As a seasoned crypto investor with a keen interest in blockchain social networks, I’m excited about Lens Network’s upcoming migration to zkSync’s ZK Stack hyperchains. Having witnessed the limitations of current on-chain social networks in terms of scalability and user experience, this move could be a game-changer for mass adoption.
Lens Network, an infrastructure for building social networks on the blockchain, is planning a major transition to zkSync’s ZK Stack hyperchains. This move aims to boost both scalability and user experience when it comes to social networking applications on the decentralized platform.
Lens Network’s Transition to zkSync
On May 14, it was revealed that Lens Network intends to construct a hybrid validium and volition Layer 2 solution using zkSync’s ZK Stack infrastructure by Matter Labs. This approach is specifically designed to handle the significant transaction volume of popular consumer applications while keeping fees low. Furthermore, Lens Network will incorporate account abstraction into their system, allowing for gasless and signless transactions, thereby streamlining the user onboarding process.
Scalability and User Experience
The group at Matter Labs, which develops zkSync, pointed out the prospective advantages of Lens Network in surmounting blockchain scaling challenges. Through a user-friendly interface reminiscent of social media, Lens Network has the power to boost widespread acceptance of web3 technologies.
The revised Lens Network will act as a primary platform for the refined Lens Protocol, accommodating seamless connections with both Ethereum Virtual Machine (EVM) and non-EVM compatible blockchains. As a result, developers can construct social applications using Lens, thereby broadening the scope and capabilities of the Lens Network.
Modular ZK Stack Framework
Alex Gluchowski, CEO of Matter Labs, highlighted the advantages of ZK Stack framework, which is being used by Lens Network. This modular and open-source solution is built upon the zkSync Era codebase, enabling Lens to achieve horizontal scaling. Gluchowski pointed out that this framework facilitates effortless expansion by connecting various Lens chains as required via zk bridges.
He said,
As a crypto investor, I can tell you that adding one billion users to a blockchain like Ethereum won’t compromise its verifiability. Every transaction made by those new users, in addition to the existing millions and billions, will be meticulously verified by each Ethereum validator. This is the remarkable power of zero-knowledge proofs (zk).
Three-Phase Rollout
As a researcher studying the blockchain industry, I can explain that Avara, the umbrella organization behind Lens and Aave, will manage the permissionless deployment of Lens Network in three distinct stages. The initial phase will involve the debut of a validium, which utilizes Zero-Knowledge (ZK) compression technology to maintain data accessibility. Validiums contrast with rollups as they disseminate data off-chain to decrease transaction costs and enhance throughput.
The new Lens Network on Polygon‘s Proof-of-Stake chain is predicted to be released as a testnet version later this year, but currently, the functional Lens network has been active since May 2022.
Avara CEO Speaks
Stani Kulechov, the CEO of Avara, emphasized the vast opportunities outside of financial applications for cryptocurrencies. Specifically, he pointed towards use cases like identity verification and enhancing online social interactions. Regarding the transition process, no specific financial details were shared, but Kulechov remained optimistic about users joining naturally.
He said,
As a researcher exploring the concept of capital, I’ve come across an intriguing observation. While it’s true that some individuals possess substantial financial resources, every single person on this planet holds a unique form of capital: social capital. This social capital is not just about our material possessions or wealth, but rather the content we create, the relationships we build, and the identities we project as we interact with others.
Users should consider transitioning to the Lens Network fork once it’s accessible, as he recommended this option instead.
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2024-05-15 17:06