Realizing equivalence with Ethereum
Taiko, which develops a scaling solution for cryptocurrency Ethereum (ETH), announced on the 8th that it has raised a total of approximately 3 billion yen ($22 million) in two rounds.
We are thrilled to announce that we have raised $22 million across two funding rounds in our mission to build a decentralized and Ethereum-equivalent (Type 1) ZK-EVM.https://t.co/MTEXkqHv84 pic.twitter.com/gfIQkpzHV6
— Taiko 🥁 (@taikoxyz) June 8, 2023
Taiko’s goal is to develop a scaling solution that is as close as possible to Ethereum in both technology and philosophy. Investors who share this vision have invested in Taiko, with two rounds led by Sequoia China and Generative Ventures respectively.
According to “The Block”, Sequoia China led the first fundraising, which will take place in the 3rd quarter of 2022 (July to September). The first round of funding is $10 million. The valuation and the timing of the second round have not been disclosed.
This time, it also announced the launch of the latest testnet “Alpha-3”, but Alpha-3 posted on Twitter on the 7th that it started operation.
Specifically, Taiko is developing ZK-EVM, a solution that utilizes zero-knowledge proofs. ZK-EVM development is becoming more competitive, but Taiko’s solution is said to be “Type 1”.
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What is ZK-EVM?
A scaling solution that introduces “ZK Rollup”, a rollup technology that utilizes zero-knowledge proofs. Compatibility and equivalence with the Ethereum virtual machine.
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Type 1 is an expression used by Ethereum co-founder Vitalik Buterin in August last year when he classified the ZK-EVMs developed by each project. Buterin classified it into five levels, from Type 4 to Type 1, including Type 2.5. Roughly this means that Type 1 is the closest to Ethereum.
Taiko’s project believes that providing an Ethereum-equivalent developer experience is paramount to making Ethereum’s scaling solution work. On top of that, he said that he would build the world’s first Type 1 ZK-EVM.
In addition to the lead investors mentioned above, Kucoin Ventures, OKX Ventures, Skyland Ventures and Tim Beiko of the Ethereum Foundation also invested in the two rounds of funding.
Taiko will continue development based on the success of the Alpha-1 and 2 testnets. According to the roadmap, it plans to create a testnet after Alpha-3 and launch the mainnet in the first quarter of 2024 (January to March).
In this announcement, Daniel Wang, CEO of Taiko, commented as follows.
Thanks to advances in zero-knowledge proof algorithms, hardware and research, we now feel we are at a tipping point to launch the ZK Rollup equivalent of a truly decentralized Ethereum.
We are proud to partner with prominent investors who share our strong vision.
According to The Block, Wang hopes to eventually transform Taiko into a non-profit organization.
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