NOV 24, 2023
Scroll Mainnet Launch: Revolutionizing Ethereum with zk-Rollup Innovation
by Crypto Alpha, BXVb7rtP5dwgpuKWx3S1B78sdwibsPstuowsyzjpU1jE
Discover Scroll's vision for an efficient Ethereum network and the promising reward potentials it offers. With a focus on enhancing privacy and scalability, Scroll emerges as a game-changer. Don't miss the latest in blockchain evolution with Scroll's Mainnet launch, poised to elevate the Ethereum experience. Dive into the future of decentralized finance with Scroll's transformative approach.
Scroll is a novel Layer-2 solution that aims to tackle Ethereum’s existing issues and introduce advanced features, including robust privacy enhancements. The Scroll team comprises accomplished members with strong backgrounds in computer systems, hardware, blockchain, and cryptography, hailing from some of the world’s most prestigious universities. Their shared goal is to collectively address these challenges by crafting a more efficient solution that leverages zk-Rollup technology.
This solution encompasses a revised interaction model for Layer-2 DApps and an innovative Layer-2 mining mechanism. The vision is to offer the best possible user experience in the future, characterized by large volumes of data and complex transactions. By using Scroll, users can benefit from both the lowest transaction fees and the swiftest transaction speeds.
WHAT IS SCROLL NETWORK?
Scroll is a fully zkEVM-based zkRollup on Ethereum that is created to scale the Ethereum network and enables native compatibility for existing Ethereum applications and tools. The network is a security-focused scaling solution for Ethereum, using innovations in scaling design and combining two different zero-knowledge proof systems for both on-chain and off-chain efficiency to build a new layer on Ethereum. The Scroll network is more accessible, more responsive, and can support more users at once than Ethereum alone.
Furthermore, the Scroll network is a scaling solution nearly identical to Ethereum with lower cost, faster speed, and limitless scaling potential that was established by the Ethereum Foundation’s PSE team and a community of individual collaborators dedicated to advancing zero-knowledge proofs. Their network has been fortunate to collaborate with some of the finest researchers and most skilled engineers to develop a zkEVM (zero-knowledge Ethereum Virtual Machine) which has been open-source.
With Scroll, users can perform complex computations and store data in a secure and decentralized manner. In addition, Scroll provides developers with the ability to build decentralized applications that can handle large volumes of data and complex transactions. By using Scroll, users can benefit from the advantages of blockchain technology without having to worry about slow transaction times or high fees
SCROLL NETWORK DEVELOPMENT
Scroll was founded in 2021 with the vision of creating an inclusive and infinite ecosystem for scaling Ethereum to a billion users.
In 2020, as DeFi boomed and Ethereum faced network congestion, their founders—Ye Zhang, a mathematician fascinated by zero-knowledge proofs; Haichen Shen, a systems engineer drawn to cryptography; and Sandy Peng, an experienced web3 researcher and investor—joined forces. Sandy Peng has extensive experience in business development, project strategy, and data curation, which will be invaluable in ensuring the long-term success of the project. Meanwhile, Ye Zhang and Haichen Shen are also computer science experts and open-source protocol specialists, who have made significant contributions to Scroll’s development, ensuring that the project is built on a solid foundation.
After steps forward toward the development of Blockchain and finding investments, Ye Zhang has finally succeeded in the Alpha release of the product. Scroll started Testnet in August 2022, after three successful testnet phases, in which all crypto activists were able to test the Scroll network by doing simple tasks for over 15 months with rigorous security audits. The team has been developing its network for two years, with 60 team members working alongside a broader network of external contributors.
Scroll decided to launch her mainnet on October 17, 2023, with the current funding of $80m according to Crunchbase.
DefiLlama is already tracking over seven DEXs on the Scroll zkEVM and is reporting a total value locked(TVL) on Scroll applications of approximately $18.37m (as of the time of writing).
