Coinspeaker Binance Backs Zircuit to Provide AI-Powered Security for Ethereum
Binance is placing a huge bet on the future of Ethereum by investing in Zircuit, an innovative Layer 2 network developer. The investment was announced by the crypto exchange giant, as further proof of its commitment to security, a strong point for Zircuit, which uses artificial intelligence (AI) to safeguard transactions before they even hit the blockchain.
Binance Partners Zircuit to Build a Safer Ethereum
Unlike most Ethereum Layer 2 solutions like ZKsync and Scroll, Zircuit stands out in the way it operates. It implements “sequencer-level security” that is powered by AI. In simpler terms, when transactions are submitted on Zircuit, an AI system immediately gets to work. The system analyzes such transactions to identify potential hacks or exploits before including them in blocks. This proactive approach aims to block malicious activity from ever reaching the mainnet, ultimately creating a more secure environment for developers and users alike.
According to Martin Derka, co-founder of Zircuit and a former executive at blockchain security firm Quantstamp, Zircuit checks for the possible effects of each transaction before including them in blocks. His part statement reads:
“Transactions deemed to be hacks are quarantined, preventing them from causing harm.”
Building Momentum for Mainnet Launch
Founded in 2022, Zircuit is currently undergoing testing on its testnet, which launched in November 2023. Its mainnet launch is slated for this summer. However, the project has already garnered sizable traction.
Zircuit currently boasts over $3.5 billion in staked assets. It also has a “Build to Earn” program that has attracted more than 1,100 applications. Besides, prominent DeFi projects like Ethena, Renzo, and Ether.fi are also listed as their launch partners.
This pre-launch momentum is further fueled by Zircuit’s staking program, which collects liquidity in anticipation of the mainnet launch. Users can deposit and withdraw assets through a Layer 1 smart contract, and upon mainnet launch, they can opt to withdraw their funds or transfer them to the Zircuit network.
With a team of roughly 30 currently focused on engineering, Zircuit is actively seeking to expand its talent pool. The project is particularly focused on recruiting applied cryptographers with Rust programming skills.
Binance’s investment in Zircuit signifies growing confidence in the potential of AI-powered security solutions for scaling Ethereum. As Zircuit prepares for its mainnet launch, fingers are crossed for what happens next. That is enthusiasts anticipate how its innovative approach can deliver a safer and more efficient future for decentralized applications.
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Binance Backs Zircuit to Provide AI-Powered Security for Ethereum