Taiko Network, a scaling solution on Ethereum, recently raised $ 22 million, including a very “” name like Sequoia. Vitalik has also mentioned the project many times in his personal blog.
So what’s so special about Project Taiko? Read the article below with CryptoChill.news!
What is Taiko ZkEVM?
Taiko is a decentralized zk-Rollup Layer 2 compatible with the Ethereum virtual machine (EVM). The project is currently building towards zk-EVM Type 1 (which has the highest compatibility with Ethereum). While Type 2+ projects mostly have to make trade-offs between EVM compatibility and proof-of-concept costs, Taiko, a Type 1 protocol, does not change the Ethereum architecture, including hashrate, gas fees, etc.
Outstanding features of the project
- Fully compatible with Ethereum:
Normally, when using EVM-compatible protocols such as zk-Rollups, developers need to modify the hashrate or gas fee, which will affect the smart contract and reduce the security of the original Ethereum chain. With Taiko Type 1, the priority is full compatibility, so it inherits all the structures from this blockchain.
The protocol’s platform is designed to make it easy for developers to deploy smart contracts on the Ethereum network while taking advantage of the scalability benefits of ZK-Rollups.
Full compatibility also makes it possible for the project to be constantly updated based on Ethereum.
- Decentralized: Taiko is a decentralized project and operates without the publisher’s permission, ensuring transparency and security.
- Open-source: Taiko is completely open-source, and users can view all the code on the project’s GitHub.
How does the project work?
- Block proposal: helps execute the proposed block to L1 and perform verification.
- Block verification: proof is sent to verify the validity of that block. Those proofs will be sent back to their parent block.
- Bridge: a set of smart contracts and dApps that allow users to send ETH and ERC-20 testnet tokens between Sepolia and Taiko. This bridge is based on Taiko’s core protocol.
- Taiko nodes consist of two parts: taiko-geth and taiko-client, which play the role of conducting transactions based on EVM.
Similar projects
Some projects with similarities with Taiko EVM include Polygon zkEVM, Scroll, Starknet, NeonEVM, etc.
Token Overview
Currently, the project has not yet launched a token.
Taiko’s Storage and Exchange Wallets
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Roadmap
The project has now entered the Alpha-3 Testnet segment, with the following highlights described to be implemented:
- Design and implement a new protocol economy that includes a fee-reward model.
- Proponents and provers do not need permission.
- Start the foundation of Layer 3. The L3 Taiko will be deployed in a few weeks.
- Check the Bridge using the Merkle Proof for verification.
Project Team
- Daniel Wang (Co-Founder, CEO): Daniel graduated with a master’s degree in Business Administration from the University of Minnesota. He has long experience in the Crypto and technical industries, including four years as the Founder of Loopering Foundation.
- Matthew Finestone (Co-Founder): As the co-founder of Taiko, Matthew Finestone also worked at Loopering for 3 years as the Head of Business.
- Brecht Devos (CTO) and Terence Lam (CSO) also have experience at Loopering working on blockchain developer management ZK technology.
Investors and partners
Investors
Taiko had an initial funding round in April 2004, with Skyland Venture as the only investor. However, the amount has not been disclosed.
By June 8, 2006, the project had successfully raised $2023 million from various investment funds, with Sequoia Capital China and Generative Ventures leading the way.
Partner
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Contact
Website: https://taiko.xyz/
Twitter: https://twitter.com/taikoxyz
Discord: https://discord.com/invite/taikoxyz
Summing up
Through the above article, CryptoChill has helped you know about Pendle Finance and the highlights of the project.
Disclaimer: This post is not investment advice. You will be 100% responsible for your investment decisions.
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