Bittime - Telos Foundation announced a partnership with research and development company, Ponos Technology, to develop ahardware-accelerated Layer 2 Ethereum network. The network will incorporate the decentralized recursive proof aggregator SNARKtor developed by Telos.
Partnership Objectives
The partnership aims to improve Ethereum's scalability and efficiency, enabling faster and cheaper transactions. ZK-EVM (Zero-Knowledge Ethereum Virtual Machine) is a technology that allows Ethereum transactions to be processed outside the main blockchain, then re-verified with lightweight cryptographic proofs. This can significantly reduce transaction costs and increase network throughput.
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What is Telos?
Telos is a blockchain platform designed for high performance. The platform uses a unique Proof-of-Stake (PoS) consensus engine called Telos EVM (Telos Virtual Machine) which enables high scalability and fast finality of transactions. Telos is also compatible with Ethereum smart contracts, so developers can easily migrate their dApps to the Telos platform.
What is Ponos Technology?
Ponos Technology is a company focused on developing hardware solutions for blockchain. This company has expertise in ASIC (Application-Specific Integrated Circuit) chip design and manufacturing that can speed up the ZK-EVM verification process.
Also Read: What is the Ethereum Virtual Machine (EVM)?
Collaboration with Other Partners
Apart from Ponos Technology, Telos will also collaborate with other partners in this project, including:
- Digital MOB: Ethereum development team experienced in building Layer-2 scalability solutions.
- ATKA: Web3 incubator focused on developing innovative blockchain projects.
- Cometh: Development team led by ETH France Chairman Jerome De Tychey.
Also Read: Layer 1 vs Layer 2 Blockchain, What's the Difference?
Telos Commitment to Scalability
This partnership is part of the Telos Foundation's commitment to increasing the scalability and adoption of Ethereum. Telos believes that ZkEVM has the potential to revolutionize how Ethereum works and open up new opportunities for decentralized applications (dApps).
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The Future of Ethereum
Ethereum is the world's most popular blockchain platform, but is currently facing scalability issues. ZK-EVM technology has the potential to address these issues and enable Ethereum to serve more users and applications. The Telos Foundation is committed to working with the Ethereum community to develop innovative scalability solutions and drive widespread blockchain adoption.
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Also Read:
What is Telos (TLOS)? Blockchain for Scalability and Speed
Ethereum: Towards a New Future with Layer-2 and Ethereum 2.0
The Future of Ethereum Layer 2: Towards a $1 Trillion Market Cap by 2030
DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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