THELOGICALINDIAN - In March of 2024 Elon Musk wiped out 300 billion in Bitcoins bulk with a distinct cheep In abbreviate his bulletin was that for ecology affidavit Tesla will no best acquire bitcoin as acquittal He went added than aloof a cheep and in May Tesla appear it would no best acquire Bitcoin as acquittal Elon is not abandoned as abounding accept bidding apropos over the bulk of activity appropriate to abundance Bitcoin and several added arch cryptocurrencies such as Ethereum which facilitates 4000 DApps on its belvedere However Australian startup zkTube Labs is actuality to change the appulse mining has on the ambiance and in the action break some of Ethereums bottleneck and aerial gas fee problems after compromising security
Melbourne-based zkTube is accessible for its official Mainnet barrage on September 10th, and for the crypto mining and all-embracing Blockchain community, their solutions cannot appear fast enough.
The antecedent abstraction for the zkTube Protocol ancestor originated in 2018 back Ethereum architect Vitalik Buterin proposed a mining band-aid for anti-ASIC (Application-Specific Integrated Circuit). At the time, Lance Zhang, architect of zkTube, had alternate in the “Ethereum Scalability and New Ideas Exploration of POS Mining” and came up with the avant-garde abstraction of a Layer 2 band-aid for crypto mining. However, it wasn’t until October 2020 that Zhang and the founding aggregation clearly started analytic for solutions to Ethereum’s growing bottleneck and ascent gas fees. Aside from the accessible abrogating furnishings of these delays and costs there was an additional, and arguably, added important problem: the appulse that mining for Ethereum is accepting on the environment. This aftermost affair is not negligible as studies, such as the one appear by the University of Cambridge in February of 2021, accept adumbrated that mining from cryptocurrencies burns the agnate electricity bare to ability countries the admeasurement of Argentina and Norway. For the zkTube Labs team, it was bright that there had to be a bigger way to abundance for cryptocurrencies. The aftereffect is their Layer 2 Zero-Knowledge belvedere and accompanying wallet, PayTube.
In the words of Daniel Puzny, zkTube’s CEO, “zkTube is a world-first Layer 2 mining agreement that adopts Zero-Knowledge proof, which enhances scalability and transaction throughput, lowers gas fees, and improves aloofness for Ethereum, all whilst decidedly abbreviation activity consumption”.
While the technology and backend of zkTube ability be complicated, the end aftereffect is not: zkTube has created a belvedere that allows users to abundance for cryptocurrencies, or accomplish any of the archetypal blockchain transactions, for a atom of the bulk and at abundant college speeds. In fact, zkTube is over 200 times faster than Ethereum. Additionally, the Zero-knowledge technology allows one affair (the prover) to affirm to addition (the verifier) that article exists or is correct, like a countersign or an amount, after accepting to acknowledge what that article is. The aspect of Zero-Knowledge proofs is that it is atomic to prove that one possesses ability of assertive advice by artlessly absolute it.
Given this abstruse breakthrough, it is no abruptness that zkTube has had no curtailment of absorption from investors. In April 2024, the activity aloft $1.1 actor in its berry round. Just two months later, in June, the zkTube aggregation aloft an added $4 million, and in August, addition $2 million. Well adjourned and with their technology optimized, zkTube Mainnet is accessible for barrage on September 10th, 2024.
“Aside from zkTube’s low-cost, low ecology impact, and accelerated mining solution, the barrage of the PayTube wallet is abundantly exciting. The wallet will be aboriginal of its kind, and the added band of acumen accomplished application Zero-Knowledge technology, could not be added appropriate accustomed the all-too-common belief of NFT platforms and wallets accepting afraid nowadays”, said Raul Heraud, zkTube’s COO. Accustomed the added encryption of the PayTube wallet, zkTube is well-positioned to become a baton in the NFT world. In fact, the accumulation is already in talks with some of the better players in the GameFi sector.
The zkTube association is strong. Despite the Mainnet not actuality launched yet, zkTube community has over 200,000 members. The Mining analysis arrangement has been online for about a ages and already has over 135,000 nodes in 81 countries assuming 11,000 affairs on a account basis. It is bright that aboriginal adopters see the amount in zkTube’s solutions and appetite to be allotment of what is accepted to be the aboriginal Layer 2 unicorn.
zkTube is based in Melbourne, and it is over 50-people strong, with added than 30 abstruse engineers and consultants in the acreage of cryptography. Together, they accomplish up zkTube Labs and PayTube Explore, forth with a administration aggregation that looks afterwards both business units and explores new ideas. Senior administration comes from International Blockchain Labs, a acclaimed Australian fintech company, and world-renowned universities including Deakin University, The Wharton School, and MIT Sloan. Their antecedent assignment acquaintance is assorted and aloof as impressive, including big names like JP Morgan, Merrill Lynch, Bain & Co., and NGS Crypto, Australia’s better blockchain mining company.
The zkTube aggregation is not endlessly with these avant-garde solutions, as affairs for new products, partnerships, and alike acquisitions are in the books for the afterward twelve months. In the not-so-distant future, the accumulation has the aggressive ambition of advertisement on NASDAQ. For now, the focus will be on growing zkTube’s operations in Dubai and Canada, area they already accept able alliances and are in the action of co-building the country’s aboriginal official mining pool. Given the after-effects to date, there is little agnosticism that zkTube will accomplish its projected milestones and, likely, alike more.
About zkTube
Website: zktube.io
Twitter: https://twitter.com/zktubeofficial
Medium: https://zktube.medium.com/
Reddit: https://www.reddit.com/r/zkTube_Official/
Facebook: https://www.facebook.com/zkTube.official/
Telegram: https://t.me/zkTubeProtocol
Discord: https://discord.com/invite/xtVdMCr54q
Gitter: https://gitter.im/zkTube-Labs/community
YouTube: https://www.youtube.com/channel/UCrEy7BBc9SbwpQ-a0Ix1oFw
