Polkadot parachain Phala Network launches Ethereum layer-2 network

Phala Network, a Polkadot parachain, has expanded its scope to the Ethereum blockchain by introducing a layer-2 rollup protocol designed to boost scalability and efficiency.

According to a Jan. 8 statement:

“Phala Network has taken a monumental measurement guardant successful blockchain innovation by launching the first-ever Op-Succinct Layer 2 (L2) rollup connected Ethereum. This transformative accomplishment is the effect of a strategical concern with Succinct Labs and Conduit.”

The layer-2 solution integrates optimistic and zero-knowledge (ZK) proofs done the OP-Succinct technology. This exertion boosts the capabilities of OP rollups built connected the OP Stack by embedding ZK-proofs that guarantee faster finality, little costs, and enhanced security.

Meanwhile, Phala’s modulation to Ethereum aligns with its imaginativeness of delivering precocious cryptographic computing. The network’s Trusted Execution Environment (TEE) exertion allows developers to deploy unafraid astute contracts, peculiarly successful AI-powered decentralized apps.

Moreover, its rollup introduces Dstack functions that simplify the modulation from Web2 systems to blockchain-based Web3 setups. It besides supports decentralized AI applications, specified arsenic autonomous agents, portion strengthening blockchain information done precocious cryptographic layers.

Layer-2 networks rise

Phala’s determination reflects the increasing involvement successful Ethereum layer-2 solutions.

Data from L2beat highlights a crisp emergence successful rollups wrong the Ethereum ecosystem, with the assemblage seeing accelerated enlargement implicit the past year. During this period, cardinal players similar Kraken and Deutsche Bank person ventured into gathering layer-2 blockchains connected Ethereum.

However, this surge successful layer-2 networks raises concerns wrong the assemblage astir fragmented liquidity pools and reduced marketplace efficiency.

Still, proponents reason that niche-specific blockchains connection chiseled advantages. These chains tin absorption connected targeted usage cases, optimize method stacks, and foster dedicated communities done governance and autochthonal tokens.

Moreover, the transaction fees and tailored solutions connected these platforms tin make sustainable gross streams for the organization.

The station Polkadot parachain Phala Network launches Ethereum layer-2 network appeared archetypal connected CryptoSlate.