ConsenSys’ zkEVM Test Network Processes Thousands of Transactions Daily

02/24/2023 02:05 • Blockchain Buzz • 148 views

On February 24, ConsenSys said that its closed beta version of zkEVM test network has executed 300000 transactions and currently processes more than 50000 transactions every day.

ConsenSys zkEVM closed beta has executed 300000 transactions

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ConsenSys, a blockchain software technology company, announced on February 24 that its closed beta version of zkEVM test network had executed 300,000 transactions, and it currently processes more than 50,000 transactions daily. The news highlights the potential capabilities of the zkEVM test network.

The zkEVM, known as a zero-knowledge execution environment, is a privacy-preserving protocol that can process smart contracts with higher speed than the Ethereum blockchain network. The zkEVM achieves this by using a layer-two scaling solution that utilizes zero-knowledge proofs to keep the smart contract’s data private while enabling it to operate faster.

According to ConsenSys, the zkEVM test network has been developed to enable enterprises to experiment and test their Ethereum smart contract-based applications before deploying them on the Ethereum mainnet. The closed beta version, which was launched in December 2020, has been received positively, and ConsenSys plans to launch zkEVM on the Ethereum mainnet in the near future.

The zkEVM has significant implications for the DeFi sector as it aims to address scalability issues that have plagued the Ethereum blockchain network. With its privacy-preserving protocol, the zkEVM can offer solutions for transactions that require anonymity and privacy. Additionally, smart contract developers can optimize their codes to ensure that their contracts remain fast and efficient.

The zkEVM test network’s impressive transaction volumes indicate that ConsenSys is gradually making progress in developing a network that could serve as a viable alternative to existing blockchain networks. In recent months, ConsenSys has gained prominence, especially after acquiring Quorum, JPMorgan’s blockchain platform. The acquisition has enabled ConsenSys to expand its reach further and explore potential opportunities that may arise from the integration of Quorum’s features.

In conclusion, the zkEVM test network’s execution capabilities and significant transaction volumes indicate that ConsenSys could be on the verge of developing a blockchain network that addresses the scalability, speed, and privacy issues prevalent in the DeFi sector. With its potential to enhance and optimize existing Ethereum smart contracts, the zkEVM test network is a project worth monitoring closely.

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ConsenSys’ zkEVM Test Network Processes Thousands of Transactions Daily

ConsenSys zkEVM closed beta has executed 300000 transactions

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