Ethereum Layer 2 scaling solution Taiko (TAIKO) disclosed the deployment of its protocol on the Ethereum mainnet. Now, users can transfer ETH to Taiko through its official bridge. Currently, there are 15-minute quotas for bridging back from Taiko to Ethereum, with plans for gradual increments and eventual removal in the future. Transitioning from Layer 1 to Layer two does not entail any quotas.
Additionally, regular users can engage with decentralized applications (dApps) by exchanging, borrowing, or staking ETH, with the promise of more projects slated for deployment in the coming times.
Furthermore, developers are encouraged to operate a node or suggest and prove blocks within the Taiko network. Proposing and validating blocks is a crucial and permissionless process that ensures its vitality and security. However, during the initial weeks, only the Taiko team will handle block proposing and proving. This approach aims to ensure the network is stabilized before opening up the process for wider participation.
Furthermore, Taiko has launched the allocation checker for the forthcoming TAIKO token distribution. The utilization of this allocation checker may potentially augment users’ TAIKO allocation, as stated in the announcement on social media platform X.
Taiko has deployed a based contestable rollup (BCR) on Ethereum’s mainnet. BCR is a type of rollup that merges based sequencing and a contestation mechanism with multi-proofs, a concept introduced by the project in December last year. At present, Taiko’s Raiko multi-prover system incorporates SGX proofs, which are fine-tuned to achieve zero-knowledge proof (ZKP) speeds akin to those of optimistic rollups. Looking ahead, the project aims to introduce additional validity proofs utilizing systems such as Risc0-zkVM, SP1 zkVM, and similar technologies.
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/ pic.twitter.com/LXGdPbV1Yr
— Taiko (@taikoxyz) May 27, 2024
Taiko Announces Genesis Airdrop, Unveils Plans For TAIKO Token Launch
Taiko operates as a based rollup, leveraging Ethereum block validators to sequence transactions, drawing advantages from the liveliness and security guarantees offered by the underlying layer. Initially, Taiko’s rollup protocol contracts on Ethereum are managed through a multi-signature arrangement. The protocol mandates SGX proofs at the initial phases, while its future roadmap aimed at transitioning to requiring 50% of blocks to use ZKPs as part of its extended scaling and security approach.
Additionally, Taiko integrates a Type-1 zero-knowledge virtual machine engineered to mimic the Ethereum architecture and integrates a multi-proof proving system. This mechanism bolsters security by facilitating the submission and contestation of various proof types.
Taiko plans to introduce its native token, TAIKO, in the coming weeks following the mainnet launch. Additionally, the project plans to roll out a points incentive program known as Trailblazers. This initiative aims to foster community engagement by incentivizing users for task completion and network interaction. Recently, the project announced a genesis airdrop, with plans to distribute 5% of its total token supply, amounting to 1 billion tokens, to community members.
The post Taiko Launches On Ethereum Mainnet And Opens Allocation Checker For Upcoming TAIKO Token Distribution appeared first on Metaverse Post.
