Polkadot parachain Phala Network launches Ethereum layer-2 network

Phala Community, a parachain of Polkadot, has expanded its attain to the Ethereum blockchain by introducing a layer 2 rollup protocol designed to extend scalability and effectivity.

In line with a report from January 8 statement:

“Phala Community has taken a monumental step ahead in blockchain innovation by launching the first-ever Op-Succinct Layer 2 (L2) rollup on Ethereum. This transformative achievement is the results of a strategic partnership with Succinct Labs and Conduit.”

The layer 2 resolution integrates optimistic and zero-knowledge (ZK) proofs through the OP-Succinct know-how. This know-how extends the capabilities of OP rollups constructed on the OP Stack by embedding ZK proofs that guarantee quicker finality, decrease prices, and improved safety.

In the meantime, Phala’s transition to Ethereum aligns with its imaginative and prescient of delivering superior cryptographic computing methods. The community’s Trusted Execution Surroundings (TEE) know-how permits builders to implement safe good contracts, particularly in AI-powered decentralized apps.

Moreover, the package deal introduces Dstack options that simplify the transition from Web2 methods to blockchain-based Web3 setups. It additionally helps decentralized AI functions, equivalent to autonomous brokers, whereas strengthening blockchain safety by superior cryptographic layers.

Layer 2 networks are rising

Phala’s transfer displays rising curiosity in Ethereum layer 2 options.

Facts from L2beat highlights a pointy enhance in rollups inside the Ethereum ecosystem, with the sector experiencing fast enlargement over the previous 12 months. Throughout this era, main gamers equivalent to Kraken and Deutsche Financial institution have ventured into constructing layer 2 blockchains on Ethereum.

Nevertheless, this enhance within the variety of layer 2 networks is elevating neighborhood considerations about fragmented liquidity swimming pools and decreased market effectivity.

Nonetheless, proponents argue that niche-specific blockchains provide clear benefits. These chains can deal with focused use circumstances, optimize tech stacks, and foster devoted communities by governance and native tokens.

Moreover, the transaction charges and customized options on these platforms can create sustainable income streams for the group.

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