Vitalik Buterin, the co-founder of Ethereum (ETH), has proposed the first block in the preparation of Taiko’s mainnet. This marks a significant milestone for the Layer 2 scaling startup. In a notable message embedded within the block, Buterin expressed his enthusiasm for Taiko’s launch and the broader implications for the Ethereum ecosystem.

Vitalik Buterin On Taiko Mainnet

“I’m excited to see that Taiko is launching as a based rollup,” Buterin wrote, according to the message on the Taiko mainnet block. Moreover, he highlighted the innovative approach Taiko is taking. Furthermore, he continued, “Ethereum benefits from L2s taking a plurality of different approaches, and I appreciate them being among the first to go in this direction.”

Taiko aims to address Ethereum’s scalability issues by making transactions cheaper while preserving the network’s core attributes of being censorship-resistant, permissionless, and secure. The startup is developing a “Type 1” ZK-EVM, a ZK-rollup that is fully compatible with the Ethereum Virtual Machine and supports zero-knowledge proof computation.

In addition, he this technology allows for more efficient and secure transaction processing without compromising on decentralization or security. Hence, the launch of Taiko as a ZK-rollup represents a significant step forward in the evolution of Ethereum’s Layer 2 solutions.

By leveraging zero-knowledge proofs, Taiko can offer scalable and cost-effective transactions, which are crucial for the widespread adoption of decentralized applications. Moreover, Buterin’s endorsement underscores the importance of diverse approaches in the Ethereum Layer 2 space, which are essential for the network’s long-term success and sustainability.

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Taiko Genesis Airdrop

Earlier, Taiko revealed plans for an airdrop targeting its community members prior to its mainnet debut. This initiative, called the “genesis airdrop,” will see 5% of the total 1 billion token supply distributed.

Community members eligible for the initial airdrop include those who have engaged with the Taiko testnet. In addition, those who served as block proposers and provers, contributed to specific GitHub repositories, and participants in the Ethereum ICO are also eligible.

The token distribution for Taiko involves 48.5% allocated to significant stakeholders. Out of this, 20% is designated for Taiko Labs and its core team, 16.88% for the Taiko Foundation reserves, and 11.62% for investors. Additionally, the DAO Treasury will receive 20% of the tokens.

Other allocations include 5% for Grants and RetroPGF, 5% for liquidity and market making, and 10% for the Trailblazer airdrop, which is separate from the genesis airdrop. Moreover, the TKO genesis airdrop can be claimed once the Taiko Layer 2 mainnet becomes operational.

Also Read: Vitalik Buterin Receives $1M Starknet Grant, STRK Price Soars 3%

The post Vitalik Buterin Proposes First Block On Ethereum Layer 2 Taiko With Optimistic Note appeared first on CoinGape.

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Filed under: News - @ May 25, 2024 12:15 pm