ConsenSys zkEVM set for public testnet to deliver secure

ConsenSys zkEVM set for public testnet to deliver secure

Blockchain Business Tecnology
September 26, 2022 by Admin
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What is the ConsenSys zkEVM and how does it work? ConsenSys zkEVM set for public testnet to deliver secure settlements on Ethereum Introduction: ConsenSys, a leading blockchain software development company. The aim of this development is to make the Ethereum network more

What is the ConsenSys zkEVM and how does it work?

ConsenSys zkEVM set for public testnet to deliver secure settlements on Ethereum

Introduction:

ConsenSys, a leading blockchain software development company, recently announced its launch. (Zero-Knowledge Ethereum Virtual Machine) public testnet. The aim of this development is to make the Ethereum network more secure. By enabling developers to build confidential and secure smart contracts.

What is ConsenSys zkEVM?

ConsenSys zkEVM is a privacy-focused implementation of Ethereum’s Virtual Machine. Which uses zero-knowledge proofs (ZKPs) to enhance individual privacy and increase network security. This technology allows developers to create confidential smart contracts that can handle sensitive data such as personally identifiable information, financial data, and more.

Why is it important?

Blockchain-based systems are inherently transparent and immutable, which means that once data is recorded on the blockchain, it is visible to everyone and cannot be modified. However, this transparency can be a disadvantage when it comes to handling sensitive data. By using it, developers can ensure that sensitive data remains confidential, even though it is recorded on the blockchain.

The implementation of this will enable developers to create innovative solutions that involve confidential data, such as online voting systems or financial settlements. This is crucial in today’s digital age where data breaches and cyber-attacks are becoming more common.

What are the benefits?

The use of zero-knowledge proofs in zkEVM ensures that data is not revealed to the network until it is necessary. Smart contracts built on its process data in a secure and confidential manner, which can help reduce the risk of data breaches and hacking attempts on the Ethereum network.

Using zkEVM can also provide cost savings. By doing away with traditional notary systems, organizations can save time and money while ensuring the validity of transactions.

Conclusion:

The release of the ConsenSys zkEVM public testnet is a significant development in the blockchain industry. It has the potential to revolutionize the way smart contracts are built on the Ethereum network, and it promises to enhance security and privacy for users. As development continues, zkEVM is likely to attract more attention from businesses and developers alike.

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