OKX Ventures invests in Ethereum L2 Scroll
OKX says the strategic investment is meant to support Ethereum scalability.
Scroll is expected to go live on the Ethereum mainnet in four months’ time.

OKX Ventures, the venture arm cryptocurrency exchange OKX, has announced a strategic investment in Scroll, a zkEVM-based zkRollup platform on Ethereum.

A press release OKX published on Tuesday said the investment is targeted at helping with Ethereum scalability via off-chain transactions.

Scroll uses zk-Rollups to boost Ethereum scalability

With Scroll built to allow for native compatibility for Ethereum-based dApps and tools, the collaboration will see the team tap into zero knowledge proofs and zkRollup technology to enhance transaction speed and lower user costs.

Scroll helps achieve the high throughput via off-chain computations, with only a validity proof submitted to the chain. This is what zkRollup is all about – taking transactions and bundling them into one before moving them off-chain for processing.

It’s a layer-2 solution designed to ensure greater usage and interaction with the mainnet without sacrificing the underlying security mechanisms. Once it goes live on Ethereum, Scroll could be applied across token transfers and specialised applications. Implementation of general-purpose smart contracts will also help with overall adoption of the Ethereum applications.

Unlike some layer-2 solutions, Scroll will not require changes to the Ethereum protocol. This is because implementation for the off-chain solution is independent of Ethereum’s layer-1 mainnet. Scroll is expected to go live on the Ethereum mainnet in four months’ time and its Alpha release is now available to all.

Scroll has seen over 672,700 unique wallet addresses and recorded more than 2,916,472 transactions.

The post OKX Ventures invests in Ethereum Layer 2 platform Scroll appeared first on CoinJournal.

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Filed under: Bitcoin - @ March 14, 2023 4:22 pm