SCROLL NETWORK FEATURES
Scroll as an open-source, open-door, community-driven entity that models itself in the shape of Ethereum itself. It has generated a unique difference by standing out from other ZK Rollup solutions like Polygon zkEVM, StarkNet, and zkSync Era by being closer to native Ethereum implementation and more developer-friendly for EVM developers.
Some of its main features are;
1. The network supports the direct verification of an Ethereum block through one succinct proof.
2. Scroll is able to establish efficient communication channels between DApps and their counterparts on other Layer-2 solutions.
3. Scroll aims for compatibility with any Ethereum app – NFT marketplaces, decentralized lending platforms, and blockchain-based gaming apps should all be able to port their code over to this cheaper roll-up network.
4. Scroll will enable and standardize Layer-2 proof outsourcing by building a fully EVM-compatible zk-Rollup.
5. Scroll ensures the security of all transactions and data stored on the blockchain, making it a reliable and trustworthy solution for businesses and individuals alike.
6. Scroll upgraded to a new proof system that adopts a new hierarchical zero-knowledge proof system.
7. Scroll is working towards building a robust L2 ecosystem, establishing communication channels between dApps on Scroll and dApps on the other L2s.
8. Scroll is steadfast in maintaining credible neutrality to reduce imbalances of power within our ecosystem.
9. Scroll aims for seamless integration with Ethereum and prioritizing an exceptional developer experience, determined to revolutionize Ethereum’s scalability potential.
SCROLL NETWORK AIRDROP
Inspired by novel cryptographic protocols, Scroll have organized Varieties of task from testnet to mainnet, we will be discussing them in the series. Take note Scroll Bridge and rollup contracts were audited by OpenZeppelin and Zellic; the zkEVM circuits were reviewed by Trail of Bits, Zellic, and KALOS, and the node implementation was analyzed by Trail of Bits.
To make security even more robust, they would be launching a well-funded bug bounty program on the Immunefi platform, all of which would be distributed!
Learn more about their architectures: https://scroll.mirror.xyz/nDAbJbSIJdQIWqp9kn8J0MVS4s6pYBwHmK7keidQs-k
The deployment of retroactive airdrops and rewards has been systematically implemented, allowing users to earn tokens by participating in various blockchain activities. These tasks include developing decentralized applications (DApps) and protocols, deploying smart contracts, running network nodes, minting or creating NFTs, and engaging with the blockchain through bridging, swapping, or contributing to liquidity pools.
The details of these activities are discussed below.
TAKE NOTE: Task 3 is a critical and time-sensitive endeavor initiated by the blockchain itself. It has a predetermined timeframe during which it must be executed. Furthermore, a variety of NFTs will be created throughout the task’s duration, with some exclusive minting opportunities reserved for those who participate early.
Steps to Task 3:
SCROLL PROS AND CONS
- Scroll thrives as a vibrant community, offering elegant technology that remains accessible to all while providing stability, security, and ownership to potentially billions of users and developers
- By utilizing Scroll is able to achieve efficient verification through succinct proofs. In addition, it becomes more compatible for decentralized applications (DApps) to be deployed on L2s.
- Scroll is a good opportunity for strategic partnership between applications, potentially creating synergies that could spill over as positive externalities to users.
- By prioritizing code security through open-source collaboration, Scroll protects its developers and users against vulnerabilities.
- Adoption Hurdles
By harnessing Scroll, users can fully leverage blockchain technology without concerns about slow transaction processing times or high fees. Furthermore, Scroll places a strong emphasis on the security of all transactions and data stored on the blockchain, establishing it as a dependable and trustworthy solution for businesses and individuals alike.
Scroll has the potential to make a significant impact across various industries, including finance, healthcare, logistics, and supply chain management. For instance, financial institutions stand to benefit from faster and more efficient transaction processing, all while maintaining the integrity and security of their data. In the realm of healthcare, Scroll can facilitate the secure storage and exchange of patient data between medical institutions, ultimately enhancing the quality of healthcare services. Additionally, in logistics and supply chain management, Scroll can be deployed to monitor goods and shipments in real-time, effectively reducing the risks associated with fraud and errors.