Ethereum Layer 2 Rollup Project Taiko Launches Katla Testnet
Ethereum Layer 2 rollup project Taiko has unveiled its latest testnet called Katla, marking the final step before the anticipated mainnet launch in Q1 2024.
Introducing the Multi-Proof Based Contestable Rollup
Katla, the sixth testnet from Taiko developers, introduces a new rollup design known as the multi-proof based contestable rollup. This innovative design combines features of Optimistic and ZK-rollups to benefit decentralized applications that require high throughput and cost efficiency.
Enhancing Scalability and Security
Taiko functions as an Ethereum-equivalent ZK-EVM (Type-1) with compatibility to the Ethereum mainnet. CEO of Taiko Labs, Daniel Wang, expressed excitement about sharing this latest testnet with the community and partners to enhance scalability and security within the Ethereum network. Taiko is the first Layer 2 solution to test multiproof solutions in a public testnet.
Decentralized Sequencing for Security and Censorship Resistance
Taiko differentiates itself from other Layer 2 rollups by relying on Ethereum validators to sequence transactions and blocks, ensuring enhanced security and censorship resistance.
Successful Fundraising Rounds
The team behind Taiko Labs has raised a total of $22 million across two funding rounds. The first round secured $10 million in seed funding led by Sequoia China in 2022, while the second round raised $12 million in pre-Series A funding led by Generative Ventures in 2023. Other notable investors include IOSG Ventures, GSR, GGV Capital, POAP founder Patricio Worthalter, Tim Beiko of the Ethereum Foundation, and Ethereum educator/investor Anthony Sassano.
Hot Take: Taiko’s Katla Testnet Sets the Stage for Ethereum Layer 2 Mainnet Launch
Taiko’s launch of the Katla testnet represents a significant step towards the highly anticipated mainnet release. By combining elements of Optimistic and ZK-rollups, Taiko aims to provide a scalable and secure solution for decentralized applications. With its reliance on Ethereum validators for sequencing, Taiko offers enhanced security and censorship resistance. The successful fundraising rounds further validate the project’s potential and attract notable investors from the crypto community. As Taiko prepares for its mainnet debut in Q1 2024, it is poised to contribute to the growth and development of the Ethereum network.
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