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Ethereum’s zkSync Is Testing an Update for Lower Transaction Fees With Intent to Increase Developer Interest

A zero-knowledge rollup has been launched on the Ethereum testnet. This essentially means that the system can circumvent reliance on human operators as a means of validating transactions, and is a vital part of why the deployment of zkSync is considered a positive improvement in the eyes of developers.

ZK Rollups Are Now Live on the Ethereum Testnet and May Lead to Lower Fees

Through an official Twitter post made by zkSync, it was announcemed that zkSync 2.0 is now live on the public testnet. 

ZK Rollups, which are capable of general computation, is oftentimes considered to be the key to Ethereum’s endgame. 

In May 2021, developers laid out their vision for zkSync’s permissionless, Turing-complete rollup which allows the deployment of dApps in a low-fee, scalable Layer-2 environment.

Opera also recently integrated Ethereum Layer 2 as a means of bridging access to DeFi to millions of users.

While traders have been rapidly buying Ethereum throughout its recent decline, they are now being urged to hold, which could potentially lead to a spike in Ethereum’s price.

Source: Tradingview

On the Flipside

  • The rollup inherits the benefits of Ethereum’s security, decentralization, and network effects, all whilst adding additional functionality to expand design options for developers.

Why You Should Care

This update has the potential to bring new developers to the Ethereum ecosystem, which may in turn lead to the increased adoption of blockchain and the addition of various new decentralized applications (dApps). 

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    This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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    Author

    Milko Trajcevski has been in the crypto world for years, and as such has gathered both a skill for writing as well as a native prowess when it comes to understanding everything that occurs within that world. Through skilled writing and determination, he covers articles about cryptocurrency, tokens, blockchain, crypto-asset regulations, crypto wallets, exchanges, liquidity, DApps, forks, mining, security, and blockchain technologies. He is a professional with a track record of proven expertise within the crypto space.