Taiko Launches First Based Rollup on Ethereum Mainnet

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As a seasoned crypto investor with a keen interest in Ethereum scaling solutions, I’m thrilled to witness the long-awaited deployment of Taiko on Ethereum mainnet. With two years of rigorous development and extensive testing, it’s an accomplishment worth celebrating.

Since its inception in 2022, Taiko – an Ethereum-native rollup protocol – has undergone rigorous testing through seven successive test networks. Now, it’s officially live on the Ethereum mainnet to facilitate scaling.

As a dedicated researcher in the Taiko community, I am thrilled to share with you all an exciting development: after two long years of meticulous work, the Taiko protocol has finally been deployed on Ethereum’s mainnet! 🥳

— Taiko 🥁 (@taikoxyz) May 27, 2024

Vitalik Buterin, the co-founder of Ethereum, initiated the creation of the first block in recognition of this significant achievement, including the names of all Taiko project core members within it.

As a researcher studying decentralized finance (DeFi), I can explain that Taiko operates as a roll-up solution on the Ethereum blockchain. In simpler terms, it builds upon the existing infrastructure by leveraging the Ethereum network’s validators to sequence transactions and securely validate them. By doing so, Taiko takes advantage of the security and liveness guarantees provided by Ethereum, making it an effective and efficient way to process a large volume of transactions while maintaining the benefits of the underlying layer.

Initially, Taiko’s rollup protocol contracts on Ethereum are managed through a multisignature setup. For long-term scalability and security, the protocol starts off mandating Proof of Authority (PoA) from SGX, with intentions to eventually transition to requiring half of the blocks to use Zero-Knowledge (ZK) proofs.

Vitalik expressed his enthusiasm for Taiko’s debut as a base rollup on Ethereum. It’s advantageous for Ethereum when L2 (Layer 2) solutions adopt various strategies, and Taiko’s decision to be among the pioneers in this approach is commendable.

Daniel Wang, a co-founder of Taiko Labs, expresses his excitement about the deployment of Taiko on the Ethereum mainnet following over two years of rigorous development and trials. He believes that Taiko presents a unique rollup design, ensuring greater security and efficiency as an effective scaling solution for Ethereum.

As a researcher exploring the intricacies of Taiko, I’d describe it as follows: I discovered that Taiko is equipped with a type-1 zero-knowledge virtual machine, which mirrors Ethereum’s architecture. Additionally, it boasts a multi-proof system, allowing for the submission and contestation of multiple proofs. This innovative feature enhances security by introducing an extra layer of verification and validation.

Approximately four weeks following the mainnet’s official release, Taiko is expected to unveil its token. To foster greater involvement among its user base, Taiko plans to debut Trailblazers – an incentive scheme that bestows points on participants in recognition of their completion of assignments and network engagement.

Following two weeks of rigorous stability testing, Taiko will assume responsibility for block proposition and verification. Subsequently, it will transition into a decentralized, permissionless system. The team highlighted that anyone can now participate in node operation, a crucial aspect that Taiko emphasizes as being equally significant as proposing and proving.

According to Wang’s assessment, Taiko has consistently prioritized security. As is the case with any new software release, particularly a blockchain, there will likely be instability. In order to safeguard all parties involved, we prefer to ensure the network’s stability before granting access to everyone. This approach benefits everyone in the long run.

Taiko has received $37 million in two waves since its founding in 2022.

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2024-05-27 17:56