The blockchain project Polygon has announced the launch of the zkEVM public testnet, a layer two (L2) scaling solution announced in July that aims to reduce fees and inherit the security of the Ethereum blockchain. Polygon considers the testnet “the first open-source zkEVM network,” and developers are encouraging people to join the testnet, report bugs, and explore the code hosted on Github.
Polygon Releases zkEVM Test Network
On Monday, Polygon announced the project’s zkEVM testnet is live and the project’s team is inviting users to help them “battle-test” and speed up the process toward mainnet. Polygon’s zkEVM is a zk-rollup solution with Ethereum Virtual Machine (EVM) compatibility and the project is built to bolster scalability. The project summary hosted on Github notes that zkEVM “consists on a decentralized Ethereum Layer 2 scalability solution utilising cryptographic zero-knowledge technology to provide validation and fast finality of off-chain transaction computations.”
In addition to inviting users to test the project, the decentralized finance (defi) platforms Uniswap and Aave will be joining in on the zkEVM testing network, alongside the gaming studio Midnight Society and the social media platform Lens. “Using zero-knowledge (ZK) tech to scale the Ethereum Virtual Machine (EVM) is a big challenge,” Polygon said on Monday. “We want to keep what we love about Ethereum while harnessing the power of ZK proofs. Today, we take another big step towards scaling that doesn’t sacrifice EVM equivalence.”
The zkEVM testnet comes at a time when there’s a myriad of L2 projects advancing toward scaling Ethereum and a number of them leverage ZK technology. L2 projects like Loopring, Zksync, Arbitrum, Boba, Aztec, Immutable X, and Optimism aim to provide better scalability, faster transactions, and reduced fees. Alongside ZK technology, some L2 projects use optimistic rollups, while others leverage validium. The difference between the other L2s and zkEVM is the project’s EVM compatibility equivalence.
“EVM-equivalence is a spectrum, and the testnet version of Polygon zkEVM is not yet everything we want it to become,” the team’s blog post notes. “Vitalik’s framework currently puts our zkEVM in the ‘Type 3’ category of protocols, which are ‘almost EVM-equivalent, but make a few sacrifices to exact equivalence to further improve prover times and make the EVM easier to develop.’ Our goal is to become a Type 2, meaning Polygon zkEVM will eventually ‘look exactly like Ethereum ‘from within.’” The blog post adds:
The testnet will help us accelerate toward Type 2 compatibility.
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Source: Technology Archives – Bitcoin News
Report: Nigerian Securities Regulator to Exclude Crypto in its Digital Asset Agenda
According to Lamido Yuguda, the director general of the Nigerian Securities and Exchange Commission, the regulator does not plan on including cryptocurrencies in its digital asset agenda. Yuguda reportedly said the commission will only change its stance on cryptos when Nigerian regulators agree on the standards to protect digital asset investors. Commission to Promote ‘Sensible […]
According to Lamido Yuguda, the director general of the Nigerian Securities and Exchange Commission, the regulator does not plan on including cryptocurrencies in its digital asset agenda. Yuguda reportedly said the commission will only change its stance on cryptos when Nigerian regulators agree on the standards to protect digital asset investors.
Commission to Promote ‘Sensible Digital Assets’
The Nigerian Securities and Exchange Commission (NSEC) said it will only include cryptocurrencies in its digital assets agenda when regulators finally agree on the standards to protect investors. The commission added that cryptocurrencies are currently excluded because the exchange platforms where such digital assets are traded are operating outside of the Nigerian banking system.
According to a Bloomberg report, the NSEC is keen on promoting what the institution’s director general Lamido Yuguda calls “sensible digital assets.” Yuguda explained:
The commission is in the business of protecting investors, not in the business of speculation.
In addition to promoting safer digital assets, the commission reportedly said it will explore blockchain’s use in advancing virtual and traditional investment products.
In May, the NSEC unveiled new rules governing the issuing of digital assets as well as the registration requirements for platforms that offer digital assets. At the time, some in the Nigerian crypto community believed the new rules applied to cryptocurrencies. While Yuguda admitted that cryptos are presently excluded, he did not rule out including them in the future.
“Any asset that is traded in the Nigerian capital market requires the joint approach of different regulators,” the director-general reportedly said.
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Source: Regulation Archives – Bitcoin News