On its official Twitter account, zkSync announced the beginning of ‘regenesis’ on its zkSync 2.0 testnet.
zkSync Nears the Launch of V2
zkSync, a popular Layer 2 scaling solution on the Ethereum blockchain, announced the regeneration of zkSync 2.0 testnet on Twitter on Monday, October 10th 2022. The company also promised to share updated information once the new upgrade re-generations are completed and ready to go live.
According to the scaling solution on Ethereum, zkSync 2.0 is set to reset all the transaction history, including token balances. The upgrade will require creators and developers on the Smart contracting platform to reposition existing contracts. The scaling platform also emphasized that the upgrade functionalities of zkSync 2.0 will not affect zkSync 1.0 operations and specifications.
In a tweet, ZKSync said:
“In 1 hour, we will begin a regenesis of zkSync 2.0 testnet. We’ll share an update once it is complete. The regenesis will rest transaction history and token balances and require developers to redeploy contracts. Please note this will not affect zkSync 1.0.”
More on zkSync 2.0
According to a tweet from the Ethereum Layer 2 scaling platform, zkSync 2.0 is intended to launch sometime in the future, with the estimated date being October 28th. Upon the official launch, zkSync 2.0 will improve and advance the security as well as scaling for Ethereum. zkSync posted the tweet on October 3rd stating that the company estimated zkSync 2.0 to join the mainnet 25 days from the posting date.
Reports about the progress in the production of zkEVM and zk Rollup are not clear. It is uncertain whether the development of the two zkSync 2.0 features has commenced or not, as per the previous tweet. The company addressed the entire crypto community, including Ethereum developers and creators much anticipation, stating that the team was excited about the massive steps the community was taking to accomplish its goals and continue its growth.
In a tweet posted on October 3rd, 2022, they said:
“25 Days to zkSync 2.0 mainnet. The first production, zkEVM zkRollup, is getting closer, and we continue to be excited by the wave of the projects joining the zkSync mission. Here are another five updates from our fast-growing ecosystem.”
The Major zkSync Updates
On the Twitter post, the scaling platform gave significant updates on the network. These updates included a collaboration of zkSync with RampNetwork, a platform that connects blockchain technology with banking institutions using open banking APIs.
On the thread, zkSync explains that it will benefit from the on and off- ramping solutions existing in RampNetwork’s ecosystem. The output of the collaboration will be a crucial piece that will revolutionize the future of the smart contracting platform Ethereum.
Another major update highlighted is zkSync’s partnership with bobg.info. According to the tweet, the collaboration will ensure the development of management services that will support the expansion of not only zkSnyc 2.0 but also future projects developed on zkSync’s ecosystem.
This news comes at a time when many other innovative solutions and platforms in the crypto space are also building as they anticipate the next bull cycle. For instance, ETH has completed the transition to PoS with hopes of improving its scalability by the next bull cycle.
These developments show that the developers behind these projects are very pro-active. That should also happen with investors who in turn should be busy researching on how the crypto space works to minimize their risks.
Source: https://crypto.news/zksync-announces-the-regeneration-of-zksync-2-0-testnet/