduled to start operating on the Ethereum testnet in January next year.
Metis will be the first network to use hybrid rollup of ZKM, which allows layer 1 chains to implement instant forwarding from layer 2.
“From a user experience perspective, all users of the Metis ecosystem will benefit from instant and unlimited asset transfers,” ZKM told CoinDesk in a statement.
ZKM aims to improve existing Layer 2 networks such as Metis and Optimism with the goal of making rollups compatible with other Layer 1s such as Solana, Avalanche, and BNB Chain. said.
ZKM then said it plans to make Ethereum a payment layer for non-blockchain applications and provide its infrastructure for cloud computing, artificial intelligence (AI), and Internet of Things (IoT) systems.
Edited by Sheldon Riback.
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
