Light

2024

Solana

<ul>
 <li><strong>ZK compression drastically reduces on-chain costs for creating tokens and accounts.</strong></li>
 <li><strong>The community debates whether ZK compression functions as a layer-2 network.</strong></li>
</ul>
<p>Solana (SOL) <a href="https://x.com/0xMert_/status/1804244166584516865" rel="noopener noreferrer nofollow">announced</a> an innovative feature called zero-knowledge (ZK) compression, which was created in partnership with Light Protocol and Helius Lab. With the aid of this innovative technology, developers can compress the on-chain state of tokens and accounts, therefore lowering the expenses related to their creation.</p>
<p>Light Protocol and Helius Labs will be partnering to introduce ZK compression to <a href="https://www.crypto-news-flash.com/what-is-solana-and-how-does-it-work/" rel="noopener noreferrer nofollow">Solana</a> on June 21st. By compressing on-chain data, this feature seeks to make application development more scalable and drastically reduce expenses while preserving Solana’s security and performance.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">the big news is here</p>
 <p>today we're introducing ZK compression to Solana, directly on the L1 — without requiring L2s</p>
 <p>this changes everything you thought you knew about Solana and scaling L1s</p>
 <p>TL;DR —&nbsp;we compress onchain state to get 10,000x scale improvements and get 1 step closer… <a href="https://t.co/7FtyLA3Jdp" rel="noopener noreferrer nofollow">pic.twitter.com/7FtyLA3Jdp</a></p>
 <p>— mert | helius | hSOL (@0xMert_) <a href="https://twitter.com/0xMert_/status/1804244166584516865?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 21, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h2 id="strong-how-zk-compression-works-strong"><strong>How ZK Compression Works</strong></h2>
<p>ZK compression reduces token and account creation costs by using zero-knowledge proofs. These validations allow data retrieval using supported RPC providers and guarantee data integrity. Developers may drastically lower on-chain storage costs by storing just state roots on-chain and retaining other data on <a href="https://www.crypto-news-flash.com/solana-etf-hype-top-coins-for-high-returns-revealed/" rel="noopener noreferrer nofollow">Solana’s</a> ledger.</p>
<p>ZK compression offers significant cost savings and scalability improvements, according to Helius CEO Mert Mumtaz. “We compress on-chain state, moving closer to creating a global, fast-syncing state machine,” he said, “achieving 10,000x scale improvements.”</p>
<h3 id="strong-addressing-storage-costs-strong"><strong>Addressing Storage Costs</strong></h3>
<p>Head of Strategy Austin Federa of <a href="https://www.crypto-news-flash.com/solanas-mev-sandwich-bot-arsc-quietly-earns-30m-in-60-days/" rel="noopener noreferrer nofollow">Solana</a> emphasized how ZK compression solves the high costs of on-chain account storage.</p>
<p>Federa claims that by lowering Solana token and account costs, this invention will let more companies produce on-chain products. Federa said:</p>
<blockquote>
 <p>“This compression helps institutions and mass-consumer applications solve a big pain point.”</p>
</blockquote>
<p>Though there is a lot of excitement, some in the crypto world contend that ZK compression is more like a layer-2 (L2). A prominent voice in the field, Adam Cochran, says the compression tool is an L2 and that developers are presenting it differently.</p>
<p>“The Solana team will eventually realise they have built an effective L2 feature, which is positive as long as they are honest about it,” said Cochran.</p>
<p>As of writing, SOL is trading for about <strong>$125.36</strong>, down <span style="color: #ff0000;"><strong>6.82%</strong></span> over the previous 24 hours, according to CoinMarketCap. On the other hand, <a href="https://www.crypto-news-flash.com/teleport-vs-uber-how-solanas-new-app-saves-drivers-money/" rel="noopener noreferrer nofollow">Teleport</a>, a new decentralized ride-sharing software on Solana that provides drivers with lesser expenses and greater earnings, was highlighted in a prior CNF report.</p>
<div class="cryptoboxes" id="mcw-126000" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-coin="solana" data-symbol="SOL" data-currency="USD" data-rate="1.000268" data-type="chart" data-view="month" data-theme="light" data-smooth="true" data-areacolor="" data-bgcolor=""></div>
</div>

ZK Compression on Solana: Cutting On-Chain Costs with New Tech

Obsah

Crypto News Flash

Ďalšie články zverejnené 24. 6. 2024

Critical Announcement from Tether (USDT): It Ended Support for These Two Altcoins!

Which Crypto To Buy 2024: BlockDAG Surges Ahead with 1120% Increase Attracting Shiba Inu & Optimi...

Eight Financial Firms File For Spot Ethereum ETFs

Top Three Meme Coins To Watch Out This Week For Enhanced Returns

BTC Price Makes New Monthly Low Near $61K: Why is Bitcoin Down Today?

Bitcoin miner revenue hit hardest as THIS troubling sign emerges

Pripojte sa k nášmu bezplatnému bulletinu a získajte denné aktualizácie kryptomien!