Taiko markets itself as a Type 1 ZK-EVM that is architecturally compatible with Ethereum to the greatest extent possible, therefore serving as an Ethereum-equivalent.
Taiko, an Ethereum-based rollup, has finally made it onto the mainnet after seven testnet iterations and a year of work.
Vitalik Buterin, co-founder of Ethereum, suggested the first block, which included metadata with the identities of everyone who contributed to Taiko’s core.
In order to sequence transactions, Taiko uses Ethereum’s block validators as a foundation, taking use of Ethereum’s liveness and security guarantees. Using a multisig arrangement to regulate Ethereum’s rollup protocol contracts is the first step in Taiko’s long-term aim to switch to requiring half of blocks to employ zero-knowledge (ZK) proofs.
A type-1 zero-knowledge virtual machine designed to mimic Ethereum’s fundamental architecture is included into the project. A design that allows for the submission and contestation of proofs promotes protocol security.
Co-founder and CEO of Taiko, Daniel Wang, expresses his excitement at finally delivering what they consider to be the most secure technology to grow Ethereum.
A few weeks after the mainnet launch, the project will offer a token with plans to begin an incentive scheme that will reward community members for completing tasks and interacting with the project. The community was given 5% of the 5 billion tokens that were scheduled to be distributed in an airdrop before the mainnet debut. Also planned for release by year’s end is a decentralized autonomous organization (DAO) with a governance mechanism to upgrade its systems in stages.
Taiko has said that it would spend up to two weeks establishing controls for block proposals and proofing in order to guarantee network reliability after the mainnet launch. All users will be able to operate nodes and do other necessary duties after the processes are decentralized and permissionless, depending on the development.
Sequia China led Taiko’s seed fundraising in Q3 2022 and Generative Ventures led its $12 million pre-Series A round, for a total of $37 million. On March 2 of this year, it completed its Series A investment round with the support of Lightspeed Faction, Hashed, Generative Ventures, and Token Bay Capital. Other participants were Wintermute Ventures, Presto Labs, Flow Traders, Amber Group, OKX Ventures, GSR, and WW Ventures.
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