In March of 2021, Elon Musk worn out $300 billion in Bitcoin’s worth with a single tweet.
Briefly, his message was that for environmental causes, Tesla will now not settle for bitcoin as cost. He went additional than only a tweet, and in Might, Tesla introduced it will now not settle for Bitcoin as cost.
Elon just isn’t alone, as many have expressed issues over the quantity of power required to mine Bitcoin and several other different main cryptocurrencies, corresponding to Ethereum, which facilitates 4,000+ DApps on its platform. Nevertheless, Australian start-up zkTube Labs is right here to alter the influence mining has on the setting and, within the course of, remedy a few of Ethereum’s congestion and excessive fuel price issues with out compromising security.
Melbourne-based zkTube is prepared for its official Mainnet launch on September 10, and for the cryptocurrency 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 resolution for anti-ASIC (Utility-Particular Built-in Circuit).
On the time, Lance Zhang, founding father of zkTube, had participated within the “Ethereum Scalability and New Concepts Exploration of POS Mining” and got here up with the modern idea of a Layer 2 resolution for cryptocurrency mining. Nevertheless, it wasn’t till October 2020 that Zhang and the founding workforce formally began looking for options to Ethereum’s rising congestion and escalating fuel charges.
Apart from the plain unfavorable results of those delays and prices, there was a further, and arguably, extra vital drawback: the influence that mining for Ethereum is having on the setting. This final subject just isn’t negligible as research, such because the one revealed by the College of Cambridge in February of 2021, have indicated that mining from cryptocurrencies burns the equal electrical energy wanted to energy international locations the dimensions of Argentina and Norway.
Within the phrases of Daniel Puzny, zkTube’s CEO, “zkTube is a world-first Layer 2 mining protocol that adopts Zero-Data proof, which reinforces scalability and transaction throughput, lowers fuel charges, and improves privateness for Ethereum, all while considerably decreasing power consumption”.
Whereas the know-how and backend of zkTube is perhaps difficult, the top end result just isn’t: zkTube has created a platform that enables customers to mine for cryptocurrencies, or carry out any of the standard blockchain transactions, for a fraction of the worth and at a lot greater speeds.
In actual fact, zkTube is over 200 occasions sooner than Ethereum. Moreover, the Zero-knowledge know-how permits one social gathering (the prover) to substantiate to a different (the verifier) that one thing exists or is appropriate, like a password or an quantity, with out having to disclose what that one thing is. The essence of Zero-Data proofs is that it’s trivial to show that one possesses data of sure info by merely revealing it.
Given this technological breakthrough, it’s no shock that zkTube has had no scarcity of curiosity from traders. In April 2021, the venture raised $1.1 million in its seed spherical. Simply two months later, in June, the zkTube workforce raised a further $4 million, and in August, one other $2 million. Nicely funded and with their know-how optimized, zkTube Mainnet is prepared for launch on September 10, 2021.
“Apart from zkTube’s low-cost, low environmental influence, and high-speed mining resolution, the launch of the PayTube pockets is extremely thrilling. The pockets will likely be first of its variety, and the added layer of discretion achieved utilizing Zero-Data 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 extra encryption of the PayTube pockets, zkTube is well-positioned to develop into a frontrunner within the NFT world. In actual fact, the group is already in talks with a number of the largest gamers within the GameFi sector.
The zkTube group is robust. Regardless of the Mainnet not being launched but, zkTube community has over 200,000 members. The Mining check community has been on-line for a few month and already has over 135,000 nodes in 81 international locations performing 11,000 transactions on a weekly foundation. It’s clear that early adopters see the worth in zkTube’s options and wish to be half of what’s anticipated to be the primary Layer 2 unicorn.
zkTube relies in Melbourne, and it’s over 50-people robust, with greater than 30 technical engineers and consultants within the subject of cryptography. Collectively, they make up zkTube Labs and PayTube Discover, together with a management workforce that appears after each enterprise items and explores new concepts.
Senior administration comes from Worldwide Blockchain Labs, a well known Australian fintech firm, and world-renowned universities together with Deakin College, The Wharton Faculty, and MIT Sloan. Their earlier work expertise is various and simply as spectacular, together with large names like JP Morgan, Merrill Lynch, Bain & Co., and NGS Crypto, Australia’s largest blockchain mining firm.
The zkTube workforce just isn’t stopping with these modern options, as plans for brand new merchandise, partnerships, and even acquisitions are within the books for the next twelve months. Within the not-so-distant future, the group has the formidable purpose of itemizing on NASDAQ.
For now, the main target will likely be on rising zkTube’s operations in Dubai and Canada, the place they have already got robust alliances and are within the means of co-building the nation’s first official mining pool. Given the outcomes thus far, there’s little doubt that zkTube will obtain its projected milestones and, possible, much more.
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