- WEMIX recently introduced its official website and logo.
- WEMIX Kanvas is an innovative and intuitive space where developers and makers can challenge themselves.
WEMIX Pte. Ltd, the major developer of the blockchain ecosystem, disclosed the official teaser website and logo for WEMIX Kanvas, its next-generation Ethereum Layer 2 with EVM-equivalent ZK Roll-up, on March 16 at ETHDubai 2023. The theme of the WEMIX Kanvas teaser website, “Infinite Space of Value Creation,” provides an overview of the project, including its philosophy, technology, roadmap, manifesto and more.
Both the website and logo were officially introduced during a talk on the WEMIX Canvas, delivered by Taekyu Park (TK), Chief Executive Officer of Lightscale, and Dongju Lee (DJ), Chief Technology Officer, on solving Ethereum’s scalability challenges.
Due to its decentralized data storage, blockchain suffers from the so-called blockchain trilemma: it seems impossible to simultaneously be secure, decentralized, and scalable. Ethereum has been struggling to find a scalability solution that does not compromise on the values of security and decentralization. The maximum number of transactions handled by Ethereum results in rising gas costs as the number of users increases.
What actually WEMIX Kanvas is?
WEMIX Kanvas is an innovative and intuitive space where diverse developers. Makers can challenge themselves to the fullest to create value. Notably, WEMIX Kanvas leverages the industry’s latest advances in roll-up technology. To create a world-class solution that is readily available to all developers.
The Chief Technology Officer at WEMIX Pte Ltd., Shane Kim mentioned the major hurdle for the global adoption of blockchain technology is speedily increasing transaction fees and scalability challenges.
As Mr. Kim noted, WEMIX intends to help all its users take part in the Ethereum mainnet ecosystem without facing any issues. Easily and quickly “by reducing such fees while ensuring fast processing speed, high security and high security and decentralization.”
According to the reports, Several solutions have been presented to direct Ethereum’s scalability problems. Such as sidechains, sharding, Plasma, state channels, Validium, and Roll-ups. To come up with this problem, WEMIX reduces Kanvas transactions and rolls them up to the Ethereum mainnet. Significantly reducing transaction fees compared to using the mainnet directly.
The WEMIX platform stated that they aim to evolve towards becoming the EVM equivalent of ZK Roll-up following a two-step process. This advancement will allow users to withdraw from the Ethereum mainnet more quickly.
Most ZK Roll-up projects are focused on application-specific ZK Roll-up. While they aim to achieve either EVM equivalent or Ethereum equivalent using zkEVM. Commercialization is a time-consuming process due to the time it takes to generate evidence.
Reportedly, WEMIX Kanvas uses a two-stage hybrid approach that evolves from an optimistic roll-up. ZK fault proof in the first stage to an EVM equivalent ZK roll-up in the second stage.
The WEMIX Kanvas Optimistic Roll-up with ZK Fault Proof Testnet will be launched by the end of March 2023. Followed by the Mainnet in Quarter3 of this year, the EVM equivalent ZK Roll-up Testnet before the end of 2023. Finally, the ZK Roll-up Mainnet in Quarter2 of 2024.
Learn more about WEMIX Kanvas:
Official Website: https://wemixkanvas.io/