What is Taiko? Why is Taiko chain worth paying attention to?

The second layer network Taiko raised US$15 million in financing! The mainnet is expected to be launched this year

Taiko, a layer 2 scaling solution for the Ethereum blockchain, recently announced that it has received US$15 million in Series A financing and is already working on the launch of the mainnet. Prepare.

This financing was led by blockchain venture capital firms Lightspeed Faction, Hashed, Generative Ventures and Token Bay Capital. Other investors include Amber Group, OKX Ventures and WW Ventures and other capital institutions. Taiko has raised a total of $37 million in three rounds of financing.

Taiko released its sixth testnet last month and plans to officially launch the mainnet in the next few months. However, Taiko initially planned to launch the mainnet in the first quarter of this year.

Officially stated that in order to cope with the upcoming Ethereum upgrade and EIP-4844 proposal, the team plans to upgrade the test network Katla and conduct further stress testing and security review of the main network. The work is expected to be completed by the end of the second quarter of this year.

What is Taiko?

Taiko was established in early 2022 and is committed to building a fully decentralized platform that supports zero-knowledge proof computing. It provides the "Type-1 Zero-Knowledge Proof Ethereum Virtual Machine (ZK-EVM)" that is fully compatible with Ethereum. Taiko's goal is to promote the innovative development of blockchain technology and provide users with a safe and efficient digital asset transaction and smart contract execution environment.

As the number of users grows, the slow speed and expensive handling fees of the Ethereum blockchain have always been great challenges. Therefore, there is a need for a layer 2 expansion network as a solution. ZK-EVM plays an important role in allowing transactions on the Ethereum layer 2 blockchain to be processed in batches and sent back to the Ethereum main chain.

When the first-layer network is congested, the smart contract can guide the transaction to the second-layer network for processing. After the processing is completed, the data is transmitted back to the main chain, thus improving the operational efficiency of the entire blockchain system. and user experience.

When the first-layer network is congested, smart contracts can be used to guide transactions to the second-layer network for processing, and then transmit the data back to the main chain after processing.

Taiko Labs will raise a US$10 million seed round of financing led by Sequoia China in September 2022, and the second round will be a US$12 million Pre-A round of financing led by Generative Ventures in 2023. They also include many heavyweight celebrity investment institutions, which have attracted considerable attention from many communities.

Why is Taiko chain worth paying attention to?

Advantage 1: Fully compatible with Ethereum

As the "first type ZK-EVM", the biggest feature of Taiko is that it is "completely compatible with Ethereum", providing developers and users with Provides a familiar user experience.

Simply put, developers can directly and painlessly move smart contracts and decentralized applications (dApps) onto the Taiko chain without making any changes to existing dApps.

Such high compatibility will not only save developers time and energy in rewriting dApps, but will also increase developers’ adoption rate of Taiko.

Advantage 2: Security and decentralization

Although decentralization is a core concept of blockchain, most second-layer blockchain networks and zkEVM still start from the center Starting from the concept of decentralization, it cannot be completely decentralized.

The Taiko team believes that if you want to be "the same as Ethereum", then decentralization is an absolutely necessary and important part. Therefore, in the initial design, we gave priority to the decentralization and security issues of the Taiko network, and created a completely decentralized sequencer and validator, so that the blockchain network can be independent of any Man operates forever in limitations.

Advantage 3: Completely open source

Taiko is a completely open source project. All program codes can be found on GitHub, and it mainly adopts relatively loose MIT licensing terms so that other developers can use the program. When coding, you can also have greater freedom and flexibility.

MIT licensing terms can be said to be one of the most liberal terms at present. It not only allows users to use it commercially, but also to reproduce, modify, etc. The only requirement is that it must contain The copyright statement and remarks adopt the MIT license terms.

As Taiko continues to develop and build more and more testnets, Taiko is gradually becoming a platform that Ethereum developers and users are beginning to pay attention to. The Katla test network launched in January this year has already had more than 1.1 million wallet addresses and more than 13 million transactions. It can be seen that users have a certain amount of attention to this blockchain.

In addition to the development of the blockchain itself, the team also plans to establish an ecosystem investment fund for investors to promote the ecological development of projects on the chain. After the mainnet is officially launched, Taiko may be able to inject some different opportunities into the Ethereum ecosystem.

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