Bittime - Morph is a new Layer 2 solution built on the Ethereum network. Morph has an ambitious mission, namely to build a decentralized application ecosystem (dApps) that focuses on value-driven. So, what is Morph? Keep reading this article!
By moving real-world applications to the blockchain, Morph seeks to bridge the gap between Web3 and Web2. They offer a scalable and user-friendly Layer 2 solution, making the everyday experience smoother and more efficient.
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What is Morph Protocol Architecture?
The Morph protocol architecture consists of a decentralized sequencer network module, modular transaction execution, and an innovative verification method called “responsive validity proof”. Let's discuss these important components one by one:
Modularity
The term modularity refers to an architectural design where Layer 1 of the blockchain can be divided into four modules. Among them are consensus, execution, data availability, and settlement. Layer 2 can also be divided into several modules.
Morph itself has three important modules that work together to ensure smooth operation. The first module is the Network Sequencer which handles consensus and transaction execution.
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The second module is Optimistic zkEVM which focuses on transaction settlement. Finally, there is the Rollup module which is responsible for data availability. Morph's rollup strategy maximizes efficiency by packaging multiple transactions into batches and batches into blocks.
In addition, Morph uses zk-proof technology to compress block contents, so that data storage costs at Layer 1 become more economical.
Decentralized Sequencer Network
In traditional Layer 1, miners (proof-of-work) or validator nodes (proof-of-stake) play a role in packaging and processing transactions. However, many current Layer 2 designs use a single, centralized role, the Sequencer, to package and sequence all Layer 2 transactions.
This sequencer is responsible not only for sequencing, but also for generating L2 blocks, periodically committing L2 transactions and state changes to Layer 1, as well as resolving potential challenges with transaction submissions.
This centralized Sequencer system raises concerns because it has the potential to become a single point of failure, as well as the risk of manipulation of transaction costs (MEV monopoly).
Morph overcomes this weakness by emphasizing from the start the creation of a decentralized network of sequencers. Their architectural designs focus on increasing efficiency and reducing costs.
Thus, Morph ensures fast transaction execution and confirmation at Layer 2 while still promoting decentralization. In addition, Morph prioritizes the principles of network scalability and ease of management. Their sequencer network design is easy to maintain, extend, and update.
Responsive Validity Proof
The Optimistic Rollup project uses fraud proof mechanisms which are divided into two categories: non-interactive and interactive. Non-interactive fraud proof requires Layer 1 to re-execute all related transactions if any party raises an objection.
This of course costs a lot of gas. Meanwhile, interactive fraud proofs address this problem by introducing multiple rounds of interactions between the Sequencer and the objector.
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However, this approach has the disadvantage of more complex logic and a longer objection filing period.
Morph offers an innovative solution called “responsive validity proof”. This method combines Optimistic Rollup with Validity Proof and utilizes ZK-Proof to verify the accuracy of transaction status.
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The advantage of responsive validity proof is a shorter objection filing period (1-3 days compared to 7 days for other methods) and much lower filing fees.
In addition, the party raising the objection does not need to validate the entire transaction, but only needs to identify potential fraud and trigger the verification process by the Sequencer.
Project Roadmap and Funding Background
Morph has a clear roadmap with a division into four phases per quarter in 2024. Currently, their project is underway in the second phase, namely the launch of the Holesky testnet and integration with EIP-4844 and zkEVM . The mainnet launch is targeted in the third quarter.
Morph Funding
Morph managed to raise seed round of $19 million. The funding was led by Dragonfly Capital, Pantera Capital, Foresight Ventures, The Spartan Group, MEXC Ventures, Symbolic Capital, Public Works, MH Ventures, and Everyrealm.
They also received seed funding (angel round) of $1 million from the founders of projects such as Polygon, Manta, Galxe, Sei, Nansen, Story Protocol, and KOLs such as Icebergy, MoonOverlord, NaniXBT, and Dingaling.
This funding will be used to accelerate team development, increase developer incentives, expand marketing, and strengthen the project infrastructure.
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Conclusion
Morph is present as an innovative solution to overcome the problems of scalability and high transaction fees on Ethereum. With its decentralized modular architecture, efficient responsive validity proof, and clear roadmap, Morph has great potential to become an important player in the Ethereum blockchain ecosystem.
For developers and users looking for a fast, cheap, and secure dApps solution, Morph is worth considering.
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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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