WEMIX

<ul><li>The first Korean EVM-Equivalent ZK Rollup</li><li>Layer 2 provides faster transaction, lower fee and reliability</li><li>Complete transition to ZK Rollup by the end of 2024</li></ul>The WEMIX team revealed WEMIX Kanvas, the first Korean Ethereum-based Layer 2 project, at Blockchain Fest 2023 in Singapore.As more services are onboarded and transactions increase on Layer 1, the transaction speed gets slower and gas fees rise, resulting in scaling issues. Ethereum, the busiest Layer 1, is the typical case. Layer 2 seeks to solve these issues.Rollup is a widely used Layer 2 solution. Commonly used Optimistic rollups assume that all transactions are legitimate, but have a challenging period before the rollups are submitted on Layer 1. While ZK rollups are faster, more reliable, and require less gas fees, it’s still in the early stage due to its technical complexities. Many experts agree that once ZK rollup solutions begin to be adopted by mass, it can be the dominant blockchain rollup solution.WEMIX Kanvas plans to start with an optimistic rollup with ZK fault proof. Testnet is slated to be launched in 1Q 2023, and mainnet in June 2023. WEMIX team established ZKProof Research Center with the world’s best scholars including Prof. Hyunok Oh of Dept. of Informational Systems at Hanyang Univ. to develop ZK proof technology, and aims to complete the transition to EVM-equivalent ZK rollup by the end of 2024.WEMIX Kanvas, as a Layer 2, guarantees lower transaction fees. And when EVM-equivalent ZK rollup is reached, users’ withdrawals from L1, which can take up to one week in the existing optimistic rollup, can be completed in less than one hour.Designed to be EVM-equivalent, onboarding WEMIX Kanvas for new dApps is easy; dApps which previously were on the Ethereum blockchain can be directly onboarded to WEMIX Kanvas without major code updates. When the mainnet launches in June, many dApps by Wemade, such as KLEVA, the leveraged investment platform; Konverter, DEX; Kurrency, Wemade Crypto Dollar issuance service; Weshlist, NFT marketplace and others will be onboarded successively.As the blockchain platform WEMIX3.0 is also based on EVM, it can be interconnected with WEMIX Kanvas, and dApps can onboard both simultaneously. WEMIX Coin will be the governance token of WEMIX Kanvas and will later be applied to Layer 2 of the WEMIX mainnet. This will enable the WEMIX ecosystem to expand beyond the WEMIX blockchain to outer blockchains that can be interoperated.Wemade will strive to gain success in the ZK field, the future of blockchain, to consolidate its global leadership status, and WEMIX Kanvas will play a pivotal role in expanding the WEMIX ecosystem and strengthen the WEMIX value. WEMIX Medium Announcement : <a href="https://medium.com/wemix-communication/wemix-kanvas-the-first-korean-ethereum-layer-2-project-unveiled-b9038a811dd0" rel="noopener noreferrer nofollow">https://medium.com/wemix-communication/wemix-kanvas-the-first-korean-ethereum-layer-2-project-unveiled-b9038a811dd0</a>WEMIX Communication Channels :<a href="https://twitter.com/WemixNetwork" rel="noopener noreferrer nofollow">Twitter</a> | <a href="https://medium.com/wemix-communication" rel="noopener noreferrer nofollow">Medium</a> | <a href="https://t.me/WEMIX_ANNouncement" rel="noopener noreferrer nofollow">Telegram</a> | <a href="https://www.facebook.com/WEMIXBlockchain/" rel="noopener noreferrer nofollow">Facebook</a> | <a href="https://www.reddit.com/user/WemixNetwork/" rel="noopener noreferrer nofollow">Reddit</a>

WEMIX Kanvas, the first Korean Ethereum Layer 2 project, unveiled

WEMIX

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