In March of 2021, Elon Musk worn out $300 billion in Bitcoin’s worth with a single tweet. In quick, his message was that for environmental causes, Tesla will not settle for bitcoin as fee. He went additional than only a tweet, and in May, Tesla introduced it might not settle for Bitcoin as fee. Elon shouldn’t be alone, as many have expressed considerations over the quantity of power required to mine Bitcoin and several other different main cryptocurrencies, akin to Ethereum, which facilitates 4,000+ DApps on its platform. However, Australian start-up zkTube Labs is right here to change the influence mining has on the surroundings and, in the course of, clear up a few of Ethereum’s congestion and excessive fuel price issues with out compromising safety.
Melbourne-based zkTube is prepared for its official Mainnet launch on September tenth, and for the crypto mining and total Blockchain group, their options can not come quick sufficient.
The preliminary idea for the zkTube Protocol prototype originated in 2018 when Ethereum founder Vitalik Buterin proposed a mining answer for anti-ASIC (Application-Specific Integrated Circuit). At the time, Lance Zhang, founding father of zkTube, had participated in the “Ethereum Scalability and New Ideas Exploration of POS Mining” and got here up with the progressive idea of a Layer 2 answer for crypto mining. However, it wasn’t till October 2020 that Zhang and the founding crew formally began looking for options to Ethereum’s rising congestion and escalating fuel charges. Aside from the apparent destructive results of those delays and prices there was an extra, and arguably, extra necessary downside: the influence that mining for Ethereum is having on the surroundings. This final difficulty shouldn’t be negligible as research, akin to the one revealed by the University of Cambridge in February of 2021, have indicated that mining from cryptocurrencies burns the equal electrical energy wanted to energy international locations the measurement of Argentina and Norway. For the zkTube Labs crew, it was clear that there had to be a greater manner to mine for cryptocurrencies. The result’s their Layer 2 Zero-Knowledge platform and accompanying pockets, PayTube.
In the phrases of Daniel Puzny, zkTube’s CEO, “zkTube is a world-first Layer 2 mining protocol that adopts Zero-Knowledge proof, which reinforces scalability and transaction throughput, lowers fuel charges, and improves privateness for Ethereum, all while considerably lowering power consumption”.
While the know-how and backend of zkTube could be sophisticated, the finish end result shouldn’t be: zkTube has created a platform that permits customers to mine for cryptocurrencies, or carry out any of the typical blockchain transactions, for a fraction of the worth and at a lot increased speeds. In truth, zkTube is over 200 occasions quicker than Ethereum. Additionally, the Zero-knowledge know-how permits one occasion (the prover) to affirm to one other (the verifier) that one thing exists or is appropriate, like a password or an quantity, with out having to reveal what that one thing is. The essence of Zero-Knowledge proofs is that it’s trivial to show that one possesses information of sure info by merely revealing it.
Given this technological breakthrough, it’s no shock that zkTube has had no scarcity of curiosity from buyers. In April 2021, the challenge raised $1.1 million in its seed spherical. Just two months later, in June, the zkTube crew raised an extra $4 million, and in August, one other $2 million. Well funded and with their know-how optimized, zkTube Mainnet is prepared for launch on September 10th, 2021.
“Aside from zkTube’s low-cost, low environmental influence, and high-speed mining answer, the launch of the PayTube pockets is extremely thrilling. The pockets will likely be first of its sort, and the added layer of discretion achieved utilizing Zero-Knowledge know-how, couldn’t be extra well timed given the all-too-common tales of NFT platforms and wallets getting hacked these days”, mentioned Raul Heraud, zkTube’s COO. Given the further encryption of the PayTube pockets, zkTube is well-positioned to change into a frontrunner in the NFT world. In truth, the group is already in talks with a few of the largest gamers in the GameFi sector.
The zkTube group is powerful. Despite the Mainnet not being launched but, zkTube community has over 200,000 members. The Mining take a look at community has been on-line for a couple of month and already has over 135,000 nodes in 81 international locations performing 11,000 transactions on a weekly foundation. It is evident that early adopters see the worth in zkTube’s options and need to be half of what’s anticipated to be the first Layer 2 unicorn.
zkTube is predicated in Melbourne, and it’s over 50-people sturdy, with greater than 30 technical engineers and consultants in the area of cryptography. Together, they make up zkTube Labs and PayTube Explore, together with a management crew that appears after each enterprise models and explores new concepts. Senior administration comes from International Blockchain Labs, a widely known Australian fintech firm, and world-renowned universities together with Deakin University, The Wharton School, and MIT Sloan. Their earlier work expertise is diverse and simply as spectacular, together with massive names like JP Morgan, Merrill Lynch, Bain & Co., and NGS Crypto, Australia’s largest blockchain mining firm.
The zkTube crew shouldn’t be stopping with these progressive options, as plans for brand spanking new merchandise, partnerships, and even acquisitions are in the books for the following twelve months. In the not-so-distant future, the group has the formidable purpose of itemizing on NASDAQ. For now, the focus will likely be on rising zkTube’s operations in Dubai and Canada, the place they have already got sturdy alliances and are in the strategy of co-building the nation’s first official mining pool. Given the outcomes to date, there’s little doubt that zkTube will obtain its projected milestones and, probably, much more.