Citrea has announced that it is now live as Bitcoin’s first ZK Rollup. The idea is to enhance the capabilities of the Bitcoin blockspace by leveraging zero-knowledge technology. The challenge for users has been to scale the blockchain with the rise in demand. However, that has been inconsistent, along with insecure bridges and network construction. Simply put, current scalability proposals don’t scale Bitcoin, and that is a challenge.
Resolving that is Citrea, which functions by batching thousands of transactions. It also ensures that users are not deprived of the security they deserve when executing transactions. The basic fundamental is to keep the demand within the sphere of Bitcoin. Thereby, utilizing the blockspace of Bitcoin to the best of its ability with ZK Proofs.
ZK Rollups have emerged as an ideal option to scale Bitcoin blockspace considering the way in which they off-load the execution and keep data on-chain. ZK Proofs are then used to verify executions on Bitcoin.
Batching over a thousand transactions is not where the work stops. Citrea takes it forward by a couple of steps in the process. It introduces the production of a validity proof, followed by inscribing it. For starters, validity proofs are produced to assert the correctness of the execution. Secondly, the inscription is coupled with optimistic verification in the ecosystem through BitVM.
Citrea took more than a year to materialize after Chainway Labs incubated it. It is now teased to make Bitcoin the basic ground for the world’s finance. Citrea sees Bitcoin as App Bedrock, supports EVM equivalence, and builds on the final strength of Bitcoin Settlement plus Trust minimized two-way peg.
The community is excited to see how the development comes out after the launch. A few members have insisted that calling it the first ZK Rollup would be wrong since it is not yet live on the mainnet.
Moving forward, a trust-minimized 2-way peg with BitVM is being worked upon and should conclude soon. The team is also running Citrea Devnet for critical infrastructure integrations and tests.
That said, Bitcoin is currently down by 0.03% in the last 24 hours, dancing around $42,921.58 as the article is being drafted. It reflects a rise of 0.13% in the last 7 days and a major slip of 2.465 in the last 30 days. The market cap and 24-hour volume of Bitcoin remain down by 0.03% and 6.79%, respectively.
After the US SEC approved eleven ETF applications, Bitcoin once more reclaimed the spotlight. However, the market’s lackluster reaction is primarily attributable to the selling pressure exerted by GBTC. BTC is anticipated to surpass its all-time high by the end of the current year or early next year, as the community now anticipates a brisk crypto environment.
Source: https://www.cryptonewsz.com/introducing-citrea-bitcoins-first-zk-rollup/