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The Zero Knowledge Ethereum Virtual Machine is seen as the holy grail of scaling solutions. It would allow us to compute transactions on separate systems and confirm their validity using a fraction of the computational power.
Zero-knowledge technology is relatively new, at least in its application within blockchain networks. There is an ongoing attempt by the Ethereum Foundation's privacy and scaling explorations team to develop zero-knowledge circuits, which can prove EVM bytecode. In the past six months, several ZK layer 2 solutions have been released into production. These are not finished products and have some “training wheels” attached which translates directly to centralization. A colleague that works at one of the layer 2 companies told me that the ZK circuits used in all the zkEVM rollups are derived or forked from the Privacy & Scaling team’s code base. There’s a lot of code and there will likely be bugs but at some point this technology will mature enough to have its training wheels removed. Once the product is proven in production via 3rd parties Ethereum may start work on enshrined rollups which could be three to five years away.
As I understand it, the end goal will be a network of enshrined layer two rollups constituting the Ethereum network. The layer one that we use today will become a chain of proofs and legacy transactions. Imagine a distributed network of nodes all running different software or clients. Perhaps 50 to 100 layer two networks, which have communication channels between themselves and the layer one mainnet. This would allow users to transfer assets and carry out transactions seamlessly between them. This wouldn't be via bridge like we use today, but directly from within smart contracts themselves. Perhaps there could be some kind of routing protocol, or we could simply append a chain ID to a contract address when setting up an interface. Data could flow freely between chains while significantly scaling the computational requirements of the Ethereum network. Research Posts
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Bitcoin is grinding up as it has most of the year. All eyes are on ETH/BTC in danger of breaking down but any move above 0.62 would be a change of market structure and I could see significant upside and would possibly be followed by an altcoin rally. My long-term thesis is pro flippening so I think it’s only a matter of time before this downtrend reverses and sooner is more likely than later. Will be watching closely as there could be significant opportunity in low cap alts when it does shift. Overly simplified market dynamics for dummies: Altcoins follow Ethereum, Ethereum follows Bitcoin, Bitcoin follows Nadaq, Nasdaq follows the Fed, Fed follows inflation
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