Taiko, the new layer-2 scaling solution, has launched on the Ethereum mainnet today, May 27. And notably, Ethereum co-founder Vitalik Buterin proposed the first block.
Taiko is the first ‘based rollup’ on Ethereum and has been in extensive development and testing since 2022. Its underlying technology involves using Ethereum block validators to sequence transactions, inheriting security and liveness from the Ethereum base layer. This sets a new standard in blockchain scalability and security.
Buterin’s proposal of the first block is symbolic and honours the team behind Taiko. The metadata of this first block includes the names of every core contributor to the project, acknowledging their dedication.
Taiko’s development has been supported by strong financial backing, raising about $37 million across multiple funding rounds. Key investors include MH Ventures, OKX Ventures, and GSR.io. This financial support has been crucial in bringing Taiko’s technology to life.
According to Taiko Co-founder and CEO, Daniel Wang,
“It’s been a long time in the making, and we’re beyond thrilled to deliver what we think is the most secure technology to scale Ethereum.”
One of the main reasons Buterin reportedly endorsed Taiko is because of its use of a ‘type-1 ZK-VM’ structure. This structure is similar to Ethereum’s architecture but uses zero-knowledge proofs to improve security. It enables anyone to submit and challenge various proofs, eliminating single points of failure.
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For the first two weeks of its mainnet launch, Taiko will be the sole proposer on its network. According to the Taiko team, this is a temporary measure, and it will not impact the user experience.
Looking ahead, the Taiko team announced that their $TKO token will launch soon, expected in the coming weeks. This news, along with recent airdrop details, has generated significant anticipation within the community.
Taiko promises to play a key role in scaling Ethereum, making blockchain technology more accessible and secure for users worldwide.
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