Ethereum Scaling Solution ZkSync Raises $50M

THELOGICALINDIAN - Matter Labs has aloft 50 actor to accomplish selfsovereign accord in the agenda abridgement affordable to everyone

Matter Labs, the aggregation developing Ethereum Layer 2 ascent band-aid zkSync, has aloft $50 actor in a Series B allotment annular led by acclaimed adventure basic close Andreessen Horowitz.

Matter Labs Closes $50 Million Raise

zkSync developer Matter Labs has anchored an added $50 actor in its additional allotment round.

The Series B allotment annular was led by acclaimed adventure basic close Andreessen Horowitz with accord from absolute investors, including Dragonfly, Placeholder, and 1kx. Additional cardinal investors included Blockchain.com, Crypto.com, Consensys, ByBit, OKex, Alchemy, Covalent, and others.

According to the Monday announcement by Matter Labs, the aggregation will use the anew aloft funds to aggrandize its accurate and engineering teams and accounts its business growth. In the columnist absolution discussing the raise, COO of Matter Labs Zoé Gadsden said:

“Until recently, we accept been focused about alone on abstruse innovation. Now it’s time to put a analogously concerted accomplishment into extensive users and developers, which will crave ascent our business development and business efforts and architecture out our association and ecosystem.”

Matter Labs was the aboriginal aggregation to barrage a accessible ZK Rollup ancestor in 2019 and a avant-garde of Zero-Knowledge Proof technology on Ethereum. The aggregation is currently developing an Ethereum ascent and aloofness agent alleged zkSync, congenital on a ZK Rollup architecture. ZK Rollup is a Layer 2 ascent band-aid that holds all the funds in a acute arrangement on the Etheruem mainchain while assuming all the ciphering and accumulator off-chain.

The aberration amid zero-knowledge-based rollups and Optimistic rollups, like the ones currently deployed on Ethereum by Arbitrum and Optimism, is that the above run ciphering off-chain and abide authority proofs to the mainchain, while the closing accept affairs are accurate by absence and alone run computation, via fraud-proofs, in the accident of a dispute.

In simpler terms, ascent solutions based on ZK rollups are faster and beneath accessible to specific bread-and-butter attacks but are additionally (in best cases) bound alone to simple transactions. On the added hand, Optimistic rollups accept slower transaction adjustment certitude but can assassinate acute arrangement transactions.

Expounding on the zkSync ascent technology, assistant of Computer Science at Stanford Dan Boneh said:

“zkSync will accredit Ethereum affairs at a abundant college amount and lower gas fees than mainnet. The algebraic acclimated by Matter Labs is absolutely absolutely beautiful, and it is arresting to see this advancing to accomplishment at a massive calibration so soon.”

By adopting the ZK Rollup architecture, zkSync is able to absolutely accede Ethereum’s baselayer aegis after relying on trusted validators, bridges, or watchers. Instead, it relies alone on authentic cryptography.

Additionally, Matter Labs is currently alive on a zkSync v2 which will abutment EVM-compatible, composable acute contracts. The abiding goal, according to Matter Labs CEO and co-founder Alex Gluchowski, is to accomplish “self-sovereign accord in the agenda economy—that is, advancement accurate ascendancy over one’s agenda assets—affordable for anyone in the world.”