Blockchain technology has been gaining widespread attention over the last few years, with many companies seeking to develop innovative solutions that leverage its capabilities. WEMIX, a leading developer of blockchain-based ecosystems, today announced its latest offering – WEMIX Kanvas. This next-gen Ethereum Layer 2 is based on EVM-Equivalent ZK Rollup and is set to be a key component of the mega blockchain ecosystem that WEMIX is committed to building.
According to Shane Kim, CEO of WEMIX, “WEMIX Kanvas will expand WEMIX to Ethereum which has the world’s largest blockchain ecosystem and help contribute to solving Ethereum’s scaling issue.”
To achieve this, the deployment of WEMIX Kanvas will use a two-phase process, starting with an Optimistic Rollup with ZK Fault Proof before evolving to the EVM-Equivalent ZK Rollup.
The Testnet of WEMIX Kanvas will first launch using Optimistic Rollup, one of the two major methods with proven utility, before further improvement by incorporating zkEVM Fault Proof in the Optimistic Rollup phase.
This sets the foundation to bypass the limitations and technical difficulties inherent in universal purpose ZK Rollups in their current state, for a seamless completion of phase one.
WEMIX Kanvas is designed to offer a variety of benefits to developers, including lower transaction fees, faster withdrawals from Ethereum, and seamless onboarding.
The Rollup method compresses transactions and posts them to L1, thereby lowering transaction fees.
dApps which previously had difficulty using the Ethereum blockchain due to high gas fees can now participate in the Ethereum ecosystem utilizing WEMIX Kanvas. In addition, the use of zkEVM for ZK Rollup ensures fast finality with fast proof generation, solving the problems of slow withdrawals.
Furthermore, WEMIX Kanvas is designed to enhance the interconnectivity of L2 with the broader WEMIX ecosystem.
It serves as a bridge that connects all the components of the mega ecosystem, with the WEMIX coin being the governance coin of both WEMIX Kanvas and WEMIX 3.0. This means that dApps on WEMIX 3.0 and services that have been successfully running on WEMIX, like KLEVA, and those under development, can easily migrate and build interconnectivity with dApps that are already on WEMIX Kanvas.
WEMIX plans to deploy the project starting with the launch of the testnet for its Optimistic Rollup with ZK Fault Proof in Q2 2023.
The transition to EVM-equivalent ZK Rollup is expected to be completed shortly thereafter, bringing with it a range of benefits that will be well received by developers and users alike.
The launch of WEMIX Kanvas is a significant step forward for WEMIX as it seeks to build a larger, more interconnected blockchain ecosystem that can support a wide range of use cases.
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