Ethereum

Elevate

Based

2024

Taiko, a based rollup protocol that has been under development since 2022 and has gone through seven testnets, is now live on the mainnet to scale Ethereum natively.&nbsp; 
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 Dear Taiko Community, We are beyond excited to announce that after two years of hard work, the Taiko protocol has been deployed on Ethereum mainnet! 🥳 Let's look at how you can start exploring Taiko today: 1/ <a href="https://t.co/LXGdPbV1Yr" target="_blank">pic.twitter.com/LXGdPbV1Yr</a>— Taiko 🥁 (@taikoxyz) <a href="https://twitter.com/taikoxyz/status/1795078728768483464?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 27, 2024</a>
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Vitalik Buterin, the co-founder of Ethereum, proposed the first block, which included the names of every Taiko core contributor, to commemorate this milestone. 
Taiko is a based rollup, meaning that it uses Ethereum block validators to sequence transactions and takes advantage of the security and liveness guarantees given by the underlying layer. 
A multisig setup initially governs Taiko’s rollup protocol contracts on Ethereum. As part of its long-term scaling and security strategy, the protocol initially requires SGX proofs, with a plan to switch to requiring 50% of blocks to employ ZK proofs. 
Vitalik said, “I’m excited to see that Taiko is launching as a based rollup. Ethereum benefits from L2s taking a plurality of different approaches, and I appreciate them being among the first to go in this direction.” 
Daniel Wang, a co-founder of Taiko Labs, shares his thoughts, “We’re thrilled to bring Taiko to the Ethereum mainnet. After more than two years of extensive development and testing, we are confident that Taiko offers a different rollup design, a securer and more efficient [Ethereum] scaling solution. 
Taiko features a type-1 zero-knowledge virtual machine that emulates Ethereum’s architecture and a multi-proof system, enhancing security by enabling the submission and contestation of various proofs. 
A few weeks after the mainnet launches, the Taiko token is anticipated to launch. In order to further engage its community, Taiko also intends to launch Trailblazers, a points incentive program that will reward members 10% TKO, for performing tasks and interacting with the network. 
After two weeks of stability testing, Taiko will take over block proposing and proving. After that, it will move to a permissionless, decentralized system. The team stated that node running, which Taiko emphasized as being just as vital as proposing and demonstrating, is currently available to the general public. 
Taiko has always placed a high premium on security, according to Wang. “As with any new software deployment, especially a blockchain, there will be turbulence. That’s why we want to first see the network stable and then open the gates to everyone. That’s for everyone’s benefit.” 
Taiko has received $37 million in two waves since its founding in 2022, and utilized it to develop the Based Contestable Rollup (BCR), which minimizes costs, strengthens decentralization and enhances security through a multi-proof system. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/03/02/taiko-secures-15m-in-series-a-to-elevate-ethereum-scaling/" target="_blank" rel="noreferrer noopener">Taiko Secures $15M in Series A to Elevate Ethereum Scaling</a> 
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Taiko Launches First Based Rollup on Ethereum Mainnet

The Crypto Times

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