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Vitalik: ZK-Rollup Will Beat Optimistic in Ethereum Scaling War
August 10, 2022
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Ethereum founder bets ZK-Rollup technology will surpass Optimistic Rollup in the competition for top layer-two scaling solutions on Ethereum.
Why ZK-Rollup?
At the ETH Seoul event, Vitalik Buterin emphasized that although Optimistic Rollups have a longer development process, the strong fundamentals of Zero-Knowledge Rollup (ZK-Rollup) technology will quickly make them the preferred scaling method for the Ethereum chain.
Optimistic Rollup and ZK-Rollup are the most popular layer-two (L2) solutions right now. Both are designed to scale Ethereum by incorporating off-chain computation while preserving the security of the main blockchain. However, they differ in their architectures.
The strength of ZK-Rollup is its cryptographic validity proofs eliminate waiting periods during which, on an Optimistic Rollup, the validity of a transaction might be challenged, enabling much faster transaction times.
“My opinion is that in the long run, ZK-Rollup will eventually beat Optimistic Rollup because they have basic advantages like users don't need to wait 7 days for a withdrawal,” Buterin said at the event.
However, he also admitted that ZK-Rollup tech is still incomplete and faces many challenges in the construction process.
“At the moment, ZK technology is complicated to build. There's a lot of mental challenge, especially in doing all this safely and ensuring it's all correct. We have actually started to see ZK-EVM implementations that are almost ready to scale with Ethereum transactions; that is amazing,” he said.
Indeed, the major weakness of ZK-Rollup is its low interoperability with the Ethereum Virtual Machine (EVM), making it difficult to run Decentralized Applications (dApps). But this may soon change because ZK-Rollup is making significant strides.
For example, ZK-Rollup L2 projects such as Scroll, zkSync, Polygon zkEVM, and BNB Chain ZkRollup are designed to be compatible with a range of smart contracts.
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Do Kwon Faces Extradition to the United States Over Terra Crypto Collapse
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December 7, 2023
The decision, yet to be officially announced, follows the US Securities and Exchange Commission's (SEC) charges against Kwon for alleged crypto asset securities fraud.
Montenegro's Justice Minister is reportedly inclined to extradite Do Kwon, the founder of Terraform Labs, to the United States, according to a recent report from The Wall Street Journal.
Do Kwon, a key figure in the Terra blockchain ecosystem, is wanted by the United States and South Korea for his alleged involvement in the downfall of Terra's digital assets.
The decision follows Kwon's arrest in Montenegro last March. The collapse, which occurred in May 2022, triggered a broader market downturn affecting major players in the cryptocurrency space.
Legal Maneuvers and Extradition Talks
Kwon, who initially agreed to be extradited to South Korea, now faces the possibility of extradition to the United States. Montenegro's Justice Minister has privately communicated the decision to send Kwon to the US to answer charges related to financial crimes.
The specific charges include commodities fraud, securities fraud, wire fraud, and conspiracy to defraud and engage in market manipulation during Kwon's tenure at Terra.
Despite Kwon's earlier agreement for extradition to South Korea, the final decision rests with Justice Minister Milovic. The minister may await the outcome of a potential last-ditch appeal by Kwon against the court ruling.
Milovic emphasized that the decision would be made public "in a timely manner," leaving room for speculation on the intricate legal proceedings.
SEC Charges and Market Impact
The United States Securities and Exchange Commission (SEC) had previously charged Kwon with defrauding investors in crypto schemes in February. The legal action marked a pivotal moment, linking Kwon to allegations of orchestrating a multibillion-dollar crypto asset securities fraud.
In May 2022, Terraform Labs' collapse had a significant impact on the broader cryptocurrency market, impacting major platforms like Voyager Digital, BlockFi, Celsius Network, and FTX.
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Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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